Md. Joynal Abdin
The daily independent on November 16, 2009
Bangladesh is a Least Developed Country (LDC) and would like to be a middle income country within 2015. In this regard, there is no alternative to be industrialised. After its independence in 1971, Bangladesh’s economy has advanced a little comparatively from Malaysia or Vietnam.
To enhance economical capability, production of a country has to be advanced up to a massive level to gain economies of scale. Local consumption plays a vital role in increasing total production.
In this case, retail sales are the key indicator of local consumption. If retail sale decreases, it is easy to understand that local consumers are not buying products in a massive scale. This may reduce GDP of the country; ultimately economic condition may slow down.
World is going first, our competitive economies are growing quickly. World economy is going to reach the mass-consumption era. In this situation we are observing in the newspapers that, retail sales are decreasing day by day. It indicates our GDP is bound to go down. This may hamper our long-term target of reaching middle income countries list within 2015. So immediate research is needed to identify its cause and actions have to be taken to overcome this problem.
Today our competitive economy is flourishing but our local consumption is reducing. If local consumption reduces than local production is bound to go down. So research has to be done to become sure on the following:
a. Whether retail sales are decreasing or not; if they are decreasing then, to what extent? Weather it will hamper our GDP?
b. If retail sales reduce, then how can it effect local production? Generally, reducing local sales means reducing consumption? If consumption reduces then producers are bound to reduce production.
c. What are the reasons of decreasing sales.
d. How can we solve the problem.
This research has to be done to avoid a depression in the economy. This may be a major problem for marketers in future. In the initial stage marketers must have to evaluate previous data to be sure whether sales are reducing or not.