Assignment Task: The eCommerce industry in Malaysia continues to grow steadily, fuelled by the COVID 19 related online services and the increase of smartphone penetration in the country. Malaysia is now an attractive market for eCommerce in Southeast Asia due to its dynamic economy and developed infrastructure for digital technologies. eCommerce revenue in Malaysia reached a total of $4 billion in 2020. With an increase of 37 percent, the Malaysian eCommerce market contributed to the worldwide growth rate of 26 percent in 2020.
According to GlobalData's eCommerce Analytics, Malaysia's eCommerce market is estimated to register 24.7 percent growth in 2021. The market is expected to reach $12.6 billion by 2024, increasing at a CAGR of 14.3 percent between 2020 and 2024. In 2021, 80 percent of the population of Malaysia's population are active internet users (27.4 million) and mobile phone penetration is high (84.2 percent). As of January 2021, there are 28 million social media users and 39.99 million mobile connections in Malaysia. Malaysians are mainly motivated by the quality of products, price advantages, product range, and the availability of reviews. Shoppers are influenced by exclusive deals, free shipping, convenience, and offers by online stores.
Question to answer:
- Elaborate on how you would go about to find a pain point or challenge that's worth solving.
- Ask questions
- Finding a problem worth solving
- Think of the challenge your products will meet
- Think about your own interests
- How will you be able to add value