Fun Facts about GO-ECOMMERCE EXPO; Unleash the Power of Live Streaming E-commerce.The three-day, virtual Go-eCommerce Expo encourages all Malaysian businesses to look into and tap on growing opportunities within omni-channel retail KUALA LUMPUR, Dec 22 (Bernama) -- The all-new Go-eCommerce Expo, a Malaysia Digital Economy Corporation (MDEC) initiative that focus on empowering local businesses to address ongoing economic uncertainties, introduced to attendees the rapidly growing “Live Streaming E-commerce”. Billed as the next frontier for online commerce, participants – micro-, small-, and medium-sized enterprises (MSMEs) – were given the opportunity to expand e-commmerce capabilities through the inspirational discussions that industry leaders shared during the three-day event.
Popularly known in Southeast Asia as
‘Shoppertainment’ or ‘Social Commerce’, live streaming e-commerce uses tech innovations to merge shopping with entertainment and social experiences. Ensuring customers will “watch, play and stay”, it allows sellers to bridge the omni-channel retail gap as consumers don’t visit a physical store to see a product, speak to a store attendant or fulfil an order.
The format usually shows the content streamer – often the business owner or celebrity ambassador – promoting products through a real-time broadcast session that is hosted on the e-commerce platform. Beyond sharing about their experience with the products or services, they also can take queries from the audience who tuned in. This format, first introduced in China, is proven to be highly effective in combining the elements of offline and online shopping experiences, making it a successful strategy to optimise e-commerce conversion.
While social commerce continues to grow steadily, combined with the pandemic and the closure of malls and physical stores, it has also accelerated live-selling across Southeast Asia. This further reinforces the notion that this trend is here to stay.
Song Hock Koon, Director, E-Commerce Division, MDEC, also attributed the rise in popularity of live streaming e-commerce to the inclusiveness, ease-of-access capabilities and engaging nature of this concept. Backed by a growing acceptance of digitalisation and expanding Internet penetration across Malaysia, especially in the rural areas, MSMEs – now a central focus in the nation’s recovery efforts – can leverage on live streaming e-commerce to engage and grow their target audience.
“Go-eCommerce Expo was inspired by the success of MDEC’s e-Dagang Expo in May this year, and the pressing need for platforms that allow businesses to learn, network and receive support when they deploy digital tools into their operations or strengthen their digitalisation capabilities. At the same time, it had also helped address entrepreneurs’ trepidation to go online. In this three-day event, we were able to engage over 3,000 registered participants and captured more than 30,000 viewers for streaming content. All of them learned how they can diversify their revenue streams and further capitalise on changing consumer behaviours via live streaming e-commerce. Industry leaders also provided wide-ranging insights – from coming onboard to setup and working with digital payments, using influencer marketing and sharing about next-gen logistics. All of that certainly demystified this opportunity that is now taking the region by storm,” said Song.
The expo concluded with a LIVE Selling Carnival, featuring participants from the Perkhidmatan e-Dagang Setempat (PeDAS) platform, an initiative that MDEC developed to galvanise digital transformation amongst MSMEs in rural areas. This is in line with the rapid development of the e-commerce industry. The two-hour long sales festival showcased products from four PeDAS entrepreneurs: Capal Kulit ARILS, a custom leatherware manufacturer; Roscentella Sdn Bhd, a local coffee producer that developed its own unique pomegranate blended coffee, Kopi Maca Delima; AZZU BAHULU LEDANG, a local bakehouse that specialises in kuih bahulu; and D'Kapiets, a honey merchant that produces locally-sourced honey flavours such as durian, pandan and strawberry.
Throughout the virtual carnival, more than 10,000 participants enjoyed incredible deals, with proceeds from the sale going towards supporting rural MSMEs in the country. Sales are still ongoing and will end on December 31, 2020.
Despite the economic challenges that COVID-19 caused, Malaysia’s e-commerce sector is expected to generate 20% in contribution to the digital economy for 2020. This is also reflected in Southeast Asia’s digital economy that is now looking to skyrocket towards being valued at around US$102 billion by 2025. Go-eCommerce Expo is one such initiative that responds to the increasing uptake of e-commerce in the region and emphasises on the opportunity for Malaysian businesses to take advantage of a burgeoning regional market.
“The overwhelmingly positive reception for the Go-eCommerce Expo is a sign that local MSMEs are geared for success in the post-pandemic digital age. Keen to dive deeper into their digital journey and utilise cutting edge e-commerce selling trends, such as live streaming e-commerce, initiatives like Go-eCommerce Expo are vital to ensure businesses keep abreast with the latest trends and consumer needs. MDEC is determined that no one gets left behind in our digitalisation efforts, as we look to build sustainable digital businesses and expand the digital economy,” concluded Song.
According to the Department of Statistics Malaysia (DOSM), Malaysia’s digital economy contributed 19.1% to national economy in 2019
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, making it the highest in the region. Other industry reports also indicate how Malaysia’s e-commerce market tripled in size from 2015, surpassing US$3 billion in 2019.
For post Go-eCommerce Expo 2020 initiatives and to stay plugged into various e-commerce programmes, visit
www.mdec.my/go-ecommerce for more information.
