E-Commerce strategy in Malaysia: Effective planning for your business
Many physical businesses have transitioned into borderless commerce due to the recent COVID-19 pandemic. Hence, online shopping has become more or less the norm now, and the e-commerce sector is expected to grow to 2.53 billion dollars by the end of 2022.
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As a result of the high competition rate, your business may find it a challenge to retain your share of the market or capture any new market share in Malaysia. However, the solution for your e-commerce problems can be resolved if you employ the right e-commerce strategy.
Importance of the right e-commerce strategy in Malaysia
In the competitive market of Malaysia, where everyone is competing to attract customers, the answer to your e-commerce solution lies in how your business may benefit the consumers.
Having an effective e-commerce strategy means boosting your organic traffic, as well as improving the recognition of your online store. And the thing about consumers in Malaysia is that the more ‘reviews’ and ‘visits’ you get for your e-commerce store, the more buyers you’ll attract! This is why hiring an e-commerce consultancy and solution provider may be necessary for you to attract Malaysian consumers at times!
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A quick guide on developing an effective e-commerce strategy
Understand your target audience
The fundamentals of a good business often relate to how well the business understands its target audience. As an e-commerce retailer, customer acquisition will probably be your largest expense in which you’ll invest most of your time and money in order to drive traffic to your store and get new leads. Thus, the first step to developing an effective e-commerce strategy is to focus on the customer experience that caters to Malaysian consumers' needs.
In such a case, it’s of utmost importance to have an e-commerce consultancy service provider analyse your target audience’s data, such as who the users are, what they buy, and why some products are doing better than others. Having such insight will help inspire your e-commerce strategy plans in optimising your marketing campaigns across different channels!
Simplify the customer experience
The strength of e-commerce lies in how convenient it is. So, what drives people to shop online? Free delivery. Yes.53% of users worldwide choose to shop at an e-commerce because of the free delivery services. Followed by the ability to use and apply coupon discounts (41%), features to read customers’ reviews (35%), options to return items (33%), and a quick checkout process (30%).
The takeaway based on the statistic above is that consumers prefer our e-commerce to be built conveniently. This is the part where the UI/UX design of your e-commerce becomes important! However, there’s a fine line between being creative yet straightforward compared to just plain simple. The best apps and websites often strive to balance these two elements, and if you ever find it hard to do that for your e-commerce, you can hire an e-commerce solution provider like us to assist!
What is your unique proposition?
The fundamental solution to a successful e-commerce store is to identify what you’re offering that no one else can. This includes the story of your shop, your products, and your own brand identity.
Once you’ve identified what makes you different from others, it’s time to make use of social media by giving your brand its social currency. Having social currency adds monetary value to your brand and allows people to share/use your brand as a part of their lifestyle. In other words, having a social currency equals to better leads and customer retention.
How to find an ideal e-commerce solution provider in Malaysia?
There is no right or wrong answer when it comes to hiring an e-commerce consultancy and solution provider. However, it’s more to the question of your needs and circumstances.
That being said, the general rule of thumb in hiring e-commerce solution providers in Malaysia is to look at their portfolio and successful marketing campaigns. Looking at their previous works will tell you how professional and experienced they are when developing the ideal e-commerce strategies for you.
Aside from that, it’s also better to hire an e-commerce solution provider who offers a wide range of services. The more services they offer, the greater they can support your business.
Here at Lion & Lion, we offer various services that can help develop and launch your e-commerce marketing strategy! Contact us today and see how we can help you grow.
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