KUALA LUMPUR: Malaysian e-commerce retailers, big or small, should take advantage of the digital platform and stay competitive by adopting the latest channels and technologies as the online market grows.
Digital Minister Gobind Singh Deo said that with the rapid technological advances and shifting market landscape, Malaysian retail enterprises must constantly stay ahead of their competitors by embracing 5G adoption and digitalisation.
"For e-commerce businesses, digitalisation does not only bring opportunities for new business and revenue streams by opening up markets beyond geographical boundaries, but it also brings more intense competition from players across the region,” he said in his speech at the launch of the collaboration between Digital Nasional Bhd (DNB) and Shopee Malaysia today.
The collaboration aims at driving 5G enterprise adoption and digitisation among retailers, micro, small and medium enterprises (MSMEs).
According to the Department of Statistics’ 2022 report, MSMEs play a critical role in Malaysia’s economy, employing 7.6 million workers and contributing 38 per cent, or some RM580 billion, to the country’s gross domestic product (GDP).
Referring to the data, Gobind highlighted that the sector’s economic and societal impact on Malaysia is huge, and that it is crucial to ensure MSMEs remain competitive and well equipped for the future.
"Today’s collaboration between DNB and Shopee will see MSME sellers leverage the ultra-fast, low-latency 5G connectivity, which will enable high-definition, seamless and real-time shopping experiences.
"Such an initiative truly aligns with the Ministry of Digital and the MADANI government’s vision to transform Malaysia into a digital nation,” he added.
Gobind said e-commerce platforms and sellers are using artificial intelligence (AI) to gain better insights into customers’ buying patterns. By utilising advanced algorithms, AI helps businesses understand customer purchasing behaviours, set demand forecasting, optimise pricing strategies, and improve inventory management, he added.
"The combination of cutting-edge digital technologies and the ingenuity of Malaysia’s online sellers means the sky’s the limit for our retail industry. The opportunity to thrive is there, even for traders and micro entrepreneurs, who can now aspire to be on the world stage,” he said.- Bernama
