Ecommerce in Malaysia : Growth, Trends & Opportunities
Get tips and insights around trends, consumer behaviour and growth opportunities for ecommerce in Malaysia.
Fast forward to 2020, Malaysia's eCommerce market is worth US$ 4.3 billion, and is expected to double to $8.1 billion by the year 2024; at 14% CAGR.
Comparisons with Singapore: A Case of Similar Yet Different
Singapore and Malaysia represent the largest ecommerce markets in SEA. Between them, they account for more than 50% of total online retail sales in the region despite being home to just 8% of the Southeast Asian population.
While the ecommerce markets in Singapore and Malaysia are nascent compared to mature markets like China and Japan; they stand out with respect to the relative size of the cross-border share of the ecommerce market
However, there are differences between the countries when it comes to tax regulations for ecommerce platforms (https://www.capillarytech.com/
Factors Spurring Ecommerce Growth in Malaysia
Ecommerce growth in Malaysia is primarily driven by a growing number of digitally-savvy, middle-class who are looking for great deals and access to international brands. Here are the other major factors driving ecommerce growth in the region.
*Geological & Topographical Advantages
*Surge in Grocery Ecommerce
*Digitally-savvy, mobile-first consumers
*Social Media Growth
*Consumer Comfort with Digital Payments
Ecommerce Trends & Consumer Behaviour in Malaysia
The Malaysian ecommerce space shares a lot of similarities with other emerging markets in SEA like Singapore, Indonesia & Thailand. However, there are some interesting cultural and region-specific nuances to watch out for.
*Strong Cross-border Spending
*Key Motivators: Fast Shipping & Price
*Digital Payments are Most Preferred
*Social Commerce is on the Rise
*A Battle of Regional & International Players
*Important Shopping Events
Strategy to Leverage the Ecommerce Opportunity
Given its population size and increasingly affluent middle class, Malaysia is easily one of the most attractive markets for ecommerce in Southeast Asia. Here are some strategies that retailers and brands can use to leverage this opportunity.
*Offer a diverse product range
*Keep a track of popular offline items
*Provide a wide range of payment options
*Offer superior fulfilment experience
*Tap into social commerce
*Understand local nuances
Get full report at: https://www.capillarytech.com/