- Largest number of merchants in an online sales event in Malaysia
- Emergence of innovations in Malaysian e-commerce space
The Malaysia Digital Economy Corporation (MDEC) today announced the launch #MyCyberSale 2016, the third instalment of the annual online sale event, which will run from 26 September to 30 September. The launch was officiated by Minister of Communications and Multimedia, Salleh Said Keruak.
“The future is here and the future is bright,” he said in his opening speech.
“E-commerce is a very big contributor to Malaysia’s digital economy. As trade continues to go into the online world, it is very important that Malaysia capitalises on this growth,” said MDEC CEO Dato’ Yasmin Mahmood at the launch speaking about the reasoning behind #MyCyberSale.
“#MyCyberSale is an initiative to develop the local e-commerce ecosystem further. It is a super booster to push up the number of transactions and the growth of the ecosystem,” she said.
According to Salleh, e-commerce in Malaysia is projected to grow at a compounded annual growth rate of 11% and with proper interventions, the country will be able to double this growth to a minimum contribution of US$41.2 billion (RM170 billion) to the GDP (gross national product) by 2020.
#MyCyberSale is one of these interventions, as is the National E-Commerce Strategic Roadmap, which was approved by the Cabinet earlier this month and will be announced next month.
The online sale is anticipated not only to boost e-commerce revenue for both front-end and back-end retailers, it also aims to create a more vibrant marketplace for consumers not only in Malaysia but in the region.
“Consumer confidence of e-commerce is very important, so #MyCyberSale also aims to strengthen the e-commerce ecosystem and environment to build consumer confidence,” said Yasmin.
Opportunities in e-commerce
This year’s sale will witness the largest number of merchants yet, with more than 600 online and traditional retailers participating. #MyCyberSale 2016 has also made its way into the Malaysia Book of Records for the ‘Most participating online merchants in an online sale’.
“This year we are getting traditional brick and mortar retailers to come on board. This is very important for our overall e-commerce strategy because our traditional retailers have to embrace e-commerce to future-proof themselves,” said Yasmin.
Traditional retailers who are joining the ranks of e-tailers at #MyCyberSale 2016 include well-established Malaysian brands such as pharmacies Guardian and Caring; Berjaya Group and Sunway Group, which will focus on travel retail; and fashion brand Bonia.
Over the last two years, #MyCyberSale has seen the acceleration of the adoption of e-commerce amongst e-tailers in Malaysia. This year, more than 150 local brands are participating in the event and MDEC aims to touch the US$48.5 million (RM200 milllion) revenue mark over the five sale days; this will be a 100% increase in gross merchandise volume from last year.
MDEC is also giving more focus to SMEs at this year’s event, especially those selling local speciality products. “E-commerce provides fantastic opportunities for people with creative ideas and products to get into the market in a cost-effective way, which is one of the key objectives of #MyCyberSale. I am impressed with the number of SMEs coming on board this year,” said Yasmin.
Participation across the board has been very good in terms of the number of marketplaces joining, and online and traditional merchants. “This shows that our e-commerce ecosystem is really maturing,” says Yasmin.
Innovations and new players
This year’s sale will also feature innovations in payment services through two mobile wallet providers – MOLWallet (by MOLPay) and Mypay Wallet (by ManagePay Bhd) – as well as new product MOL Cash, which allows buyers without credit cards to pay for their items using cash at the nearest 7-Eleven or Petronas outlet.
Another addition to #MyCyberSale 2016 is half mile delivery, where consumers are able to have their purchases delivered to collection points to be collected later. Partners in this space are PostCo, Popbox and Inpost. The event will also have three new players offering door-to-door same-day delivery: Zepto Express, Matdespatch and Dego.
Travel retail is expected to see the highest number of sales, especially with the first-time participation of AirAsiaGo. In fact, this year is the first time all four major Malaysian airlines – Malaysia Airlines, AirAsia, Malindo Air and Firefly – are on board.
Moving the digital economy forward
While Malaysians are changing the way they shop by moving to online retailers, the country still needs to continue cultivating an e-shopping culture among consumers through the right infrastructure and providing incentives to e-commerce players, said Salleh.
“Since it was introduced two years ago, #MyCyberSale has been so successful. I am sure that the user experience throughout the sale will be smooth. You are just one click, one slide and one tap away from many exciting deals.”