ACCORDING to a study conducted by Facebook and management consultancy Bain & Company, Malaysians are spending more online in 2020 than forecast in 2019. And Malaysia’s Digital Economy Corporation expects a 20% growth in e-commerce contribution to the digital economy by the end of the year, mostly as a result of people spending more time at home and online due to the Covid-19-triggered movement control order as well as more businesses pushing online sales after having to shutter bricks-and-mortar stores for the same reason.
However, it is essential to note that the digital economy also poses some challenges for consumers. Across the region, consumers reportedly do not trust websites to handle their information and are worried about being deceived by online sellers and unknowingly buying fake goods. Thus, there is a need for the government and businesses to foster and preserve consumer confidence so that growth will not be hindered by security and trust issues.