The advancement of digital technology has been a backbone for the surge in e-commerce industry in Malaysia in line with a global trend. The ubiquitous Internet users stand at more than 25 million, out of which about 22 million population is active in social media websites on their portable devices as well. This healthy trend has pushed the online shopping to a higher level and continues its surge.
Paradigm Shift
The inherent benefits of Internet business have pushed conventional potential buyers to the online purchases. The size of an organization is no yardstick to compete with a giant one. The marketing strategy and immense logistical support would translate the browser views into actual sales. The bottom line is, for retaining a leading position or to remain in the business, the entrepreneur needs to adapt to the technological advancements that the industry is witnessing.
Price Advantage
The competitive market has resulted in passing on the price differentials to the buyers to entice more potential clients. The abundant product range with online reviews and feedback from the customers made the buyers’ choice easier. Therefore, you will find more promotional offers, free transshipment, and some exclusive deals are the order of the day.
Streaming Sectors
Though, in general, the overall online sales have established a dominant position, specific industries that have pushed the trend include,
Fashion and Beauty
Electronics
Food Delivery
Sports and Hobbies
In addition to the above sectors, it is likely that the home decor and furniture, household and groceries, and the health and supplements are also waiting in line to come to the mainstream online business.
The market analysts project that in the next four years, the furniture and appliance sectors would see that the online purchase would be preferred globally. Moreover, the industries in electronics and media sectors would closely follow them.
The estimate is based on the whopping 95% of the customers being satisfied with the product quality, price, speed of delivery, etc. It is also true that sizeable potential buyers are ready to pay an additional amount for quicker delivery of the product.
Ideal Time for Online Business
No doubt, the timing for launch or expansion of the business should be perfect to see its prosperity. The Foodpanda delivery process is an ideal example of right timing. The novel and intelligent processing methods replicated from the Western countries has enabled Foodpanda, an edge over other rivals in the industry.
The easier creation of online business apps and service to the clients at their doorstep besides passing on the price benefits would automatically broaden the customer-base for the online business in Malaysia soon.
It will be your niche to maintain a trust level created by the start-up or other organization. If you want to be on the top of the list, you need to go “the extra mile,” which others have not thought of. Anyone complying with these objectives would thrive in the e-commerce business in Malaysia.
