CYBERJAYA: The Malaysian Communications and Multimedia Commission (MCMC) expects Malaysia's online retail sales figures by 2020 to exceed the 6.1% projection by a market research analyst, driven by the growth in broadband penetration and rising disposable incomes.
MCMC chairman Datuk Seri Dr Halim Shafie said research firm, Frost and Sullivan, had estimated that 6.1% of retail sales in Malaysia would come from online system by 2020.
"MCMC thinks the value is going to be lot more than this assumption," he said, adding that online retail sales accounted for 1% in 2013.
He said Frost and Sullivan had forecast online retail sales in Malaysia to grow seven times from RM2.97 billion in 2013 to RM22.6 billion in 2020.
He said this in his keynote address at the one-day seminar, Digital Empowerment 360 Degrees of Retail Transformation with Internet of Things and Payment, at MCMC here on Tuesday.
The seminar is a platform to bring awareness and information in areas of insight data analytics, shopper intelligence for malls and retailers, connecting with consumers, proximity marketing and mobile payments and engaging the next generation shoppers moving towards the smart digital nation.
Founder of smartshopper.my application, Tan Yin See, one of the participants in the seminar, said that smartshopper had attracted more than 100,000 customers in two years.
"With smartshopper application, consumers can compare prices of 500 products from major retailers in the country and find the best price in the nearest store to them. Smartshopper also lists the promotions and offers, electronic brochures and consumer insights," he said.
Another participant is Malaysia Electronic Clearing Corporation Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia.
MyClear Retail Payments Division Deputy Director, Mat Saad Bakar, said MyClear's latest payment system, JomPay, allowed customers to pay any registered biller from the Internet or mobile banking by drawing funds from current, savings or credit card accounts.
"Billers need only to sign up with one bank to collect payments via 42 banks," he added.