Demographics

Malaysia is a beautiful Southeast Asian country and quite popular as a tourist destination. The country is based on two main landmasses, Malaysian Borneo and Peninsular Malaysia, separated by the South China Sea. It is famous for its temples and water sports with a huge number of tourists throughout the year.

The population of Malaysia is 32 million and ranks 4th on the global population. The population is growing yearly at a rate of 1.30%. However, in the previous years, an increase has been seen in the number of elderly whereas the working population shows a minor decline. 

Average Salary

A working person (between the age of 16 and 64) earns around 6,590 MYR every month on average. This salary is based on the highest average and lowest average salaries in the region. They range from 1,670 MYR being the lowest salary to 29,400 MYR being the highest average. The quality of living in Malaysia is quite sound and convenient owing to its low living costs.

Economy 

Though Malaysia does not stand in the top 10 strongest economies globally, the percentage of people living on the poverty line is 1%. The GDP of the country is based majorly on manufacturing, commodities, and tourism. The current global situation also affected the Malaysian economy as a result of the decline in tourism. The Malaysian economy is expected to see a hike this year, exhibiting a 6.7% increase in 2021.

E-commerce in Malaysia

Ecommerce is an establishing market in Malaysia. 26.69 million people in the country possess an internet connection with an 83% penetration. The future of e-commerce seems strong as 98% of the population owns a mobile phone, and 25.86 million people use the internet on their smart phones. 

Several people use social media to connect to people and make purchases online. Twenty-six million people in Malaysia are active social media users. Around 26 million people make online purchases either through laptops, computers, or mobile phones. The m-commerce accounts for 64% of the total e-retails. The total value of e-commerce (B2B) in Malaysia is around 16.17 billion MYR.

Fig. E-commerce in Malaysia

Payment Gateways in Malaysia

85% of Malaysian residents have an account with a financial institution, out of which 21% also own a credit card. People other than the 21% with credit cards make online payments through different payment gateways. Some of these include eGHL, PayPal, 2Checkout, and iPay88. 47% of online buyers make payments through bank transfers.

Popular products and e-Commerce trends

Malaysia has a vast electronic and fashion market when it comes to online purchasing. 4.08 billion MYR were spent on electronics, whereas people purchased 3533.58 million MYR on fashion and shopping. Other popular categories include accessories and modest Muslim clothing. 

Future of eCommerce in Malaysia

The overall revenue of the e-commerce market in Malaysia is expected to reach $5,540 million in 2021. An increase in the e-retails will lead to e-sales of up to $9,679 million.

Dropshipping to Malaysia

Dropshipping to Malaysia is becoming the talk of the town due to the increase in e-retails. Wefullfill provides dropshipping services to Malaysia without any shipping cost. The products are dropshipped at the doorstep within 5 to 9 business days.