In some ways, the e-commerce industries of Zambia and Malaysia are very different, but there also many similarities. Zambia is a country experiencing growth in the digital sector. Mobile commerce is leading the growth. Banks and telecommunication services are also making full use of the digital boom. Cyber-security remains a core consideration, and steps are being taken to provide clearer guidance for all. The Zambian e-commerce industry is still lagging behind Malaysia; however, the same appetite exists. Both populations have also begun to strongly embrace the benefits of digital technology, and both have an emerging sector of people driving the demand for growth. Financial transactions using digital technology are being welcomed by Zambians who are becoming accustomed to technologies such as eWallets and electricity tokens, and are also starting to make online purchases from the biggest E-commerce stores. This shows that although the industry may still be in its infancy, the Zambians are ready to push through a digital revolution that could lead to significant economic growth in the country.
The growth of the Malaysian E-Commerce Industry
The ecommerce industry has grown rapidly in Malaysia due to a number of factors. Total e-commerce revenue is estimated at around 1.31 billion USD, and this figure is expected to rise during the next few years. The significance of smartphones and social media usage have grown within the past few years, which has led to an e-commerce boom. More recently, there have also been many new startups opening which have attracted significant investment. The digital industry is driving the Malaysian economy upwards, and it looks like this growth will continue for the foreseeable future. Below, we will analyze the growth of the Malaysian e-commerce industry and look at the benefits the digital industry can bring to countries.
Expansion of E-Commerce in Malaysia
The current boom has been driven by increasingly savvy consumers who have increased levels of disposable income. Residents are beginning to spend far more time and money online. This has provided a fair amount of E-commerce opportunities; however, the potential of these is only just being realised. There are some specific reasons why the country is primed for growth in the digital sector. As with Zambia, the majority of the population speaks English, which makes them a target for globalization and means they can seamlessly take advantage of technologies from abroad.
The growth of the affluent middle class has resulted in Malaysia being one of the most prosperous countries in the region. Additionally, the country has welcomed the benefits of a more digital society. This has created the perfect conditions for an e-commerce boom to flourish. Many digital startups have sprung up, and many companies have created departments dedicated to their digital strategies. Companies are beginning to realise that they must embrace the digital revolution or be left behind.
Growing Digital Industries in Malaysia
There are many specific digital industries that are growing within Malaysia. One of these is the gambling industry. The loosening of some laws has allowed a gambling boom to occur both in physical locations and online. There has been a significant rise in people searching for online casino Malaysia. The industry is primed for growth because online gambling is flexible and can be run offshore. This makes it easier to circumvent some grey areas of the law. We expect the further loosening of these laws to further expand online gambling. This is a sector that is ready for huge growth, as the middle classes look to enrich their sports viewing experience through online betting.
Another industry that is growing is digital content development. Many companies are taking advantage of the possibilities of utilising remote teams to produce elite content. Digital content is also becoming more important for advertising as firms begin to switch over to digital from traditional advertising mediums. There is a high demand for all types of digital content consumption, and therefore companies are constantly innovating to meet this demand.
Malaysia is a prime example of how digital technologies can lead the way in terms of economic growth. Although Zambia is behind Malaysia’s levels of digital penetration, it has some similar demographics and a populace that is ready to fully embrace the rise of digital technologies and e-commerce.