Saturday, March 30, 2013

Jumana Rezwan's Canvass



Changes in Consumer Behavior as Hartals Take a Toll on Domestic Consumption.

The series of shutdowns has led to a marked change in the purchasing behavior of domestic consumers.  Demand for certain goods, such as groceries and basic necessities, is inelastic and businesses providing these goods will likely continue to maintain profitability.

Worst hit, however, are those businesses that depend on impulse, convenience, or high involvement purchases to sustain their profitability. This is particularly seen in the entertainment and clothing industry.  For example, forced closures during hartals undermine clothing sales at small boutiques in the lead up to important national occasions such as Language Day, Pohela Falgun and Boishak.

Given that these shutdowns are likely to continue until the election of the new government, companies catering to a niche market have to think of alternative means of engaging consumers to ensure that specialty goods sales do not hit rock bottom.
The trend has already started in the fashion retail industry where many smaller boutiques and independent business are turning to e-commerce and using social media such as Facebook and Pinterest to conduct sales. These businesses offer online catalogues of their goods, which can be ordered via telephone, text message or email and delivered to the customers’ doorstep.  In many cases, deliveries can take place on weekends when roads are less crowded, resulting in lower fuel charges.

This business model may prove feasible if targeted at younger more tech savvy consumers.  Moreover, it might further incentivize telecom companies to upgrade their services in order to permit greater use of multimedia messaging services and other features to facilitate e-commerce.




Joint Media Awards for Anti-Corruption Reporting

Four media personnel were recognized for their efforts in exposing issues related to mismanagement  of public finance and corruption across different industry sectors .  The Thomas Media Foundation  2012-2013 Inquirer award recipients investigated various cases of corruption or a lack of transparency within the health sector, Bangladesh Railway and public banks. Their reports not only revealed details of misappropriation of public funds but they also highlight the potential for high quality investigative journalism in Bangladesh.

Such awards perhaps mark the emergence of a new era in Bangladeshi society, where the media has become increasingly empowered.  Reflecting greater press freedom, media outlets have aggressively covered a wave of corruption scandals surrounding the Padma Bridge and Hallmark- Sonali Bank loan scandal.  As a result, the general public is more aware of the causes of corruption and in a better position to demand change. 

With greater oversight, perhaps the time has come for government agencies and private sector companies to initiate changes and incorporate ethical practices in their operations to avoid public relation disasters that will tarnish their image. To ensure that this positive trend continues it will be necessary to continue to reward good journalism and to ensure that reporters are given adequate protection and security from those entities who fear being exposed for their wrongdoings.


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