Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

Malaysian eCommerce remains bright, 11street says

AvantiKumar | March 2, 2016
11street's Kim Hoseok announces mobile app enhancements to match the changing retail market.

Hoseok 11street 

Photo - Hoseok Kim, CEO, 11street.

 

To match the changing retail market, Malaysia's online shopping platform 11street has announced enhancements to its mobile app, which further enrich shopping experience, it said.

 11street chief executive officer Hoseok Kim said: "The retail landscape is changing, as digital changes the way people shop. This can be observed from the rapidly growing eCommerce market for the past six years, achieving a value of US$1.7 billion (RM7.1 billion) in 2015 with a market penetration of 2.50 percent."

"With this rising pattern, we believe that Malaysia's eCommerce market will increase leaps and bounds by 30 percent to reach a market size of US$3.2 billion (RM13.44billion) by 2018, with a market penetration of 4.00 percent," Kim said.

 "According to a TNS Global report, more than one third of Internet users in Malaysia admit that the first face they see in the morning is the screen of their mobile," he said. "It is no surprise that Malaysia is one of only five countries worldwide where more than 60 percent of Internet users access to Internet by using their mobiles."

"Moreover, the implementation of GST (Goods and Services Tax), the weakening ringgit and the revised budget 2016, consumers are expected to be more financial savvy and will be on the look for ways to stretch their ringgit," added Kim.

"With these insights, we upgraded 11street's Shocking Deals with the emphasis on optimising the mobile app to enhance user experience with well-curated content and more shocking deals with greater variety to curb the economy downturn," he said.

"We've also categorized all deals into 4 major groups which is Fashion and Beauty, Electronics, Home and Leisure, and Services for more convenient product search and shopping experience," said Kim, adding that the app has a new product sorting capability.

"Consumer experience has always been one of our key thrusts. Improving mobile app's UI/UX with well-curated content is of paramount importance to better engage consumers to the site for the maximum possible duration," he said.

 

Sign up for CIO Asia eNewsletters.