“The days of having one single domain are no longer attainable.
This was part of Sunway Malls’ strategic digitalisation masterplan to compete in both the physical and digital space, explained Chan. In an interview with A+M, Sunway Malls and Theme Park's CEO, HC Chan (pictured) said the past two years have been a catalyst for many innovations for Sunway Malls and its extension into digital space was not a matter of should, but a must, given physical and digital spaces are now converging.
One such mall which understood and embraced the power of eCommerce was Sunway Malls, which launched its eCommerce platform in 27 October 2021 to allow consumers access to its stores amidst limited movement in Malaysia. The company's eCommerce initiative aligned with its ambition to reach out to demographics across the nation that might not be able to access its physical malls easily. While markets start to open up, eCommerce will remain a key component for retailers and brands as consumers now become more comfortable with the purchase process online. In fact, according to a study by Google, Temasek, and Bain and Company, titled "e-Conomy SEA 2021, Roaring 20s: The SEA Digital Decade", Malaysia's Internet economy is predicted to reach a gross market value of US$35 billion in value by 2025 and have a compound annual growth rate of 14% from 2021. While this means more footfall to retail malls, it doesn't take away the importance of eCommerce that retailers must now embrace. Moreover, Malaysia is also opening up its doors to neighbouring countries such as Singapore and Indonesia to lure in more tourists to the country, which will undoubtedly add to its tourism receipts and spend. With the new regulations in place, shopping malls and retail stores in Malaysia can slowly expect to see an increase in footfall to their premises, as citizens start to head out during the festive year-end period. Malaysia is entering an endemic phase, and movement restrictions have started to ease up.
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