Unleashing the Potential of Creative Commerce in Malaysia
In the rapidly evolving realm of e-commerce, businesses are undergoing a transformative revolution that is reshaping consumer connections and interactions. Drawing from my firsthand experience in China spanning eight years, I have gained valuable insights into the remarkable growth of e-commerce and its profound impact on consumer experiences. As technology and intellectual property continue to shape the commerce landscape, businesses worldwide are striving to create comprehensive omnichannel experiences that meet the ever-changing demands of consumers.
Redefining retail and engaging consumers in the Metaverse
One exceptional e-commerce campaign I observed in China was the collaboration between ANTA and TMALL. ANTA, a renowned brand in the fashion and sportswear industry, partnered with Tmall, a leading online marketplace in China, to create an extraordinary shopping experience known as the "Xpace" universe store.
This innovative collaboration aims to celebrate and embrace the uniqueness of every individual as a precious gift. Hosted on the Tmall platform, the Xpace universe store goes beyond traditional retail by offering interactive games, NFT digital collectibles, and a distinctive shopping environment within the metaverse. By immersing shoppers in a virtual world, this store seeks to redefine the concept of retail and provide an engaging and personalised experience.
The partnership between Anta and Tmall not only gave rise to the Xpace universe store as an extraordinary retail destination that merges fashion, technology, and gamification, but also aims to captivate tech-savvy and fashion-forward consumers while further strengthening Anta's brand identity. By celebrating individual uniqueness and offering a distinct shopping experience within the metaverse, this collaboration has the potential to revolutionise the way consumers engage with brands.
Staying ahead of the game
Today, businesses have incredible opportunities to connect and engage with consumers through innovative strategies like Live Commerce, Social Commerce, and Metaverse Commerce. These dynamic approaches to e-commerce reflect the ever-evolving nature of the industry, and Malaysia is no exception to this trend.
Speaking about the facts, did you know that in 2021, e-commerce transactions in Malaysia exceeded RM 1 trillion, marking a significant milestone? The Department of Statistics Malaysia (DOSM) reported this achievement, which has laid the foundation for continuous growth. By the end of the second quarter in 2022, the total e-commerce revenue had reached RM 566.4 billion, indicating a positive growth rate of 7.7 percent compared to the corresponding quarter in 2021. These statistics vividly illustrate the enormous potential of Creative Commerce in Malaysia.
Leveraging Live Commerce, Social Commerce, and Metaverse Commerce
By leveraging the power of Live Commerce, Social Commerce, and Metaverse Commerce, businesses can tap into new customer segments, reinforce brand loyalty, and create captivating and immersive shopping experiences. In view of these approaches, let's delve into several e-commerce campaigns conducted by Lion & Lion that targeted Malaysia:
During the Covid-19 pandemic, our regional client Wrigley's Doublemint faced the challenge of limited in-person interactions. To overcome this obstacle, we introduced The Freshest Flick, a digital gamification experience available in Thailand, the Philippines, and Malaysia. This platform provided users with the opportunity to virtually flick mints and engage in personalised rooms, fostering interaction while adhering to social distancing measures.
To enhance user engagement, we implemented a Play to Earn ecosystem, enabling users to convert virtual Freshness Coins into real-world rewards. Additionally, we collaborated with local content creators in Southeast Asia, allowing Wrigley's Doublemint to develop tailored content that seamlessly blended entertainment and gameplay. Through this initiative, we helped the brand effectively spread fresh and shared moments virtually across these three markets.
Another example, exclusive to Malaysian market would be Emborg’s “Kick Off with Chef Nik” campaign:
Emborg, known for its cooking cream, for instance, set out to explore a disruptive Live e-Commerce format to drive purchases and attract new consumers in the Malaysian market.
To amplify our impact, we capitalised on the upcoming FIFA World Cup, which holds a special place in the hearts of Malaysians. By tapping into the collective passion and enthusiasm surrounding the tournament, we forged a deep emotional connection with our target audience.
Executing our plan with precision, we partnered with renowned celebrity chef Nik Michael Imran (@nik9_) who showcased his favourite football season recipes during the event, prompting us to name the event "Kick Off with Chef Nik". Through the clever use of pop-up tags and enticing promotions, viewers were able to easily purchase the ingredients and products featured in his tantalising demonstrations, making the shopping experience seamless and convenient.
This innovative blend of entertainment, interactivity, and strategic timing resulted in an immersive and engaging shopping extravaganza.
Last but not least, the Livescape Groups’s “Status-K, The City” campaign:
During the COVID-19 pandemic, Livescape Group sought to engage the digital-native audience, specifically zoomers and millennials.
As a result, we introduced “Status-K, The City” an immersive digital platform that combined social interaction and gamification. Players were transported to a neo-futuristic playground, where they could join different Krews led by influencers and compete to control the city's districts. Victories earned players virtual Koins, which could be redeemed for real-life rewards and exclusive brand experiences with Status-K.
In just three months, the campaign achieved remarkable results, with over 670,000 engagements, 10 million social media impressions, and 3,255 sign-ups. The digital campaign garnered an 81% satisfaction rate and 75% of participants expressed interest in future campaigns.
This innovative approach successfully captivated the digital audience, establishing “Status-K, The City” as a thrilling and rewarding experience.
In conclusion, the potential of Creative Commerce to revolutionise e-Commerce in Malaysia can be summarised as follows:
Impressive e-Commerce growth and contribution to GDP: Malaysia's strong performance in the e-Commerce sector and its significant contribution to the country's GDP indicate abundant opportunities for growth and development.
Overcoming limitations and challenges: Although there are limitations and challenges in the e-Commerce landscape, businesses can overcome them by adopting innovative strategies facilitated by creative agencies.
Power of Live Commerce, Social Commerce, and Metaverse Commerce: Examples like Xpace Universe Store, The Freshest Flick, Kick Off with Chef Nik and Status-K, The City campaign highlight the effectiveness of Live Commerce, Social Commerce, and Metaverse Commerce in engaging customers and enhancing their shopping experiences.
By leveraging these creative strategies, Malaysian businesses can strengthen brand loyalty among customers and flourish in the dynamic digital landscape.
To learn more about how Lion & Lion can help your business unleash the potential of Creative Commerce, contact us today at info@lionandlion.com.
Sources:
Business Today, February 2023. MDEC Identifies 5 Plausible Future Trends of E-Commerce.
The Edge, February 2023. 5 Plausible Future Trends of E-Commerce
Vikalpa 28(3):77-82, July 2003. E-commerce in Malaysia: Perceived Benefits and Barriers
Digitaling, November 2022. .特步元宇宙。特不圆？那就整方的呗