This piece of news confirms my suspicion that blogshops are opening up online shopping to the masses.
Where previous studies have claimed that Malaysia shoppers have been reluctant to buy online, things have been changing quite rapidly.
From: http://www.mofew.com.my/2011/malaysian-consumers-are-spending-more-online-rm1-8-billion-spent-in-2010/
A recent report revealed that Malaysians spent RM1.8 billion in online shopping last year, which
marked a 3x increase compared to reports 3 years ago. Although half of the amount goes towards travel and bill payments, this also comes in as good news.
What does this mean to online fashion entrepreneurs?
1. Increased Customer Confidence in Online Purchases
Customers are opening up to the idea of online shopping.
The usual excuses of being skeptical of the products, security threats or not knowing how-to is on a decline. Although security issues (e.g. payment) is still a concern but it is good to know that they are still willing to purchase (RM181 million comes from Fashion and Beauty alone)!
2. More Opportunities for New Online Fashion Entrepreneurs
The cake is growing in size thus
allowing newer entrepreneurs to be a part of it and the only limitation is creativity. Whether it is handmade products, self designed apparels, handbags or accessories, there is room for all and this is a great year to get started!
3. It is Time to Step Up Your Game
More entrepreneurs also means that c
ompetition will be stiffer than ever and online entrepreneurs will have to compete beyond just price, quality and service. It comes also comes down to various online marketing strategies using Search Engine Optimization (SEO), social media, videos and more to stand out from the rest.
Moving Forward
These are exciting times for every online fashion entrepreneurs and aspiring ones and MOFEW is proud to be able to be a part of introducing Malaysian online fashion entrepreneurs to the consumers.
Looking forward to an awesome year for the online fashion industry in Malaysia!
