Malaysia Among Top 5 E-Commerce Markets, 40% Consumers Use E-Wallet
Malaysia is one of the top five leading Southeast Asia e-commerce markets in terms of growth in the coming year, according to a report from financial firm, PPRO.
The report, entitled ‘Southeast Asia: The New E-commerce Frontier’ also revealed that the outlook for Southeast Asia’s e-commerce market is expected to grow 5.5% in 2021.
Despite market contractions over the course of the pandemic, the confidence of consumers in Malaysia has not been buoyed with 63% feeling positive about their future.
This has been reflected in recent spending habits with gradual growth of retail spending in Q4 2020 expected to continue.
In addition, 40% of Malaysian consumers are now using e-wallets for online purchases more than they did pre-pandemic even for lower value purchases.
In Singapore, the value of online transactions in 2020 increased by 51%, and the trend is set to continue with the Singapore government accelerating the adoption of cashless payment methods with incentives for businesses.
Additionally, Indonesia is set to surpass India in terms of ecommerce market growth, with 55% of Indonesian consumers claiming to buy online more than ever.