KUALA LUMPUR, 17 February 2020 –
The Ministry of Entrepreneur Development (MED) today called for greater public-private partnership participation to realise the objectives outlined within the National Entrepreneurship Framework (NEF).
Its Secretary-General Datuk Wan Suraya Wan Mohd. Radzi said that such partnerships are an important element in nurturing the entrepreneurial spirit among Malaysian businesses as set out within the strategic objectives of the National Entrepreneurship Framework (NEF).
Officiating the event, YB Datuk Seri Mohd Redzuan Yusof said, “This strategic investment between Commerce.Asia and BizApp is one that I take particular interest in as it is aligned with the current era of digitalisation. The use of technology and digital economy adoption in businesses complemented with the boom of social commerce will create a more effective business and operational management system. This will lead to improving product quality and reduce dependence on labour.”
BizApp is a platform that is heavily used by local businesses and brands to manage their daily business operations including order and fulfillment management. BizApp has made it possible for entrepreneurs from the sub-urban and rural areas to engage in e-commerce. Social media platforms have quickly become the go-to place for shopping. This has been increasing the popularity of agent systems as a business model in Malaysia contributing to the mushrooming of stockists, basic agents and dropship agents. Moving away from traditional e-marketplaces, social commerce
, or social shopping
, uses social networks such as Facebook and Instagram as the platform for commerce transactions. This new supply-to-business-to-customer (S2B2C) model gives unparalleled accessibility to the social media savvy, improving the efficacy of ads for businesses and streamlining the buying process for customers.
Combined with BizApp, the Commerce.Asia ecosystem will have a database of more than 8 million SMEs across 7 countries with 61,000 active sellers that transacted a GMV of RM1.5Billion in 2019. According to the Google Temasek e-Conomy SEA 2019 report, the Malaysian e-commerce industry is expected to grow from US$3.3Billion in 2019 to US$11Billion in 2025. According to the same report, the South East Asian e-commerce industry is expected to grow from US$38Billion in 2019 to US$153Billion in 2025.
Ganesh Kumar Bangah, Founder and Executive Chairman of Commerce.Asia Ventures Sdn Bhd said, “We believe that through this strategic investment, Commerce.Asia and BizApp can leverage on each other’s platforms to encourage the rural communities to partake in social commerce. We also believe that this will support the government’s National Entrepreneurship Policy and Shared Prosperity Vision 2030 (SPV 2030) to boost the country’s economic development and close the income disparities between communities. Leveraging on our experience, we will expand the BizApp business model across South East Asia, enabling us to leverage on the fast growing South East Asian e-commerce industry.”
Adding on to that, Hasnol Mizam Bin Hashim, Founder of BizApp Ventures Sdn Bhd mentioned, “Our current users are mainly from the suburban and rural areas who have successfully grown their businesses online. A huge portion of Malaysians are transacting online via social media channels and the growth has been exponential. The technology-based business tools which are currently the backbone of our system will now be further enhanced with Commerce.Asia’s large ecosystem, enabling users to expand regionally, if not globally.”
Together, Commerce.Asia and BizApp hope to drive the social commerce industry in Malaysia. Expected to be one of the digital shifts in 2020, the industry will enable entrepreneurs from rural and suburban communities to contribute to SPV 2030 and the digital economy alongside urban entrepreneurs. The ever-growing usage of social media will play a bigger role in e-commerce this year, changing the traditional ways of doing and growing businesses. With raised customers’ expectations, these online businesses will be pushed to innovate their solutions.
To mark the strategic investment with Commerce.Asia, BizApp is offering RM100 off their Ultimate Package which is priced at RM499/year. The promotion will be valid until 29 February 2020. To find out more about BizApp and their platform, you may visit bizapp.com.my