KUALA LUMPUR, 3 August – The Malaysian retail industry proved its resilience and adaptability in the pandemic with 71 per cent of retail businesses recording a 20 per cent growth in revenue in 2021, said Adyen in its Malaysia Retail Report 2022.
This includes retail, food and beverages and hospitality sectors, said Adyen head of commercial for South-East Asia and Hong Kong Priyanka Gargav.
She added that Malaysian companies that outperform competition are those reaping the benefits of investing in the digital transformation which is now expected to provide an opportunity worth RM334 billion.
“Malaysian consumers’ love for tech-enabled, seamless shopping experiences stands out on a global level and the time is ripe for retailers to capitalise on the RM334 billion opportunity in digital transformation,” she added.
Gargav said that she foresees a bright future for Malaysian retail as she expects it to reach greater heights this year with many retail players having unified commerce as a strategic growth driver.
The report showed that the majority of businesses intend to capitalise on the digital wave with 97 per cent planning to invest in business improvement over the next year.
“The acceleration of digital transformation will contribute an additional 5.6% to the total growth of Malaysia’s retail sector over the next five years,” she noted.
Malaysia Retail Report is commissioned by Adyen and sponsored by KPMG. For 2022, it interviewed over 40,000 consumers from 26 markets, including 1,000 from Malaysia to understand how consumers feel about the state of retail in their countries.
The report also surveyed 11,500 businesses across 23 countries, including 500 retailers from Malaysia to learn their concerns, strategies and investments for 2022 and beyond.
Source: The Malaysian Reserve/Agencies