Malaysia is one of the top countries when it comes to online shopping spending according to the latest statistics. Malaysian’s spending habit is rapidly transitioning from traditional to becoming more engaged to online spending.
That change of spending habit triggered small, medium, and large enterprise businesses to become more accessible online, thus changing the landscape of business development in the country.
In order for small businesses to continuously adjust and adapt to the rapid change in the market behavior, here are the top 5 small business trends that will probably rule in 2017.
1. Mobile Technology
It’s pretty obvious not only in Malaysia, but to all developed countries around the globe that mobile technology will be the king of consumer spending. In 2016 alone, there are approximately 18 million Malaysian active mobile internet users, 16 million of those are active in social media. This triggered the growth of Malaysian online mobile shopping of 20%. This means that 2017 will be a great year for small and other mid to large-sized businesses who invest in mobile technology.
2. Ecommerce Websites
The days of spending lots of time waiting in a long line in supermarkets are rapidly fading and the days of ecommerce shopping is taking over. According to Nielsen’s 2014 consumer behavior data, Malaysia ranks among the world’s avid online shoppers. Please take note that the data is in 2014. Imagine how much it has grown in the past 2 years and how much it will grow in the upcoming years. For small businesses, this is a good opportunity to start investing in Ecommerce websites because number of online shoppers in Malaysia will surely grow by leaps and bounds in the upcoming years.
3. Online Shopping Apps
In relation to Ecommerce and mobile technology, the emergence of online shopping apps will be more clear in the Malaysian Ecommerce industry. Lazada, 11street, and Shopee are already neck and neck in a race to the top of shopping app market. So what does it mean for small businesses? Developing an app for shopping is a tedious and expensive task. But investing to these shopping giants for product listing will open a whole new channels for small businesses to make sales online.
4. Social Media
With the growth of mobile internet users in Malaysia, the demand for businesses to go social is also growing. It is no longer a fancy stuff, it’s already a necessity. With the number of Malaysian consumers getting on social networking websites such as Facebook, Instagram, and Twitter, it is also crucial for small businesses to get their brands in social media. Not only it saves time and effort, it also saves money because spending on social media ads is extremely cheap. Small businesses that have strict budgeting in marketing can turn their attention to freelance digital marketing professionals.
5. Local SEO
Local SEO will be more in demand in upcoming years than ever before. It is the small businesses gateway to engaging their target audience within the vicinity of their business. Sometimes verifying the business location in Google Maps already gives an advantage over other stores that are not verified because it will be shown more often to people within that local area. However, verifying the business and optimizing it is a different scenario, business owners can consult a specialist for this matter for maximum efficiency.