Augmented Scope-Based E-Commerce Business Model for Emerging Markets

Abstract

E-commerce is one of the world's fastest-growing software service industries. With the arrival and rise of the 4^th industrial revolution and technological advancements such as Artificial Intelligence, machine learning, and subscription economies, e-commerce is primed for significant growth globally, particularly in emerging markets. Emerging markets provide several unique growth factors and catalysts such as smart device adoption, high internet penetration, growing economies, and unexplored business segments for e-commerce platforms. Bangladesh, in particular, is one of the world's fastest-growing economies, an example of development in emerging markets. While the e-commerce market in Bangladesh is still in its infancy, the unique growth factors and service adoption, such as e-banking and mobile financial services, have created the potential for exponential growth. The market also has a unique set of challenges, which presents an interesting case study on how e-commerce platforms can adapt to emerging markets. This research aims to present the unique growth characteristics and challenges to the e-commerce market in Bangladesh. Additionally, the research showcases the growing importance of subscription economies and dynamics in a service-centric business model for e-commerce platforms. Finally, the research provides a business model for e-commerce platforms in emerging markets with growth phases, business strategies, and pivots while analyzing existing e-commerce platforms from the perspective of the proposed model.