11street (www.11street.my), one of the leading online marketplaces in Malaysia, is seeing a new revolution that will further enhance the user shopping experience and make significant contributions to the digital economy in Malaysia. This transformation comes on the heels of a strategic partnership between 11street and PUC Ventures Sdn Bhd. This partnership aims to tap into a broader digital world with the ease of integration and interoperability across platforms that cater to the country’s growing e-commerce sector.
Over the years, the Malaysian digital economy has witnessed an exponential growth with a total of 25 million internet users out of a 32 million total population. Presently, there are 15.2 million online shoppers in Malaysia who spend an average of RM321.15 annually. However, the online shopping user penetration rate is expected to rise from 51.4% in 2018 to 63.0% in 2022. To add to that, the e-commerce industry revenue is expected to show a compound annual growth rate (CAGR 2018 – 2022) of 17.9%, resulting in a market volume of over a trillion by 2022.
CEO of 11street, CHEONG Chia Chou said: “As everything in our world becomes digitalised, there is a need for a stronger e-commerce ecosystem where a customer’s physical digital journey can be fully integrated. Businesses are pushed to ride the wave of this rapid industry expansion to ultimately grow their businesses at a larger scale for better profitability and presence. The online marketplace in Malaysia can certainly be expected to grow at a swift speed in the coming years and the revamped 11street is reiterating our commitment to further contributing to the digital segment in our future plans.”
Upgrading the online shopping experience is more pertinent than ever with the growing user penetration and an internet penetration of 85.7% amongst Malaysians. 11street’s goal is to create a seamless and integrated customer shopping experience as well as to emphasise business development for their sellers that will increase their capability and capacity of running their businesses. Some of 11street’s key focus areas for the near future include:
● Payment Options
As we move towards the cashless payment trend in Malaysia, more and more users are preferring online transfer and credit or debit cards as a payment method when shopping online. The revamped 11street will be implementing a variety of payment options including e-wallet services such as Boost and Presto that are both seamless and convenient to use.
● Shopper Experience
To better enhance the site experience and address customers’ concerns in a timely manner, 11street will be rolling out a live chat function with in-house customer service for shoppers.
As with any online business, logistics are a crucial aspect of ensuring an ecommerce business runs smoothly. 11street aims to help their sellers enhance their business operations to improve the speed, cost and quality of their product deliveries.
● Mobile App
11street will be introducing a new user-friendly mobile app with minimal hassle to make purchases with the growing array of payment options enabled within the app. The online marketplace is also looking into setting up an influencer and celebrity store that comes with product reviews for a holistic shopper experience.
● O2O Commerce
11street will also enable convenient e-voucher sales management for sellers as well as consumer-friendly and innovative methods of purchasing products online which include QR code purchases and redemption.
● Official Stores
The online marketplace will also be re-launching official stores with enhanced features, look and feel to promote authenticity as well as supporting their sellers with after-sale service to draw in long-term customers.
● Micro Social influencers
This added feature will boost promotional outcomes and create an effective promotion and rewards channel for sellers and businesses by leveraging on the community of micro social influencers.
● Global Trade
11street will support their sellers by taking measures to evolve into a hub for overseas buying and selling through cross border trade which will boost SME growth while introducing these sellers to a world of opportunities.
CHEONG said: “We are really looking forward to the next phase of our growth and transformation as it focuses on continuously providing more benefits to both our customers and sellers. We want our customers to have the best possible experience when shopping with us and purchasing from highly efficient and trusted merchants. We are also dedicated to providing support to local sellers through development programs and upgrades to our system that will make running their businesses even smoother. This is a significant beginning for us and we’re excited to explore and push boundaries in e-commerce to better contribute to our digital economy.”
11street is kicking off their next phase with the launch of their Sayangi Malaysia campaign that promises exclusive deals and awesome giveaways from August 6 to September 30. With the support of brands such as Abbott, Chicco, Dale & Cecil, Dettol, Mamy Poko, Mead Johnson, Nestle, Samsung, Senheng, Skechers, Super and Watsons, 11street customers can look forward to buy 1 free 1 deals and flash deals below RM61 on the online marketplace. Shoppers also have the benefit of product discounts of up to 88% and free shipping for all. 11street is also offering customers fantastic holiday and travel deals that are not to be missed out on. Visit www.11street.my to find out more.