Electronic commerce or e-commerce – business transactions conducted online – has proven itself to be a highly attractive market in Malaysia, where online shopping, together with the entire digital economy, is expected to boost the country’s economic growth under the Digital Malaysia Initiative.
According to the Malaysia Digital Economy Corporation (MDEC), the fast-growing market is due to Malaysians’ increasing consumer spending, Internet accessibility and acceptance towards mobile e-commerce, among other factors.
As a result, the country has more online shoppers than its neighbours in Southeast Asia with 67 per cent compared to Thailand (57 per cent) and Singapore (24 per cent).
However, there have been recent calls for Malaysian small and medium-sized enterprises (SMEs) to embrace e-commerce for fear of being unable to catch up with the technology-driven global marketplace.
Accounting for 90 per cent of businesses in the country, only 10 per cent of SMEs are involved in the market, with reasons for those yet to adopt to the system include security concerns, lack of knowledge on e-commerce and lack of awareness on ICT support and assistance within the industry as well as from the government.
As such, before joining the e-commerce market, it is important for you to learn and understand its nature and infrastructure.
For sure, running an online business is more affordable and accessible than a brick-and-mortar business, enabling better reach and communication towards the target market that can come from around the world, as long as you have passion and perseverance in your business and you have Internet access and a good connection.
If you are ready for the e-commerce experience, consider the following as you build your online start-up:
Have a human touch in your business by displaying necessary, updated information on your goods and services, providing customers an avenue for feedback and enquiries, and designing a user-friendly website or app, for instance. This is to ensure that your business exudes the convenience that made customers opt to do business online.
Privacy and confidentiality is vital because information from your business can be accessed by competitors (or hackers) if you work on an unstable platform, so keep them safe, secure and constantly maintained.
Don’t forget to market yourself by maximising social media and making yourself visible through the search engine to attract more customers to your goods and services.
Most importantly, deliver well to show credibility through quality goods and services, timely delivery, and frequent availability for customer feedback and response, for example. You will be able to retain current customers and get new ones thanks to the reliability you have established to your products and services, as well as your brand.
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This article first appeared on The Borneo Post, visit this link: http://bit.ly/2kN7dFi
