11street’s Survey Findings conclude the Malaysian Shopping Market for 2016
Now here's an interesting article that popped up in my email inbox recently. In a recent nationwide survey, 11street dived deep into the psyches of online shoppers to understand their sentiments with regard to e-commerce. Through this survey, 11street took the opportunity to set the tone for the e-commerce industry moving forward, and projected five key trends that will lead the way for online shoppers.
The online marketing industry rushed aboard Malaysian shores three years ago, only to be greeted with scepticism and talks of ‘Will it work?’. Today, consumers and business owners know the answer to that question by heart – ‘Yes, it will work and has been working!’.
|[Info] Five E-Commerce Trends That Set The Pace This 2017|
Online Shopping is The Way Forward
While consumers are not 100% abandoning physical stores anytime soon, it is predicted that existing online shoppers will continue to buy more frequently, and non-online shoppers would start to explore e-commerce in the next 12 months. This is based on the results of the survey, in which 85% of respondents who have never shopped online before expressing interest in hopping aboard the online shopping bandwagon in the next 12 months.
|A majority of non-online shoppers are willing to give online shopping a try in the next 12 months|
Payment Methods will continue to Mushroom
Fintech comes to mind, and I've personally done feature articles on multiple payment gateways from Maybank, to GT Dollar, to B Infinite just to name a few. While cash is king, 90% consumers who responded to the survey are now more open to the idea of opting for non-cash payment methods than they never had before. This means that businesses must up their game and offer multiple payment options, in a move to increase sales through the improvement of customer convenience.
This is a win-win situation for every party in the industry. Firstly, businesses with an online arm will continue to thrive when they offer more payment options for their customers. Secondly, consumers who are exposed to a myriad of payment methods get the option to choose their preferred channel, and in the long run, better manage their finances. Thirdly, online marketplaces will impose a more stringent payment monitoring system, resulting in safe online transaction for all.
|Malaysian Online Shoppers Behaviours|
Exploration and Venture into New Product Categories
Just like every other industry – big or small - the emerging e-commerce capabilities are pushing for changes in trends. If you were to buy furniture or fresh produce online two years ago, you would think: “Furniture products such as sofas, or fresh produce such as poultry and vegetables, are the kind of things people will never buy online simply because most will want to have a touch and feel of the items. Not only that, how will it even be delivered?” Well, this is 2017 and that scepticism is about to change.
Express Delivery will Gain Traction
As the logistics industry grows exponentially to keep up with the rigorous demands of online shopping, it is predicted that consumers will relook the timeline as to when they would like their purchases to be delivered – in this case, the faster the better.
|In a nutshell, 5 online shopping trends in 2017|
It Goes Beyond Price
At the end of the day, while we have established that consumers are encouraged to shop online due to its many cost-saving benefits, it also boils down to all the other frills such as customer service, positive product reviews, and many more.
|Consumer experience & expectations|
Therefore moving forward, sellers will have to step up their game and go the extra mile to deliver better services by familiarising themselves with the processes of managing growing sales volume, rising expectations on logistics, and delivering impeccable customer service. The e-commerce industry goes beyond a mere shopping experience – it is a shopping revolution.