Malaysia’s biggest online sale event, #MYCYBERSALE 2017, achieved a record-breaking gross merchandise value (GMV, the value of goods sold before discounts) of RM311m, far exceeding the targeted RM300m set for 2017.
About RM39m of the RM311m were derived from international shoppers, almost doubling the export revenue target of RM20m. This was a 254% growth over 2016’s export revenue of RM11m.
Other records set were the doubling of the number of exporting merchants to 497 this year, compared to 260 in 2016. Over 1007 online merchants participated in the five-day event, across 22 retail categories, compared with only 607 in 2016.
The event also attracted participants from 26 countries, nearly three times more than in 2016. The new exporting countries included Japan and India from Asia; Austria and Poland from Europe; Turkey and Greece from the Mediterranean region; and Denmark and Sweden from Scandinavia.
About 10% of this year’s merchants were micro-enterprises under Malaysia Digital Economy Corporation’s (MDEC) e-usahawan initiative.
#MYCYBERSALE is an annual event started in 2014. The 2017 instalment was organised by the National ICT Association of Malaysia (PIKOM) in collaboration with MDEC. It is also notable for the growing participation of the private sector. Pinnacle Partners, Commerce.Asia, Lazada and MasterCard were inaugural partners to the event. Other merchants and service partners included Fusionex, iPay88, Skynet, SF Express, LWE, Involve Asia, Shippop, Exabytes Asia, Akamai, 11street, eGentic, Shopee, Aramex, eGHL, Payoneer, Maybank, TM, Celcom, and Malaysia Airlines. Over 40% of #MYCYBERSALE 2017 was funded by the private sector, PIKOM said.
“This year’s GMV results is good news for the growth of e-commerce in Malaysia,” said Ganesh Kumar Bangah, e-commerce chapter chairman, PIKOM. “It shows Malaysians are continuing to embrace the online shopping culture as long as there are a variety of products offered at good discounts. The outstanding export revenue growth shows that Malaysian online merchants, especially SMEs, have great potential to reach out to their customers beyond borders.”
Ganesh added that the recently launched Digital Free Trade Zone (DFTZ) complements PIKOM’s own efforts to promote e-commerce and help SMEs expand abroad. DFTZ, Alibaba’s first e-fulfilment hub outside China, aims to be a key driver of the digital economy in Malaysia with lower trade barriers and more equitable access to markets for SMEs around the world.
“We are delighted with the results achieved, especially with the strong sales from international consumers,” said Datuk Yasmin Mahmood, chief executive officer, MDEC. “The achievement of all targets proves that #MYCYBERSALE has been successfully handed over to the private sector. PIKOM is confident PIKOM will continue to achieve more success in attracting more private investments and online merchants in future editions.”