In conjunction with their strategic partnership with PUC Ventures Sdn Bhd earlier in May 2018, online shopping platform 11street is aiming to revolutionise the online shopping experience in a variety of ways that make it easier, faster, safer and more efficient than ever before for consumers and business owners alike to both purchase products and reach out to customers.
In a press conference today, representatives from 11street including the new CEO of 11street Mr.Cheong Chia Chou shared their initiatives in how they aim to take one of Malaysia’s leading online shopping platforms to the next level.
Cheong shared interesting facts regarding Malaysia’s digital economy in his keynote. According to Cheong, there are 15.2 million online shoppers, which is a good chunk of the Malaysia population who spend RM321.15 annually with the penetration rate expected to rise from 51.4% at present in 2018 to 63% in 2022. The Malaysia e-commerce industry is also slated to improve by leaps and pounds with a compound annual growth rate of 17.9% that is forecasted to have a market volume of over a trillion ringgit by 2022.
In Malaysia, 11street remains a competitive presence with over 50 million pageviews, over 17 million monthly visitors. In terms of products sold, 11street’s most lucrative products sold online include mobile phones and gadgets as well as home electronics. Of particular note is that Cheong announced a sweeping set of enhancement and improvement initiatives for 11street that will take place in stages over the next six to 12 months.
What Happens Next?
As part of their revamping exercise, 11street is implementing new payment options that include Boost and Presto, their homegrown social marketing platform and, most important of all, leveraging the privilege of being one of the 40 companies awarded with an electronic payment license by Bank Negara, allowing them to operate an e-wallet which is set to make their online shopping platform a vastly more convenient experience as well as tighter integration with other e-wallets.
Another enhancement that 11street was keen to emphasise on is the upcoming addition of the ability for sellers to sell e-vouchers and alternative ways of conducting transactions including mechanisms for redeeming products and QR code purchases.
One of the key enhancements stressed by Cheong was an emphasis on improved logistics across the board including a priority on enhancing the speed, cost and quality of deliveries from sellers to customers. Another key addition enhancement to 11street is a revamped and more user-friendly mobile app that will make it easier to shop than ever before. Another upgrade in tandem with the revamped mobile app is the addition of more official online storefronts within the 11street platform that allow retail companies to maintain a online presence on 11street with a reassurance for consumers that they’re buying original products.
“We are really looking forward to the next phase of our growth and transformation as it focuses on continuously providing more benefits to both our customers and sellers. We want our customers to have the best possible experience when shopping with us and purchasing from highly efficient and trusted merchants. We are also dedicated to providing support to local sellers through development programmes and upgrades to our system that will make running their businesses even smoother. This is a significant beginning for us and we’re excited to explore and push boundaries in e-commerce to better contribute to our digital economy,” said Cheong.
To usher in the next phase, 11street is announcing their Sayangi Malaysia campaign that will offer deals and giveaways aplenty starting from today till September 30. The Sayangi Malaysia campaign will see collaborative efforts with a host of popular brands that include Abbott, Chicco, Dale & Cecil, Mamy Poko, Nestle, Samsung, Senheng, Watsons and more. Among the treats and specials that shoppers can enjoy include discounts up to 88%, free shipping and more. For more details on 11street swing by their official website at www.11street.my