MNC Wireless kick-starts lifestyle e-commerce platform

PETALING JAYA: MNC Wireless Bhd has inked a memorandum of understanding (MoU) with Hot TV Entertainment Sdn Bhd to kick-start a lifestyle e-commerce platform whereby MNC will invest RM5.5 million to develop it in the next 18 months.

The company plans to first launch the lifestyle e-commerce platform in Malaysia before other countries in the Asia Pacific region within two years.

It has allocated RM2.8 million as its working capital. The capital is from

MNC’s 30% private placement raised early this year.

MNC’s provision of end-to-end fulfillment services encompasses the operations and management of the mobile platform, branding, marketing and promotional services, order placement and fulfilment, warehousing, logistics as well as data analytics.

MNC CEO/executive director Datuk Tan Chor How Christopher said the adoption of e-commerce by merchants and consumers has been on an upward trend in recent years.

“There is a huge business opportunity ahead of us to tap on in Malaysia and this region,” Tan said.

The lifestyle e-commerce platform will provide an integrated one-stop solution to address the core aspects of e-commerce operations. It combines social media features with an ecommerce marketplace that matches buyers and merchants and eliminates layers of sales channels in product adoption via business-to-consumer model. It will also be equipped with a customer relationship management feature that will allow buyers to track the status of orders placed.

The platform will feature lifestyle products and services such as fashion apparel, food and beverages, health and beauty care products, entertainment, electrical and electronic devices, home products, sporting goods and services, and hobbies.

Through the platform, MNC will get to obtain the analysis of consumer behaviour and their transaction patterns as well as derive revenues and fees from advertisements and merchants.

According to independent market researcher Providence Strategic Partners Sdn Bhd, the e-commerce market in Asean based on gross merchant value rose from US$5.5 billion (RM23.3 billion) in 2015 to US$120 billion in 2021 at a CAGR of 67.2%. It is also expected to further grow to US$234 billion by 2025 at a CAGR of 18.2%.