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48% of Malaysians bought more items online in April 2020 compared to the previous month*, and, while grocery chains and hypermarkets have been the biggest winners from this change seeing triple-digit growth in online sales**; Malaysian shoppers, particularly those below 35 years old, are also buying personal care items, clothes and other goods online.

 

As Malaysians continue to practice social distancing due to Covid-19, more customers will turn to online shopping to purchase the things they need. To succeed in the new normal, now is when you must take your business online – and here’s how you can do it without breaking the bank.

Choose the right marketplace for your online business

Online marketplaces are aplenty in Malaysia—Lazada, Shopee, Mudah.my and 11Street, to name just a few—and they each bring in millions of visitors every month***. When selecting which platforms best fit your business there are many factors to consider: evaluate the competitive landscape, scrutinise customer demographics and make sure you’re thoroughly aware of all the costs and fees that are involved.

 

If you decide that your business needs a dedicated webstore, then we have some good news for you. CIMB has partnered with Shopmatic—an online platform that provides SMEs with all the features they need to sell online—to give CIMB customers 30% off all their packages. Among its many services, Shopmatic can help you set up an e-commerce site, complete with a secure payment gateway, support your social and digital marketing, and provide shipping services including last-mile fulfilment.

 

CIMB has also partnered with Exabytes—a leading cloud service provider—to help Malaysian SMEs open their online retail store in just 3 days for only RM699 per year, a 50% discount for CIMB SME customers that’s valid until 31 July 2020. Using Exabytes's package, your online store can sell up to 1,000 products, receive payments via credit card and online banking, and be ready to ship good to your customers. Exabytes also provides copywriting and homepage design services to give your online store every advantage to sell your goods and grow your business.

Easily receive payment when you sell via social media and chat 

In today’s marketplace, businesses aren’t only selling online through Internet storefronts and ecommerce marketplaces. They also sell goods and services through social media like Facebook and Instagram, and chat like WhatsApp and WeChat. Receiving payment when selling through these channels usually involves sharing the seller’s bank account number and waiting for the buyer to send payment confirmation, a tedious process for both parties.

 

To overcome this, CIMB has partnered with Billplz—a payment gateway service—so that your businesses that sell through social media or chat can share a unique link that will allow the buyer to pay you through online banking, credit card, Boost or PayPal. Until 31 July 2020, CIMB SME customers who sign up for the Billplz package will have their Standard membership fee waived for 2 months.

Get access to global markets

When you sell online, you’re selling to the world and CIMB can help you access this wider global market through the CIMB Trade Club, an exclusive e-commerce ecosystem that has the participation of 14 global banks whose networks span over 50 countries. The CIMB Trade Club supports your business in its overseas expansion by proactively identifying opportunities for international trade and making matchmaking suggestions to connect trusted potential foreign counterparts with your business to explore potential trade opportunities.

 

The CIMB Trade Club also provides a range of services and solutions to help your business develop on a global level and is a platform where you can seek the insights and guidance of other business leaders as you grow your business online.


Need more detailed advice on how to get your business online? Let us help.

 

 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.

 

Sources:

 

https://www.theborneopost.com/2020/04/26/covid-19-changes-consumer-buying-behaviours/

 

** https://www.freemalaysiatoday.com/category/opinion/2020/04/07/5-sectors-raking-in-the-money-despite-covid-19/

 

*** https://entrepreneurcampfire.com/ecommerce-website-malaysia/