‘Uncovering eCommerce Trends & Opportunities in Malaysia’ is the last topic of Series 2. The Malaysian eCommerce industry is quickly expanding, and the trend will shift from time to time. Therefore, it’s crucial to understand the current eCommerce trend to grab opportunities for effective eCommerce business growth.
This workshop discussed the current eCommerce trends in Malaysia, including the suggestion and idea on how to stand out and grow your eCommerce business in the Malaysian market.
Let’s go through the main points of topic
1. More eCommerce solutions
People have been shopping online to buy what they want. eCommerce provides users various benefits such as time-saving, speed, affordability, and more. With these benefits, users are beginning to have more trust in eCommerce (in terms of security, product quality and more). As the number of people who use eCommerce grows, new solutions, such as flexible payment methods, are being developed for the industry. Today, customers can buy products from international merchants thanks to the emergence of new platforms that help accelerate the eCommerce industry and make cross-border eCommerce more accessible.
2. More challenges
More merchants and retailers are venturing into the eCommerce industry. Because eCommerce has grown to such a scale, it could mean more challenges for the industry. On various eCommerce platforms, many eCommerce sellers are selling the same products, which could create some sort of barrier for new sellers to enter the market. As a result, new merchants and retailers who are interested in entering the eCommerce market should be aware of the entry barriers and what to do to set them apart from their competitors
3. Identify the Right Channel
eCommerce retailers must take a step back, understand the kind of product they are selling, and choose the right channel to start selling products. Do not blindly sell your products on every channel just because you know omnichannel is good. You need to identify the kind of products customers buy from you before you can choose the right omnichannel strategy.
4. Use a Mobile-Friendly App
Nowadays, everyone purchases items via mobile devices instead of opening their laptops, going to the website, and purchasing the product they want. When we know this reality and have a development budget, we can consider spending that budget on developing more mobile-friendly apps, making it easier for consumers to buy products from us.
5. Offer High-Quality Customer Support
Customer support is an important part that eCommerce merchants and retailers need to focus on. If you have a good product but your customer support is poor, you might chase your customers away. Try to put yourself in your customers’ shoes. Make sure they can find you through multiple channels and that you can respond to them as soon as possible to keep your response rate high. Top-notch customer support service is one of the most effective ways to keep your business competitive.
If you are an eCommerce merchant or retailer, you must constantly update your knowledge of the eCommerce trends in Malaysia. With the right knowledge, you can tailor the strategies and tactics that are most suitable for your products and services to reach more people and increase your conversion rate.
In this panel discussion, Lim Ben-Jie, Head of e-Commerce, AirAsia super app; Tang Siew Wai, Country Manager at Carousell Malaysia; Vivienne Chin Ee Kwan, Head of SME Banking Business Development and Marketing of CIMB shared their insight based on their own personal experiences so that the audience have a clear picture on how to utilize today’s trend to their advantage.
Check out the full video of this session to learn more about the current eCommerce Trend and opportunities in Malaysia.