Number 1 coat, not cans!
Malaysia dominates the first place among the member countries of the Regional Comprehensive Economic Partnership (RCEP) in terms of the growth rate of the e-commerce market which has been growing rapidly over the years.
According to a report by Deloitte titled ‘Technology-empowerment Digital Trande in Asia Pacific’, Malaysia’s e-commerce market size is US $ 6.297 billion which represents 61.4% of the e-commerce market size in China and is ranked highest after Indonesia and Thailand.
The report also stated that payments and sales were the 2 trade functions with the highest level of digitization and Malaysia had the highest penetration rate for the digitization of cross-border e-commerce sales at 65.7%.
However, Malaysia's overall cross-border e-commerce has been limited by factors such as cross-border logistics infrastructure and technical operations that affect its development.
Deloitte stated that cross -border usage only accounts for 42% of the size of the Malaysian internet economy which is much lower than the mature market among RCEP members.
Deloitte continued, digital commerce is expected to continue to increase in Malaysia with vibrant cross-border e-commerce activities, increased adoption in consumers' digital lifestyles, digital infrastructure development and strong regional cooperation as a result of RCEP's leadership.
Deloitte China vice chairman and Technology, Media and Telecommunications industry leader Taylor Lam said digital technology development and increased regional cooperation will accelerate the formation of digital trade in the Asia Pacific region and digital technology enables global sales to participate in global trade without any barriers.
