Malaysia – Rich in culture with an open and diverse community, Malaysian consumers exhibit a unique set of values and behaviour. To conquer today’s Malaysian consumer in an increasingly competitive market, brands and companies must step up to learn every nook and cranny of what makes this market tick.
The pandemic had been the most significant shift in the market in the past two years. In finding new ways of engagement and gratification, consumers had to adapt, form new behaviours, and consequently, give birth to new trends and patterns.
According to the latest e-conomy report by Google, Temasek, and Bain & Company, there have been three million new digital consumers in Malaysia since the start of Covid. This signals that Malaysians are now recognizing a whole new need and, therefore, will expend their attention and energy on an entirely new space – digital – and more specifically, e-commerce.
Recognizing this, affiliate marketing Commission Factory and MARKETECH APAC have teamed up to present the Malaysia Market Insight 2022, which delivers to be the extensive one-stop report that brands and industry players can refer to in order to get ahead of the game and win today’s Malaysian consumer – to do the right thing, be at the right place, and at the right time.
“The e-commerce market in Malaysia is large and one of the fastest growing digital economies in SEA. Businesses aiming for successful expansion into the Malaysian market should prepare themselves with cultural and economic insights to help learn about the market and localise themselves. Our report is a great tool for businesses to better understand how to unlock the market’s potential, from both retailer and affiliate partner point of view,” said Amanda Calkins, publisher development team lead at Commission Factory.
The Malaysia Market Insight 2022 combines and makes sense of leading local and regional statistics and insights to deliver a deep dive into Malaysian consumer behaviour and helps companies reach this diverse market in the most authentic and effective way possible.
This report is specially designed for e-commerce retailers that want a snapshot of the Malaysian market. It is also suitable for brands wanting to venture inside the Malaysian market and those currently operating in the market itself; moreover, the report looks at the Malaysia affiliate and partnership landscape.
The report is divided into two main parts: ‘Malaysian Values’ and ‘Shopping Habits’. ‘Malaysian Values’ guides not just local but also international brands to be culturally aligned with the market, while ‘Shopping Habits’ looks at the main themes of Malaysians’ consumption preferences.
Some of the top values that Malaysians hold dear are ‘Face’, the value of appropriateness; the importance of group considerations – collectivism over individualism; and also the strength of ‘social hierarchy’ where age, education, as well as the assets one possesses determine how one treats another.
On ‘Shopping habits’, the report tackles how Malaysians are weighing their options online vs offline and how cross-border e-commerce is growing massively in importance to the market. The report also discusses seasonality as a constant vital feature of Malaysian shoppers’ journey, with the country inherently having a multitude of holidays in a year.
MARKETECH APAC’s Editor Shaina Teope comments, “With the fast changes this pandemic, consumers’ needs and demands have become more nuanced, begging for a more granular approach from brands. This is where the importance of targeted and overarching reports like the Malaysian Market Insight comes into play. The report takes a 360-degree view of the Malaysian consumer, looking at the values and culture shaping him, and how this affects the way he lives out his consumption patterns.”
Download the report here.