Tech advancements affect retailling behaviour
KUCHING: Technology and the speed of change is quickly affecting consumer behavior, traditional businesses as we know it and subsequently, retailing.
Hong Leong Investment Bank Bhd (HLIB) and Bursa Malaysia Bhd (Bursa Malaysia) yesterday presented its fourth installment of its Bursa-HLIB Stratum Focus Series, discussing the impact of the rapidly growing e-commerce sector on Malaysia’s retail industry and the economy.
Themed ‘ e - Commer c e: Reinventing Retailing’ the collaboration brings to the table Amongst some of the speakers at the event included Google, Lelong. my, Pos Malaysia, ManagePay systems, and the co-Founder of eCommerceMILO and founder of Silver Mouse.
“Disruption to traditional business, and the world as we know it is already a norm. The question always is, how do we as businesses, respond and strategise?” said Lee Jim Leng, group managing director and Chief Executive Officer of HLIB.
“E- retailing is expected to grow significantly to contribute to the country’s Gross Domestic Product (GDP) growth and this is not surprising as consumers today expect access to almost all goods and services via the internet.
“It is no longer a differentiator but a basic requirement of any relevant business. Today, 360 degree customer and consumer insights and understanding, especially in areas of their journeys both online and offline is a critical starting point for businesses.
“Having the tools and knowledge to harness the information and devise the right strategy will take you to the next step. And this is what our platform is about.”
It is important for retailers to recognise that e-commerce is not just about accessibility but about achieving business outcomes through greater understanding of shifting customer behaviours.
As Malaysia’s e- commerce growth is expected to double from 10.8 per cent in 2016 to 20.8 per cent in 2020, HLIB is positive on the long-term potential of companies which are expanding and investing in this space, including those that are part of the eco-system such as the logistics sector and payment gateways.
“TheBursa-HLIBStratumFocus Series is a platform initiated by the HLIB Institutional Sales team in collaboration with the Exchange to provide value-added knowledge to the industry participants .
“This themat ic focussed discussions are carefully crafted to highlight the latest and future evolving trends that not only present business but investment opportunities. Moving forward, HLIB is looking at other areas of interest such as Shariahcompliance and Small and Mid-Cap investments,” shared Zunaidah Idris, head of Dealing , HLIB.
The seminar included a presentation by Malaysia Digital Economy Corporation ( MDEC) Director of eCommerce and Digital Free Trade Zone on how digital is transforming the retail market.
The Bursa-HLIB collaboration started in 2015, aims to enhance private-public relationship ( PPP) between regulators, institutions and investors via a two- way dialogue on the latest insights on trends, developments and issues that are impacting businesses yesterday.