Malaysia is an attractive market for eCommerce in Southeast Asia due to its dynamic economy and developed infrastructure for digital technologies.
The eCommerce industry in Malaysia continues to grow steadily, fueled by the COVID-19-related online services and the increase in smartphone penetration in the country.
eCommerce revenue in Malaysia reached a total of US$ 4 billion in 2020. With an increase of 37%, the Malaysian eCommerce market contributed to the worldwide growth rate of 26% in 2020.
Malaysia’s eCommerce market is estimated to register 24.7% growth in 2021. The market is expected to reach US$ 12.6 billion by 2024, increasing at a CAGR of 14.3% between 2020 and 2024.
80% of Malaysia’s population are active internet users (27.4 million), and mobile phone penetration is high (84.2%).
Approximately 50% of the population (16.29 million) are active online shoppers, and 82.9% of mobile users use their devices to shop online.
Malaysia’s eCommerce industry is expected to grow at an annual growth rate of 11.4%, and the total revenue for the entire industry is US$ 1.31 billion. The growth is expected to grow to US$ 2.53 billion by 2022.
There are 28 million social media users and 40 million mobile connections in Malaysia.
Social media continues to be a considerable driver in influencing online shopping decisions. The channel is well-proven, with at least half of Malaysians buying products through social media.