E-Commerce Market In Malaysia Poised For Strong Growth

KUALA LUMPUR, Jan 28 (Bernama) -- The e-commerce market in Malaysia, excluding eServices, is poised for strong growth with a projected revenue of US$991.1 million (US$1 = RM4.25) this year. In a statement, iPay88 Sdn Bhd Executive Director Chan Kok Long said even when the economy is not performing well, there would still be growth in eCommerce and mobile commerce (mCommerce) for Malaysia in 2016. "The time if ripe for Malaysia whereby domestic market demand is well-supported by wide and stable online connectivity and broadband solutions," he said. Additionally, he said, website provider services, IT security technologies, as well as ample government-lead, financial payment policies and initiatives to support more Malaysian companies were in abundance in moving their business online. He also noted that weakening currency and plunging oil prices and, retained interest rates have resulted in many companies across industries tightening their belts to weather the bad times. However, Chan reminded of the different approaches that eCommerce provided. "Doing business online offers a lower cost of operations from many aspects – the biggest advantage being the capability to span across geographical borders, meaning that you can reach out to possibly more lucrative overseas market easily," Chan said. However, he pointed that only a mere five per cent of Malaysian companies have adopted eCommerce. --BERNAMA