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Sunday 17 November 2013

Good or bad? Malaysia & eCommerce

Digital media in Malaysia has seen a gradual increase. 60% of the population of Malaysia is an Internet user. That is a staggering amount of users! There has been much speculation and a lot of doubt surrounding the Internet and its viability. The dot com era still leaves a bitter taste in the mouths of the majority and the lingering fear isn't helping Malaysians come to realize just how powerful the Internet can be.

Malaysia is the 2nd highest country in South East Asia for social media penetration. Social media has taken to Malaysia by storm. It represents a part of the lives of the people of Malaysia, and proves to be integral in everything that they do. From interaction, to communication, to business dealings, and much more.

E-commerce revenue alone is at a staggering $30, 000, 000, 000 and that is a large market to tap into; that could prove to be profitable for most. Has the Internet revolution reached its peak in Malaysia? It is believed to be that there will be an expected growth of an additional 20% of revenues in the coming time. That makes a $6 000, 000, 000 in potential revenue to be earned.

Imagine reaping a portion of those profits. That would make any bottomline a happy one. Penetrate the Internet market through the quickest, easiest method right now. Don't wait any longer and consider the options immediately.

To start an online business you require the basic fundamentals from simple hosting, to business email, and the right business plan.

5 things to watch out before starting an e-commerce business

1. Note down your idea, and niche it down

You have a great idea, but there are millions of other people in the world out there that are thinking of the same thing, and probably have already started implementing their ideas before you have. Let's say you want to start a business selling laptop computer covers for all brands! Well it is a huge market, but it is very saturated and competitive.

Consider niching it all the way down to just maybe do MacBooks. Concentrating on the new launch of MacBooks coming out rather than stretching resources to fulfill other brands that have yet to launch new models would prove to be something very profitable.

2. Test before you invest

Have that great idea? Set up an online store immediately, and splashed tons of cash to only find out later that actually nobody really cares about anything?

Problem, but not a big one. Consider actually testing out your amazing idea first, through a blog.

3. Manufacturing is a headache

Language barrier, quality control, difference in business practices all get in the way of manufacturing, and why bother with all of the headache when you can outsource to reliable companies that are willing to get things done for you for a reasonable price, with a lot less worry and headaches.

4. Don't underestimate the power of SEO (Consider the future; Hummingbird)

Most successful niche sites have 80-90% of their traffic organically from search engines. The tip would be to create likable content, find industry related people and comment or rate their product, and get active in user forums.

5. Put careful thought into the platform you choose

With so many varied options in the market today, making a choice seems difficult especially when there are a ton of services out there that provide a considerable amount of services to run an e-commerce store, but bare in mind that when you choose one you might want to stick to it for a good amount of time. Considering that migration from one place to another may seem straightforward, but it produces 10 times the amount of headaches.

Photo by Robin Wilson | Referenced from SMU University


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