ONLINE shopping started to gain traction in the recent years thanks to the evolution of the digital industry and e-commerce. Furthermore, the COVID-19 pandemic has accelerated the shift towards a more digital world, especially online shopping in emerging economies.
Resultantly, cashless payments, super app usage and mobile internet penetration are all surging as a result. Retailers and producers are ramping up their online presence so they can successfully sell to consumers who are increasingly buying via their mobile phone rather than in person.
In Malaysia, online shopping has become the ‘new normal’ in the retail industry. On the Nov 11 (the 11.11 sale) online shopping day, Malaysia is ranked fourth in terms of the top overseas countries purchasing from China by gross merchandise value.
According to Statista, the German company specialising in market and consumer data, e-commerce in Malaysia is projected to rake in about US$3.91 bil this year.
In a latest survey conducted by Juwai IQI on COVID-19, the Asian real estate technology group found that 57% Malaysians are shopping online more than they did before the pandemic as online shopping in the country undergoes an unprecedented boom.
“Lazada Malaysia reports a 300% increase in the number of new sellers online,” said Juwai IQI Group co-founder and CEO Kashif Ansari.
“Bank Negara Malaysia tells us that online retail sales have nearly doubled during the pandemic and our data shows that half of consumers are spending more online today than just over a year ago.”
The study also revealed that more men have increased the amount of online shopping they do than women, with 58% of men reported doing online shopping compared to 56% of women.
“Digital technology has been a huge benefit for the country during the pandemic,” Kashif commented. “Technology has allowed workers to continue working, shoppers to continue shopping, and students to continue studying despite the pandemic-related restrictions.”
Kashif pointed out that the same revolution is also happening in the real estate which used to be considered the most off-line of industries. As a result, property searching and buying is now all right at the fingertips.
Gone are the days where buyers have to hop in their cars to scope out the ‘for sale’ signs or searching (and circling) on the property listing page in the newspapers or to call up the real estate agent and rely solely on information shared by them.
“Buyers can now complete almost the entire transaction without ever leaving their own home,” added Kashif. – June 8, 2020
