Malaysia understands the importance of its e-commerce market. The country established a Strategic Roadmap document and established a National E-Commerce Council. Is that enough to motivate entrepreneurs to start a new online-based business in Malaysia? Here are the top reasons why you should start an ecommerce in Malaysia!
The Market Is Growing Rapidly
The reports show facts, and those are that the Malaysian e-commerce market is growing. The country had tripled its income in this area from 2015 to 2019. In 2020, the market value was $4.3 billion. The plan is to at least double it until 2025. That indicates customers and business owners both trust the Malaysian market.
Millions of Malaysians Buy Online
The statistics indicate that over 26 million Malaysians have an internet connection. Apart from the impressive penetration rate, the number of online shoppers is admirable. In the age group from 16 to 64, four out of five citizens have purchased online at least once.
The use of social media can also be to your advantage. At least three out of four adult Malaysians have accounts on at least a single social network. That makes it easier to boost your brand awareness and increase profit.
Support for Digital Payments
Customers migrated from paying cash on delivery to conducting their payments digitally. The countries that haven’t adapted to that had their e-commerce market growth lowered. The Malaysian government and banks recognized the importance of digital payments. That’s why they worked together to offer a simple environment for paying directly on the e-commerce website. Google Pay, WeChat, AliPay, and PayPal are all available, which is important for those who plan to start e-commerce in Malaysia.
Read more about starting an ecommerce in Malaysia at this WeCorporate blog.