Finance & Economics

Malaysia’s e-commerce market to grow by 25% this year

Online shopping acceleration has boosted the e-commerce market growth in Malaysia

Malaysia

Malaysia’s e-commerce market to grow by 25% this year. Source: shutterstock.com

According to GlobalData, Malaysia’s e-commerce market is forecasted to register a 24.7% growth in 2020. The market is expected to reach $12.6 billion by 2024, increasing at a compound annual growth rate of 14.3% between 2020 and 2024.

Malaysia is among the fastest-growing e-commerce markets in Southeast Asia, driven by rising Internet and smartphone penetration, growing middle-class population, and tech-savvy millennials. The fear of virus spreading through cash handling and visiting physical stores amid the COVID-19 outbreak has further accelerated this growth
Nikhil Reddy, Banking and Payments Analyst at GlobalData

The report states that the government launched a three-month campaign in June with a budget of $34.2 million to drive e-commerce adoption among small merchants. That would also help to widen their reach across the country.

As to the most preferred payment method in Malaysia, cards are accounting for 40.3% share by value in 2020. Besides, alternative payment methods are gaining popularity with a combined market share of 25.3% as well.

We’ve reported that nearly 5,500 new online stores were registered in Poland during the first half of 2020. Meanwhile, 2,000 got shut down.

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