28 Jun 2019
‘Add to cart’ is a phrase that we are seeing more of on a regular basis. Malaysia and the rest of Southeast Asia’s e-commerce has been fast growing, having over 62% Compound Annual Growth Rate (CAGR) growth during the last 3 years. E-commerce, a sale that takes place online, has a few benefits, making it the preferred method of purchase for the consumer.
The business’ website will have a shopping and an SSL certificate, which allows data to be encrypted since people will be giving their credit card details and information to complete an online purchase. Therefore, the SSL certificate helps to keep the user’s personal and banking information secure. The final step to complete an online market is the payment gateway, which has the authority to take the money from the user’s bank account and place them in the business’ account.
What are the reasons for the rise of such a market? E-commerce enables the consumer to access a shop at any time of the day and it the idea of having all the shelves emptied at the end of the day is minimised. What’s more, you can shop from stores or businesses located anywhere in the world, being easily accessed from a computer or also, a mobile app.
Hence, e-commerce becomes a more efficient method of doing your shopping, with the products being delivered to you at the chosen delivery address. Certain websites also give the consumer the possibility track the placed order, letting you know whether the purchased item was dispatched from the warehouse or has been received by the courier.
By giving your e-mail address to a website, you become part of the mailing list of the business, through which you will hear the latest news, offers and possibly receive discounts.
E-commerce has come a long way, gaining the consumer’s trust. With the help of financial technology is continues to thrive adding on to the security offered.