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How to Win Ecommerce in Malaysia?

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How to Win Ecommerce in Malaysia? How to Win eCommerce in Malaysia? eCommerce Trends and Opportunities in Malaysia is currently the talk of the World. Online Shopping of Malaysia is the next talked about the buzz in the industry today. With Southeast Asia’s revenue amounting to US$1,077,761 million in 2020- The eCommerce in Malaysia can be foreseen, raking about 3.91 billion U.S. dollars alone in the year 2020(as per the latest report of Statista). Don’t be left behind! It is the right time to take your business online! Source: Statista What Shocking Revelation We are Going to Make? 1. eCommerce Trends and Opportunities in Malaysia. 2. Why sell on Malaysia eCommerce Platforms? 3. Online Shopping of Malaysia — Buyer’s Rundown 4. Shopping Sale Malaysia — Dates & Preparation 5. Surprise Takeaways. eCommerce Trends and Opportunities in Malaysia The Economy! 1 of 9 Besides, as per their statistics department, the eCommerce economy of Malaysia is expected to rise by 20.8% in 2020. Having the most extensive internet penetrations in Southeast Asia- 85.7% and its mobile penetration accounting to about 140%- Malaysia holds the crown of fastest emerging eCommerce markets across the Southeast Asia region. Southeast Asia’s digital market is said to exceed US$200 billion by 2025. Said to possess the world’s third enormous population, #SoutheastAsia unveils tremendous expansion opportunities for SMEs. Explore our guide here >> https://t.co/Hy0dX0BrSD#woocommerce #ecommerce pic.twitter.com/ycov5E6Gad — CedCommerce (@cedcommerce)January 9, 2019 With 32.25 million digital population, Malaysia attracts a wide variety of companies both from the local and global eCommerce market. Hence, bringing in a massive opportunity for the SMEs and eCommerce veterans in Malaysia. FAST FACTS Forrester (a research firm) evaluates the online retail in Southeast Asia to rise at a compound annual growth rate (CAGR) of 23% to reach $53 billion in 2023. Home to Marketplaces! Being the top eCommerce player in SouthEast Asia, Malaysia is often seen as one of the mature markets of ASEAN countries. Driving patrons with alluring products and quick, comfortable services, eCommerce in Malaysia is growing at a high pace. Giving more power to WooCommerce Sellers, CedCommerce enables retailers to outreach their products’ in the SEA market. WooCommerce Shopee Integration is now live on Official WooCommerce Marketplace It was then when the eCommerce giants- Shopee, Lazada, PrestoMall, Tokopedia, Qoo10, eBay, Amazon, and other such renowned marketplaces tapped into the market and became Malaysia eCommerce Platforms. Thus, holding the title of Malaysia eCommerce websites. More is always better! whether you want to begin or even if you are already selling in Southeast Asia, you can go multichannel and sell your products on different affluent marketplaces of Southeast Asia in a more centralized way. All Copyright © reserved to CedCommerce 2021 2 of 9 Social Media is the new helping hand! Social media platforms are the next captivating tool to drive millennials to your products. Being inexpensive, they are much efficient in spreading even the slightest information concerning your products to the end audience. Source: Statista Besides, Statista records social media users in Malaysia to rise from 22.7 million in 2017 to 26.10 million social network users in the year 2023. Thus, bringing in an excellent opportunity for eCommerce retailers in Malaysia. Why sell on Malaysia eCommerce Platforms? Marketplaces to land on! The eCommerce penetration in Malaysia will derive a revenue of $3,904m in 2019. With the eCommerce at pace, the foundation of marketplaces in Malaysia took place somewhere around in the year 2,000. This discovery left some experienced players such as Lelong, eBay, Lazada, and some major eCommerce platforms in Malaysia. With major tech-giants, the eCommerce industry in Malaysia happened to commence its automation. Marketplaces today tend to create a lot of more straightforward and seamless choices for all the retailers out there. With tremendous shoppers every second, marketplace leverage you with hoards of traffic to your products. Sell on the top marketplaces of Malaysia and automate your eCommerce stores to experience seamless selling with the astounding integration solutions of Lazada, Shopee, Lelong, PrestoMall, and a lot more. Category to choose from! All Copyright © reserved to CedCommerce 2021 3 of 9 Are you thinking to start selling in Malaysia? Well, the following Malaysia eCommerce statistics from Statista might give you a little push to shape your eCommerce venture in Malaysia. US$1,014m in 2019, the eCommerce market of Malaysia encounters its largest segment in Electronics & Media. The present online user penetration in Malaysia is 62.1% is forecasted to reach 63.5% by 2023. The ARPU (Average Revenue Per User) amounts to $192.60 in Malaysia. The digital commerce transactional value in 2019 is expected to amount to $7,902 million in 2019. Hence, expanding the Malaysia eCommerce market size. For SMEs — New trove of choices! Patrons in Malaysia today expect eCommerce sites to have robust inventories of quality products. As with the increasing consumer demand, it gets difficult for sellers to compete with such limited stock to contend. However, the SMEs (Small and Medium Enterprises), sell their inventories through established marketplaces like Lazada, PrestoMall, Shopee, eBay, Amazon, and others. Having recorded significant growth in the past years. The eCommerce sector of Malaysia has recorded considerable growth and contributed RM74.6 billion in 2016. That being said, there is no best time to enter the Malaysia eCommerce than NOW. Perhaps, your eCommerce venture does not rest till setting up an eCommerce store. You must assure that your brand name, products, and their outreach are huge, and acknowledged by the apt segment of the audience Online Shopping of Malaysia — Buyers Rundown Know Who are the Targets! All Copyright © reserved to CedCommerce 2021 4 of 9 With the increasing eCommerce penetration in Malaysia- the primary online shoppers belong to the young category, i.e. mostly below the age of 35. Hence, targeting your ads to young audiences (below 35 years of age) shall benefit you. The recent research from Statista shows that shoppers starting from the low, medium, and high-income groups are in close proportion as far as the online shopping of Malaysia landscape is considered. Around 95% of native Malaysian residents cited price and promotions as their main reason for online shopping. Convenience, product variations, free shipping, zero commissions, and other such incentives tend to draw people towards online shopping. Trends of Shoppers on Malaysia eCommerce Website: With the online shopping in trend, patrons look beyond price. More than 80% of shoppers shop on their smartphones Well, men in Malaysia shop more as compared to women. Over 59% of digital shoppers shop at least once a month Girls and single women comprise 48% of fashionistas in Malaysia Mobile rules eCommerce in Malaysia! Did you know? Malaysia is the Mobile-first and mobile-only region. With an unstoppable rise in mobile commerce, the digital commerce of Malaysia is expected to amount to $7,902m in 2019. More than half of Malaysia’s eCommerce economy truly depends on mobile usage, which is very much evident from the image by Asean up below. The average eCommerce transaction value in Malaysia per user is segmented to amount to $389.9 in 2019 (source: Statista). To compete in Malaysia, one needs to have a clear and unique understanding of the booming market. The startling majority of consumers in Malaysia use personal computers, followed by low-cost smartphones All Copyright © reserved to CedCommerce 2021 5 of 9 when browsing the Internet. Perhaps, a vast majority of consumers tend to make purchases via Tablets and iOS users surpass Android users as well. Key Takeaway With the pacing digitization- 55% of the patrons prefer the app experience, and 45% prefer the smartphone browser. Moreover, buyers today ponder on a speedy website. Make sure your website is fully compatible with mobile. Perhaps, providing a seamless mobile experience will lead to increased checkouts. Secure Payment and Free Shipping is the key! While cash is the King, the frequency of credit/debit cards is increasing rapidly in Malaysia. Offering easy and leveraging shoppers with seamless eCommerce payment gateways in Malaysia increases their probability of coming back. Hence, options like credit cards and PayPal, along with quicker online checkout options via mobile wallets are more preferable by millennials in Malaysia. How about getting your shipping, right? People across Malaysia and beyond love to shop online without paying the delivery fee. Perhaps, fascinating your customers with FREE and quick shipping services makes you their first choice. However, enabling free shipping on every purchase might not end in benefiting you…So what could be the best way out? Well, as the rule of thumb goes states as long as your shipping cost must not exceed 20% of your average cost, you are competent to provide FREE shipping to your customers. Here’s how you calculate the average cost of your products, Average Cost= Net price of your items/Total quantity of your products Wish to calculate your Shipping Price against average cost? Percentage of shipping cost= Shipping Cost/Average Price That being said, once you get the results in your favor after carrying out the calculations, you are competent to provide Free shipping. Shopping Sale Malaysia — Dates & Preparations Do you sell on the important dates? All Copyright © reserved to CedCommerce 2021 6 of 9 9.9, 11.11, 12.12 Rather known as the super shopping day, Singles’ day and Double 12 are the significant sale driving days. E-commerce in Malaysia is said to rake most of its revenue during these mega eCommerce days. You must get along with your preparations for Q4, with the following: Integrate your stores with the highest selling marketplaces in Malaysia.
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