The Malaysian e-commerce market is expected to reach MYR38.2 billion in 2022, with a growth rate of 19.9 percent. The online sales compound annual growth rate is 16.1 percent and is set to reach MYR69.3 billion in 2026. Despite the reopening of brick-and-mortar stores post-pandemic, nearly 90 percent of Malaysian consumers reported shopping online in the last six months.
“Malaysia is among the fastest-growing e-commerce markets in Southeast Asia. The growth is supported by the rapid adoption of smartphones, growing internet penetration, and the availability of secure online payment systems,” said Ravi Sharma, Lead Banking and Payments Analyst at GlobalData.
To boost digital sales in the country, the government is implementing a number of initiatives, including the ‘Go-eCommerce Onboarding campaign’ that provides SMEs with financial aid when they go digital. The campaign onboarded over 500,000 businesses between July and December of 2021, of which 320,000 were brand new to e-commerce.
Alternative payment solutions are also growing in the market with ShopeePay, GrabPay and Boost accounting for a 41 percent share in the market.
