To succeed in the ever-changing online marketplace, online businesses must study and understand the consumer landscape and keep up with the latest trends. Online shopping has become increasingly popular in Malaysia. Here are some consumer trends in Malaysia that every online store should know:
Buyers spending power is decreasing
Household debts in Malaysia are rising rapidly, which can lead to a higher inflation rate. How does it affect consumer behaviour?
Three words: Lower spending power.
It means businesses, especially brick and mortar establishments, may experience a dip in sales, so they must plan. A smart, proactive approach is starting an online store. Modern consumers are always looking for discounts these days, and decrease buying power means they’ll turn to online platforms to maximize their cost savings. Running an online business can help you eliminate many overheads, enabling you to sell products at more competitive pricing to beat the competition and maximize revenue.
Middle-class consumers shop online the most
If you’re planning to start your online store in 2021, you should target middle-class consumers as they represent a large fraction of online shoppers, mainly due to their large size and discretionary spending power. You must learn about their spending behaviour, attitudes, and values to hunt the high-demand products that will offer you profits over the long-term.
Mobile E-commerce sales are booming
It’s estimated that mobile ecommerce sales in Malaysia will make up more than half of the ecommerce sales. Modern consumers love the convenience of shopping online via mobile devices, allowing them to make purchases on the go. While we’ve listed mobile ecommerce as a trend, it’s here to stay and only going to grow in the years to come. So, setting up an online store optimized for mobile users should be the priority of most online businesses to stay ahead in the competition.
Consumers want a secure payment gateway
In today’s cashless world, Malaysia’s consumers like to pay online when making purchases on the internet. It removes the hassle of taking out the cash from the bank and taking care of it. Moreover, it allows them to make contactless delivery and get the items delivered at home when they’re not present or even send a gift to their loved ones. So online stores must have secure payment gateway options like PayPal to allow them to shop confidently.
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