11street reveals five insights on e-commerce and Ong-some New Year deals for 2017
E-tailer 11street recently conducted a survey where they interviewed 3,057 Malaysians about their experiences with online marketplaces. The survey yielded several interesting gems. Out of the entire sample, 80% of the respondents have shopped online before and more than half (59%) shop at least once a month with most generally sticking to lifestyle and fast moving consumer goods related to electronics, beauty and fashion products, hobbies and sports, and the like.
The vast majority of the respondents use mobile phones to shop online with most stating exceptional satisfaction at five or higher about their online shopping experience. East Malaysian consumers are 2.6x likely to shop more than those in Peninsular Malaysia and married respondents are more willing to shop online than single bachelors. 80% shop on their smartphones online, 59% shop online at least once a month or more and 54% prefer paying via online transfer. 33% use credit/debit card and 12% use cash-on-delivery. In a press conference, 11street CEO Hoseok Kim revealed five key trends that will drive e-commerce in Malaysia for 2017 based on the survey.
11street CEO Hoseok Kim at the press conference
#1 People will start shopping more online
Existing online shoppers will shop more and those who haven’t will explore it over the coming year. Among the 17% who have not shopped online before, 85% of them expressed interest in shopping online within the next year.
#2 There will be more ways to make payment online
Malaysian consumers will be more open to non-cash payment methods in the coming year. 90% of users who use cash-on-delivery are willing to explore other non-cash payment options over the coming months as trust grows in online e-commerce. In mature markets such as Korea, 70% of their online shoppers prefer to use credit cards or debit cards for online purchases.
#3 Malaysians will buy a wider variety of products online
The vast majority of respondents mentioned that they will explore new and unexplored product categories in 2017. As logistics improve to allow for the delivery of fresh produce and larger items such as home and decor or furniture with more reliable delivery, consumers will start shopping online more for daily essentials, produce and personal items.
#4 People are willing to pay for express delivery
While 90% of respondents expressed a willingness to wait up to a week to get their products delivered to them, more than 60% expressed a willingness to pay up to RM10 to get products express delivered to them. Essentially people want their stuff fast and are willing to pay a modest sum to get it faster.
#5 Services will improve to remain competitive
On an even playing field, e-tailers will have to go the extra mile and offer better service to differentiate themselves and to ensure customers keep coming back. Respondents cite the need for ‘timely delivery’ and ‘positive customer reviews’ as primary considerations when shopping online though price remains the paramount concern.
Ong-Some New Year Deals
To usher in the coming New Year, 11street is working with a host of brands to enjoy up to 90% discounts on a variety of essential Chinese New Year gifts and products starting today until the end of February with over 8.6 million products from 28,000 sellers available. Buyers can also shop for Chinese New Year hampers from reputable brands like Brands, Eu Yan Sang, Kinohimitsu, Tong Garden and more at multiple price points. In keeping with the theme, there will also be a Shine This New Year product range that will offer an array of spring cleaning products to spruce up the house for the coming New Year with the chance to win 88 gold coins with a total value of RM88,000.
For technophiles, 11street will also be able to preorder the elusive and extremely limited Huawei Porsche Design Mate 9 as well as the Oppo F1s and R9s that will come with special Chinese New Year themed bundles. For more details, visit www.11street.my