KUALA LUMPUR: 11street, one of the leading online marketplaces in Malaysia, is seeing a new revolution that will further enhance the user shopping experience and make significant contributions to the digital economy in Malaysia.
This transformation comes on the heels of a strategic partnership between 11street and PUC Ventures Sdn Bhd. This partnership aims to tap into a broader digital world with the ease of integration and interoperability across platforms that cater to the country’s growing e-commerce sector.
In a press statement, it said, over the years, the Malaysian digital economy has witnessed an exponential growth with a total of 25 million internet users out of a 32 million total population. Presently, there are 15.2 million online shoppers in Malaysia who spend an average of RM321.15 annually.
However, it pointed out that the online shopping user penetration rate is expected to rise from 51.4 per cent in 2018 to 63 per cent in 2022. To add to that, it said, the e-commerce industry revenue is expected to show a compound annual growth rate (CAGR 2018 to 2022) of 17.9 per cent, resulting in a market volume of over a trillion by 2022.
11street chief executive officer Cheong Chia Chou said: “As everything in our world becomes digitalised, there is a need for a stronger e-commerce ecosystem where a customer’s physical digital journey can be fully integrated.
“Businesses are pushed to ride the wave of this rapid industry expansion to ultimately grow their businesses at a larger scale for better profitability and presence.
“The online marketplace in Malaysia can certainly be expected to grow at a swift speed in the coming years and the revamped 11street is reiterating our commitment to further contributing to the digital segment in our future plans.”
11street viewed that upgrading the online shopping experience is more pertinent than ever with the growing user penetration and an internet penetration of 85.7 per cent amongst Malaysians. 11street’s goal is to create a seamless and integrated customer shopping experience as well as to emphasise business development for their sellers that will increase their capability and capacity of running their businesses.
Some of 11street’s key focus areas for the near future include better payment options and shopper experience. It is also looking to improve its logistics as it aims to help their sellers enhance their business operations to improve the speed, cost and quality of their product deliveries.
Aside from that, 11street will be introducing a new user-friendly mobile app with minimal hassle to make purchases with the growing array of payment options enabled within the app. The online marketplace is also looking into setting up an influencer and celebrity store that comes with product reviews for a holistic shopper experience.
11street will also enable convenient e-voucher sales management for sellers as well as consumer-friendly and innovative methods of purchasing products online which include QR code purchases and redemption.
The online marketplace will also be re-launching official stores with enhanced features, look and feel to promote authenticity as well as supporting their sellers with after-sale service to draw in long-term customers.
It will also introduce a new ‘Micro Social influencers’ feature to boost promotional outcomes and create an effective promotion and rewards channel for sellers and businesses by leveraging on the community of micro social influencers.
11street vowed to support their sellers by taking measures to evolve into a hub for overseas buying and selling through cross border trade which would boost SME growth while introducing these sellers to a world of opportunities.
Cheong added: “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 programs 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.”