Growing an e-commerce business in Malaysia can be a rewarding experience, but it can also be challenging. With a population of over 32 million and a rapidly growing economy, the country offers plenty of opportunities for Malaysian e-commerce businesses to thrive.
To succeed in Malaysia’s e-commerce market, you need to focus on 5 key areas:
- Understand the market
- Develop a strong online presence
- Offer competitive prices and promotions
- Optimize for mobile
- Provide excellent customer service
- Invest in marketing and advertising
- Utilize e-commerce platforms
READ MORE: How you can set up your business to do e-commerce in Singapore
Why you should set up a Malaysian e-commerce business
Malaysia’s e-commerce market is expected to US$19.84bn by 2027, according to Statista data. This is in line Malaysian government’s National eCommerce Strategic Roadmap 2.0 (NeSR2.0) initiative, which aims to accelerate e-commerce seller adoption, reduce non-tariff barriers, improve on existing economic incentives, deploy strategic investments, and promote national brands. With this roadmap, nearly 900,000 micro, small, and medium entrepreneurs are expected to go online.
According to Malaysian government statistics published in 2021, 80 percent of the country’s population, or around 27.4 million people, are active internet users. At the same time, its smartphone penetration is at an all-time high of 84.2 percent, with 39.99 million mobile connections.
Nearly half of Malaysians, or approximately 16.29 million people, are active online shoppers, and 82.9 percent of mobile users shop online via smartphones. It just makes sense to venture into e-commerce in Malaysia.
Here are some tips for growing your e-commerce business in this vibrant market.
Understand the market
Before you start building your e-commerce business, it’s important to understand the market in Malaysia. This includes understanding the local consumer preferences, competition, and regulatory environment. Researching the market will help you develop a strategy that is tailored to the needs of your customers and the local market.
Develop a strong online presence for Malaysian e-commerce business
In Malaysia, the internet is a critical channel for e-commerce businesses. Therefore, it’s important to develop a strong online presence, including a user-friendly website and social media presence. This will help you reach potential customers and establish your brand in the market.
Offer competitive prices and promotions
In Malaysia, competition among e-commerce businesses is intense. Therefore, it’s important to offer competitive prices and promotions to attract customers. This can include discounts, free shipping, and other special offers. By offering competitive prices and promotions, you’ll be able to differentiate your business from your competitors and win over customers.
Optimize for mobile
In Malaysia, mobile usage is extremely high, with many consumers using their smartphones to access the internet and make online purchases. To maximize your reach and appeal to mobile users, ensure that your website is mobile-friendly and optimized for mobile browsing. This is why you should definitely focus on this if you have a Malaysian e-commerce brand.
Provide excellent customer service
In Malaysia, customer service is a key factor for e-commerce businesses. Therefore, it’s important to provide excellent customer service to build trust and loyalty among your customers. This can include responding promptly to customer inquiries, providing clear and accurate product information, and offering hassle-free returns and refunds. By providing excellent customer service, you’ll be able to create a positive customer experience and build a loyal customer base.
READ MORE: Here’s a short case study on how we helped Dia Guild build a fashion e-commerce brand
Invest in marketing and advertising
Marketing and advertising are critical for growing your Malaysian e-commerce business. This can include paid advertising on search engines and social media, as well as content marketing, email marketing, and influencer marketing. By investing in marketing and advertising, you’ll be able to reach a wider audience and promote your products and services.
In conclusion, growing your e-commerce business in Malaysia requires a strategic approach that is tailored to the local market. By understanding the market, developing a strong online presence, offering competitive prices and promotions, providing excellent customer service, and investing in marketing and advertising, you’ll be able to grow your e-commerce business and succeed in this vibrant market.
Utilize e-commerce platforms
In Malaysia, there are several popular e-commerce platforms that can help businesses reach a wider audience and simplify the online shopping process. Consider using platforms such as Lazada, Shopee, and Zalora to grow your e-commerce business and make it easier for consumers to find and purchase your products.
In conclusion, growing your Malaysian e-commerce business requires a thorough understanding of the market, a strong online presence, optimization for mobile, competitive prices, excellent customer service, and utilization of e-commerce platforms. By following these tips, you can successfully grow your e-commerce business in Malaysia and tap into its expanding digital economy.
Do you want to grow your Malaysian e-commerce brand?
We can help you. If you would like to speak to one of our consultants about how SYNC can help with improving your branding, developing conversion and educational content, SEO and increasing traffic to your e-commerce store drop us an email at hello(@)syncpr.co.