- The digitalization of everything
- E-commerce: Driver of catalytic change
- The good
- The challenge and issue
- What needs to happen
- Global E-commerce sales estimated US$1.9 trillion in 2016. By 2020, sales are projected to double to US$4.1 trillion.
- In Malaysia, E-commerce contributed RM68 billion in 2015 or 5.9% of GDP. The National ECommerce Strategic Roadmap sets a target to double the growth of E-commerce market from 10.8% to 20.8% and reach a GDP contribution of more than RM170 billion by 2020.
- Businesses, large and small must leverage on the powerful tools of technology to integrate into global E-commerce marketplace.
- E-commerce is the gateway to future for expanding sales and gaining wider market access.
- Create a conducive eco-system to accelerate the adoption of E-commerce amongst SME.
- Malaysia has the demographics dividend, ready infrastructure and supportive government interventions to drive the growth ecommerce.
- However, there remain challenges and barriers to hinder e-commerce growth. These are lack of offerings, unclear value proposition, concerns about security payments and privacy of personal data, low buyer adoption and low seller participation.
- In a nut shell, businesses must arm themselves by leveraging on the digital technology, improve themselves with digital tools and keep pace with the trends in order to capture the dividends via E-commerce.