eCommerce has been one of the most profitable businesses in Malaysia in the past few years. In 2021, I expect greater things with eCommerce in Malaysia. In other words, Malaysia eCommerce will be one of the most lucrative and profitable business ideas for the year 2021. If you are planning to start an online store in 2021, the time is now.
In the next few moments, I'll share why eCommerce is profitable and how you can join the bandwagon in building a passive income stream in Malaysia with eCommerce. More importantly, I'll share the exact steps for anyone and any person to build a profitable business in Malaysia using E Commerce.
Part 1: What is eCommerce?
eCommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of payment using online payment gateways.
With eCommerce, potential buyers can perform buying transaction at any time from the comfort of their own homes. Plus, online stores don't close — and this means it is 24/7 shopping availability.
Part 2: What is the eCommerce trends in Malaysia and globally?
eCommerce trends vary from country to country but it is constantly growing across the globe. The COVID-19 and MCO had lead to the growth of online shopping industry and shoppers are more likely (and comfortable) to purchase online.
(i) E Commerce growth in Malaysia
As you can see, the growth in eCommerce Malaysia had received a massive growth during the first Movement Control Order (MCO) and while it has spiralled down after the MCO 1.0 being lifted, it is slowly gaining moment back on a very stable growth chart.
(ii) E Commerce growth globally
As you can see from the graph above, COVID 19 had played a major role in the rapid growth in eCommerce globally.
Brick and mortar retailers had built their online presences through online stores and now shoppers can easily perform shopping spree in just a few click of the mouse.
Part 3: Which is the best E Commerce platform in Malaysia?
Part 4: Why eCommerce is profitable in Malaysia and one of the best business opportunities?
This is one of the biggest questions asked by my clients and this is by far, an easy question to answer.
An E Commerce business doesn't require keeping stocks of the items or even becoming one of the retailers for multiple products. This is one of the benefits of having an online store, especially in East Asia. Low costs and growing business opportunities in the country makes eCommerce a superbly lucrative business solution to engage with.
Part 5: How can I sell online in Malaysia?
The first step is to choose one or more eCommerce platform for your business. It is important to remember that the more platforms you engage in, the more challenges you will face as a business owner.
Personally, I prefer to keep it down to two eCommerce sites to ease the overall operation.
Did you know that most Malaysian love the same day or next day delivery services?
With proper delivery services and logistics company, you can easily deliver any items from fashion or food in a matter of days.
Part 6: How to set up my successful E Commerce business in Malaysia?
There are many ways to set up an online store in Malaysia. Here's my personal favourite by order:
Shopify. Shopify is an E Commerce platform that offers an all-in-one eCommerce service for business owners. The price is reasonable ($29 per month) and you can start your first online store in just a matter of minutes.
WordPress and WooCommerce. WordPress is an open-sourced CMS and WooCommerce is a powerful plugin for WordPress that enables eCommerce features. When it comes to online markets, both of these are the top players in the field.
Lazada. Lazada is one of Malaysia pioneer eCommerce platforms that offers everything under the roof. This is one the first E commerce market that was launched in Malaysia and had given many Malaysians the capabilities to follow the trend of starting an online store.
Shopee. Shopee is another eCommerce platform that is popular among merchants and small and medium enterprises in Malaysia. Shopee works differently from Lazada and they are the first that introduced multiple incentives to members.
Facebook Marketplace. Last but not least, Facebook Marketplace is a popular platform for online businesses to promote and sell products online. Since the launch of the marketplace, there was a huge surge in demand and Facebook Marketplace is constantly one of the most popular options for Malaysians.
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Part 7: Do I need a license to start an online business?
If you are looking to launch a successful E Commerce business in 2021, you need a license to start an online business in Malaysia.
Most countries in Southeast Asia requires business owners to register for a license even when you are running an online business.
Part 8: How to make money online with an eCommerce store in Malaysia?
There are many factors that will impact and affect your ability to make money online with an eCommerce store. For starters, the main trick of having a successful eCommerce store in Malaysia is by having several solid strategies including market penetration, promotions and brand visibility.
Steps to creating a profitable eCommerce business in Malaysia:
Summary: Building a profitable E Commerce business in Malaysia
Starting an online business in Malaysia is easy but getting the public to buy your products is much tougher due to the massive competition in the market.
If you are planning to grow your online store, make sure you have a solid marketing strategy and you had done sufficient competition analysis to ensure that you are able to grab a larger market share.