Census Masters

23/09/2023

Insights to enlighten you about big data.

Big data analytics has become crucial for enterprises in the world of the digital landscape. Explore the main benefits of this strategy.

12/03/2022

The day is so close when the computer algorithms will start improving automatically through experience and by the use of data.

05/03/2022

The rising conflict between Russia and Ukraine may have big or small, short or protracted impact on high-frequency indicators like export-import, exchange rate, production and supplies, financial markets of Bangladesh. The global peace has never faced challenges of this significance since the World War-II.
Here's a look at how the economy of Bangladesh can be impacted by the ongoing Putin war on Ukraine
Energy

Russia accounts for exporting 6.5 million barrels of oil a day and 17% of natural gas of the world is too produced by Russia (source: BP, International Food Policy Research Institute, media reports). The ongoing war has completely destabilized the oil market with hitting the oil price above $100 per barrel which is highest since 2014. If the crisis continues, Bangladesh being an import-dependent country will be directly impacted. Bangladesh has to import huge quantity of petroleum and liquefied natural gas from West Asia. If there is any supply shortage in the energy market due to the war, Bangladesh will have to buy the same at a higher cost. The rising fuel price will increase the cost of power generation along with transportation costs and subsidies.
Edible oil

Russia and Ukraine account for 75% of sunflower oil exports all over the world. If the harvesting and processing of the oil is occluded for the war situation, or the exports are blocked, importers of Bangladesh are going to struggle to replace supplies as about 90 percent of Bangladesh's demand for edible oil is met through imports as locally produced varieties are not up to the mark. For sunflower oil, the share is even higher.
Russian projects in Bangladesh

Rooppur nuclear power plant project is the first and largest nuclear power plant in the history of Bangladesh which is under construction with the technological and financial support from Russia. About $7.8 billion in Russian aid is there in the pipeline. Financial and payment sanctions against Russia can make disbursements from the aid pipeline very difficult not to speak of the impairment of Russia's ability to do so because of foreign exchange shortages. This war may also create new complications with Bangabandhu Satellite 2 as a memorandum of understanding (MoU) has already been signed between Glavcosmos, a subsidiary of Russia's state-owned space agency Roscosmos, and Bangladesh Satellite Company.
Disruption in bilateral trade

The production and supplies in Bangladesh can be hurt by the disturbance in bilateral trade. Total exports in FY21 were about $550 million and imports $480 million. Trade with Ukraine amounts to around $350 million. Bangladesh annually imports over 1 million metric tonnes of wheat from Russia while garment manufacturers here export about $1 billion worth apparels to the Russian Federation. Apart from the apparel items Bangladesh exports jute, frozen foods, tea, leather, home textiles and ceramic products to Russia and Ukraine. There may be an immediate impact on getting payments against items already exported to Russia and Ukraine. If two months' equivalent of export payments are stuck, which is about $100 million (based on FY21 exports to Russia and Ukraine). Disruption in import supplies can hurt domestic production and stoke domestic prices. However, the magnitude of the impact on exports depends on how long the war continues. On the other hand, Bangladesh being the fifth-largest wheat importer in the world, almost no wheat import from Russia and Ukraine has taken place in Bangladesh recently. Bangladesh has been importing 80 per cent of its wheat from India ( 2020-21, data from Bangladesh Bank) . Although the price of Indian wheat has come down but started rising again, it would not be much of a crisis for Bangladesh if there is any impact of any possible war situation on the global wheat prices.
Banking Sectors

Bangladesh’s banking sector might not be able to do business with corresponding banks in Russia due to the latest embargoes imposed. With this backdrop, both local banks and business should explore alternative ways to resolve the setback.
The volatility may subside one day, even after that we will keep on facing many challenges to contend with. For the Ukraine-Russia conflict, there is no immediate resolution on the horizon even if Russia wins the ground battle. The war always keeps on moving in one form or another. We are likely to be in this environment of a multipronged and multifaceted sanctions regime for months if not longer.

18/02/2022

Customer service is how you treat your customers, how you deliver your products to them and how well do you serve them with the product. These factors build up customer perception and let customers define us. 'Word of mouth' is a phrase all of us know about. This is basically the passing of information from one person to another.

All of us have that one app in our phone through which nurture our aesthetic mind. We can already guess the name - Pinterest. This brand is now net worth of almost $30 billion. This brand succeeded through word of mouth marketing. The platform itself is such a marvelous product for the consumers that it thrives on user generated content. The company depends on users to create vision boards and actively recruit more 'pinners' into the fold. The positive consumer perception helped them to grow faster than any other companies out there.

Then let's talk about our most favourite drink - Coca-Cola (As I was writing this article, the Coca-Cola automatically came to my word suggestion. We can easily assume it's brand value from it.). This brand has been through ups and downs in the industry but they never failed to take account of their customers perception. They have always came with surprises for their customers with the message of multiculturalism and positivity. "Share a Coke" campaign can be taken as an example.

All the 2 brands did was tracking their customers preference and bringing change keeping the perception in mind. Every product is an innovation to this world but we never know it's pros and cons until it reaches it's consumers. Innovate products. Innovate strategies. But at first, know your customers. Because the customers' perception is your reality. Know them, retain them.

12/02/2022

It's been almost 2 years that we have been witnessing the horrors of the Covid-19 pandemic. The way it has affected our regular life, this anomaly was followed by the economic repercussions of the whole world. And Bangladesh, being a developing country had to face worse. Covid -19's impact on the major economic and financial indicators of the economy of Bangladesh is discretely noticeable because it hasn't left a single sector to affect. No matter if it was production, wages or price levels, every sector was immensely affected and it was extended to other sectors like advances, bills, investments, remittances and foreign trade. All those data were published by the Bangladesh Bureau of Statistics, Bangladesh Bank and the Ministry of Finance. This economic meltdown is very likely to continue with its backlash as the breakdown continues to increase. The country is going through the massive outbreak for the 3rd time during this pandemic. Domestic and international demands got reduced to a huge percentage for the subsequent lockdowns. The food inflation fell in May 2020 and stood at 5.09 percent. In January 2021, this rate increased to 5.2 percent and had a terrible decrease to 4.9% in April 2021 when the pandemic came up with it's 2nd wave. Non food inflation have been falling over last 1.5 years from April 2020 to December 2021. Government has already taken some steps to reduce the effects of this pandemic like Bangladesh Bank had put a freeze on loan payments for six months, relaxed foreign exchange regulations and also increased the transaction limit on mobile financial services. Numbers of steps have been taken by the government to fight this unprecedented situation but there's still room to come up with aggressive steps to drive the economy of the country to right direction. Public - private cooperation can be a key to bring stability in the fallen economy. However, as the population is getting affected again after vaccination, the economic repercussions are likely to continue in the upcoming future if situation get worsen.

05/02/2022

Brace yourselves for a magnificent data world!

29/01/2022

As we step into another year, we step into more possibilities ahead of us which is also followed by more challenges. One of the biggest challenge that needs a redesigned action plan is - understanding consumer behaviour. So many confusions may arise that why are we calling it a 'challenge'! Brands have been running depending on consumer behaviour for decades! What's new!
Society is changing into a multidimensional entity that's diverse and explorable. World around us are rapidly changing alongside new technologies and trends. Market research needs to be more meticulous around such rapid changes. They need to be able to capture this dynamic consumer behaviour in today's dynamic world. They need to address the diversity of the belief and culture of ubiquitous population around the world.

Hyper-segmentation is vital in capturing 2022's market. It will become vital as research is dependent on measuring consumer intelligence on the basis of age, race, social culture, gender, status etc. The concept of hyper-segmentation is all about breaking the target audience in small groups and this can be a weapon for all the market researchers.

Other than that, one consumer might hold different individualities. Those might not comply with their geographic location or societal norms. A single person might have different ways to look into life and doing individual things in a different way from others. So, we never can segment a particular consumer in a particular criteria. It always may vary. Finding out more than one dimensions in a single person is a challenge now. 'How can the market researchers segment different complex facts of consumers?' - this is the question as we move more into dynamic and changing world of technology.

So, it's quite evident that the market researchers have to go through transformation and they need to come up with innovations in their way of being in action. After all, they are the ones who are going to be a medium of choice for brands to capture the right target market. In 2022, they are ought to perform technology and platform based research to bring evolution in business market. The change will be brought through automation.