Malaysia’s e-commerce market is forecast to reach US$11 billion in 2025, an estimated increase of 24 per cent annually, said the Communications and Multimedia Ministry (KKMM) secretary-general Datuk Suriani Ahmad.
Citing a report from e-Conomy Southeast Asia 2019 by Google, Temasek, and Bain & Company, she said Malaysia’s e-commerce market had tripled in size since 2015 and had exceeded US$3 billion this year.
In order to adjust to the growing trend the Ministry would need to establish a new, bold vision and strategic plan for the postal and courier service industry, guided by Malaysia’s Shared Prosperity Vision 2030 blueprint, which would provide the “turbocharge” to boost the country’s economic development.
“The advancement of cross-border e-commerce benefits consumers, small and medium enterprises, big businesses and the Malaysian economy as a whole,” she said at the E-Commerce Delivery Awards 2019.
Players in the market can be assured of the support they can receive through initiatives such as the partnership with integrated international e-commerce enablement players that can help accelerate e-commerce adoption and drive cross-border e-commerce among Malaysian businesses. This can result in doubling Malaysia’s e-commerce growth rate by reaching a gross domestic product (GDP) contribution of US$69.1 billion by 2020.
Giving a boost to eCommerce will be 5G technology, seen as the catalyst that can transform consumer experience, facilitate instant purchases on the go, as well as making online shopping faster and more convenient.
“It will also transform the way people connect with products and services online, as businesses embrace technology to improve their marketing and support functions, as well as creating new sales opportunities,”added Suriani.