The e-commerce market in Malaysia is among the fastest-growing in Southeast Asia

Malaysia’s e-commerce payments to surpass $11 billion in 2023. Source: shutterstock.com

GlobalData reports that Malaysia’s e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 15.9% to reach $11.2 billion in 2023, compared to $6.2 billion in 2019.

The increasing Internet and smartphone penetration with middle-class and millennials population growth, along with government initiatives, boosted the e-commerce market value to more than three times between 2015 and 2019.

In the framework of NESR, the government is putting efforts to raise awareness among consumers and businesses. It has already launched the Digital Free Trade Zone in March 2017, aiming to position Malaysia as one of the regional e-commerce hubs.

SEE ALSO:

• Top 4 things you need to know before starting a business in Asia
• Travel now, pay later: the best possible ways
• Digitizing the unbanked: Audrey Ottevanger on Asian payment trends