Digital Minister Gobind Singh Deo: With the rapid technological advances and shifting market landscape, Malaysian retail enterprises must constantly stay ahead of their competitors by embracing 5G adoption and digitalisation. (Bernama filepix)
Malaysian e-commerce retailers, big or small, should take advantage of the digital platform and stay competitive by adopting the latest channels and technologies, as the online market grows.
With the rapid technological advances and shifting market landscape, Malaysian retail enterprises must constantly stay ahead of their competitors by embracing 5G adoption and digitalisation, said Digital Minister Gobind Singh Deo.
“For e-commerce businesses, digitalisation does not only bring opportunities for new business and revenue streams by opening up markets beyond geographical boundaries, but it also brings more intense competition from players across the region,” he said in his speech at the launch of the collaboration between Digital Nasional Bhd (DNB) and Shopee Malaysia on Friday.
The collaboration aims at driving 5G enterprise adoption and digitisation among retailers, as well as micro, small and medium enterprises (MSMEs).
According to the Department of Statistics’ 2022 report, MSMEs play a critical role in Malaysia’s economy, employing 7.6 million workers and contributing 38%, or some RM580 billion to the country’s gross domestic product (GDP).
Referring to the data, Gobind highlighted that the sector’s economic and societal impact on Malaysia is huge, and that it is crucial to ensure that MSMEs remain competitive and well equipped for the future.
“Today’s collaboration between DNB and Shopee will see MSME sellers leverage the ultra-fast, low-latency 5G connectivity, which will enable high-definition, seamless and real-time shopping experiences.
“Such an initiative truly aligns with the Ministry of Digital and the Madani government’s vision to transform Malaysia into a digital nation,” he added.
Gobind said e-commerce platforms and sellers are using artificial intelligence (AI) to gain better insights into customers’ buying patterns. By utilising advanced algorithms, AI helps businesses understand customer purchasing behaviours, set demand forecasting, optimise pricing strategies, and improve inventory management, he added.
“The combination of cutting-edge digital technologies and the ingenuity of Malaysia’s online sellers means the sky is the limit for our retail industry. The opportunity to thrive is there, even for traders and micro entrepreneurs, who can now aspire to be on the world stage,” he said.
Source: theedgemalaysia.com
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