The BGMEA has signed an agreement to conduct a study with business consultancy LightCastle Partners on the feasibility of establishing a virtual marketplace platform for the RMG sector.

The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) program, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Embassy of the Kingdom of the Netherlands in Bangladesh.

The study will analyse the gaps in policies, market potential and readiness of the sector, and include a suitable business model and an action plan to implement operations.

A spokesperson for the trade body confirmed to Just Style the feasibility study into the platform would be used to determine the possibility of selling readymade garments that did not make their way through export channels in a bid to lower waste among other things.

Faruque Hassan, President of the BGMEA said: “Revolution in digital technologies has led to notable changes in the business landscape, creating new trends and opportunities, especially the rapid rise of the online marketplace. Companies have been increasingly going online with the advancement of digital technologies and Covid accelerated the pace of digital transformation, leading to a boom in the digital and e-commerce sectors. Adapting to the changing trade is the key to sustaining and seizing new opportunities. Developing a virtual market platform will boost sales of the RMG sector and rebound from the effects of the pandemic. This study will help to identify the challenges and opportunities of the sector to establish an online marketplace.”

Zahedul Amin, co-founder and director, LightCastle Partners, added: “Bangladesh’s apparel sector must retain its competitive advantage by harnessing technology-driven market developments, in order to leapfrog ahead of its competitors.”