KUALA LUMPUR: Malaysian e-commerce retailers, big and small, must leverage digital platforms and adopt the latest channels and technologies to stay competitive as the online market expands.
Digital Minister Govind Singh Deo said with rapid technological advancements and changing market conditions, Malaysian retailers needed to stay ahead of their competitors by adopting 5G and driving digitalisation.
“For e-commerce companies, digitalisation not only brings new business and revenue opportunities by tapping into markets across geographical boundaries, but also fiercer competition from players across the region,” he said in a speech today announcing the partnership between Digital National Bhd (DNB) and Shop Malaysia Bhd.
The collaboration aims to drive enterprise adoption of 5G and digitalisation among retailers, Micro, Small and Medium Enterprises (MSMEs).
According to the Statistics Department's 2022 report, MSMEs play a vital role in Malaysia's economy, employing 7.6 million workers and contributing 38% of the country's gross domestic product (GDP), or about RM580 billion.
Referring to the data, Govind stressed that the sector's economic and social impact on Malaysia is significant, and it is crucial that MSMEs remain competitive and well-prepared for the future.
“Today's collaboration between DNB and Shopee will enable small and medium-sized merchants to leverage ultra-fast, low-latency 5G connectivity to deliver a seamless, real-time shopping experience in high definition.”
“Such initiatives are truly in line with the Digital Ministry and the MADANI government's vision to transform Malaysia into a digital nation,” he added.
Govind said e-commerce platforms and sellers are leveraging artificial intelligence (AI) to gain deeper insights into customer purchasing patterns. With the help of advanced algorithms, AI helps businesses understand customer buying behavior, make demand forecasts, optimize pricing strategies and improve inventory management, he added.
“The combination of cutting-edge digital technology and the ingenuity of Malaysian online sellers offers endless possibilities for our retail industry. There are also opportunities for traders and small entrepreneurs with an aspiration to make it onto the global stage,” he said. – Bernama
