A new online platform has emerged in the country's readymade garments and its relevant sector. Posts and Telecommunications Minister Mustafa Jabbar as chief guest inaugurated the platform named ‘Merchant Bay’ via a webinar on Saturday.
BGMEA President Dr.Rubana Huq, Former FBCCI President Shafiul Islam Mohiuddin, Sayem Group’s President Md Monir Hossain, and Director of Sayem Group, and Managing Director of Merchant Bay Abrar Hossain Sayem were also present at the occasion.
Posts and Telecommunications Minister Mustafa Jabbar said, "Digital services are very important according to the current situation, and it is also the demands of the age. I am happy that Merchant Bay has taken such an initiative. I hope, through this platform, our domestic traders will be able to play a more important role in the country's export sector by communicating with foreign buyers very easily. I also thank Merchant Bay for not only focusing on the sourcing side but also they have a focus on improving factory management efficiency."
At this time, Former FBCCI President Shafiul Islam Mohiuddin, said, “I think Merchant Bay's e-B2B platform will make sourcing easier for both the factory and the buyer and it will be affordable for both. I am also hopeful that any manager will be able to run his factory more efficiently using the monitoring system it has.”
BGMEA President Dr. Rubana Huq also said, “This is a very appropriate initiative. I think by using it, traders will be able to communicate with buyers outside the country very easily. Since Corona is changing buyer behavior, I believe this B2B platform will be very effective for everyone related to the RMG sector".”
Merchant Bay is an online-based B2B platform. It works with trade digitization, sourcing digitization, production monitoring. Merchant Bay is committed to ensuring the digitization of the supply chain by facilitating sourcing for both the producer and the buyer.
Merchant Bay will primarily work to build, verify, and create digital profiles of Bangladeshi RMG manufacturers to reach buyers worldwide. Merchant Bay will also be able to quickly connect suppliers with buyers, deliver updates with transparency, order processing, and production monitoring.
By using the platform, it will be possible to make analytical decisions that will make sourcing more affordable and increase production efficiency.
Merchant Bay will also help SMEs and new entrepreneurs in the garment industry to keep the supply chain active and uninterrupted. It will also help them to present themselves in new markets and to the buyers worldwide. In addition to establishing a relationship between the producer and the buyer, Merchant Bay has built supplier verification and production monitoring systems. Using the Merchant Out Product Monitoring System, a manager will be able to manage his factory more efficiently.
In this regard, Sayem Group’s President Mr. Md Monir Hossain said, “Merchant Bay has started its journey from the necessity of time. I believe Merchant Bay will help enrich Bangladesh's export market. I hope that with the cooperation of all, Merchant Bay will be able to reach its goal.”
The readymade garment sector has been playing the most significant role in Bangladesh's export earnings. In this time of the digital revolution, the need for technological innovation in this sector is immense. Merchant Bay will play an effective role in developing the skills and capabilities of this sector through digital trade solutions.
Merchant Bay already has a database of more than a thousand suppliers, which includes a total of 500+ types of products in 22 categories. Merchant Bay is working on digitization, market growth, credibility, and capacity building of Bangladesh's ready-made garment sector which will play a major role in maintaining the reputation of Bangladesh's ready-made garment sector globally.