Small- and medium-sized businesses in Malaysia fare better than most countries in the Asia-Pacific region when it comes to implementing digital technologies, according to a study.
The country ranked the third and fourth best in the region based on using digital economy and Industry 4.0 technology, respectively. While digital implementation has become important, it is still necessary to find a business consultant in Malaysia for guidance especially if you are looking to start a new venture.
It is no surprise that e-commerce is among the best small business ideas in Malaysia for this year, given that the country has a high adoption rate compared to its peers in the Asia-Pacific.
The study showed that 90 per cent of SMEs in the country are involved in e-commerce, which allow them to expand their client base beyond Malaysia. Digital marketing serves as another good option for a new small enterprise.
Mobile and social commerce also has a high adoption rate in Malaysia, as these two support companies’ strategies for retaining old and new clients. If you have not begun your digital strategy yet, the chances are that your competitors are already reaping the benefits to stay one step ahead of you.
SME Association of Malaysia believes that despite the high digital implementation rate for Malaysia SMEs, many smaller companies still face challenges such as finances and manpower to use new technology.
SMEs could resolve these issues by looking for support from SME Corporation Malaysia. The government agency helps different enterprises particularly those with innovative ideas yet lack the necessary resources to implement them.
Digital technology arguably plays an essential role for expanding the growth and development of any business today. However, some traditional steps like seeking professional consultancy remain equally important to steer your business towards the right direction.