CYBERJAYA, Nov 14 — Malaysia’s e-commerce market is forecast to reach US$11 billion (US$1=RM4.15) in 2025, an estimated increase of 24 per cent annually, said the Communications and Multimedia Ministry (KKMM) secretary-general Datuk Suriani Ahmad.

Citing a report from e-Conomy Southeast Asia 2019 by Google, Temasek, and Bain & Company, she said Malaysia’s e-commerce market had tripled in size since 2015 and had exceeded US$3 billion this year.

Going by the trend, she said it demanded KKMM to establish a new, bold vision and strategic plan for the postal and courier service industry, guided by Malaysia’s Shared Prosperity Vision 2030 blueprint, which would provide the "turbocharge” to boost the country’s economic development.

"The advancement of cross-border e-commerce benefits consumers, small and medium enterprises, big businesses and the Malaysian economy as a whole,” she said at the E-Commerce Delivery Awards 2019, here tonight.

Also present was Malaysian Communications and Multimedia Commission (MCMC) chairman Al-Ishsal Ishak.

The ministry, she said, was committed to supporting the advancement through initiatives such as the partnership with integrated international e-commerce enablement players to accelerate e-commerce adoption and drive cross-border e-commerce among Malaysian businesses.

This, she said, was aimed at doubling Malaysia’s e-commerce growth rate by reaching a gross domestic product (GDP) contribution of US$69.1 billion by 2020.

Suriani said 5G technology would transform the e-commerce consumer experience, facilitate instant purchases on the go, as well as making online shopping faster and more convenient.

"It will also transform the way people connect with products and services online, as businesses embrace technology to improve their marketing and support functions, as well as creating new sales opportunities,” she said.

To adapt and compete effectively in today’s globalised economy, the postal and courier industry players must adopt differentiated growth strategies, she added.

"They must build strong business capabilities and extensive regional and international networks in order to seize growth opportunities.

"This is especially so given the digitalisation of the global economy, with the increasing pervasiveness of e-commerce which allows even small companies to access international markets,” she said.

Meanwhile, Al-Ishsal said the MCMC had approved the establishment of a Postal Forum to look into any matters concerning the interest of consumers and the industry.

He said the forum would be administered by the Association of Malaysian Express Carriers (AMEC) as the secretariat.

The annual event organised by MCMC is to recognise the outstanding achievements of the postal and courier industry players. A total of 11 recipients received the awards in recognition for their high performance and excellence in the areas of innovation, corporate social responsibility, customer service, and delivery performance.

This year, a new category, "Best Improvement Awards”, was introduced to recognise industry players who have achieved the highest improvement in comparison to their performance in the previous year. — Bernama