(photo) Chin Chee Seong, Chairman of PIKOM
Malaysia’s biggest online sale event, #MYCYBERSALE 2017 set a new record of achieving a gross merchandise value (GMV) of RM322 million (mn), exceeding the RM300 mn target. The GMV is defined as total revenue generated during the five-day sales period before taking into account discounts.
Now in its fourth consecutive year, #MYCYBERSALE was organised by PIKOM (The National ICT Association of Malaysia) in collaboration with MDEC, which also ran the previous editions.
Almost RM39 mn of the total GMV were derived from international shoppers, surpassing the export revenue target of RM 20 mn, which is a phenomenal growth of over 254% last year’s export revenue.
The number of exporting merchants also doubled to 497 this year, bringing a total of more than 1,007 online merchants participated in #MYCYBERSALE 2017 across 22 retail categories, compared to just 607 in 2016.
“This year’s GMV results is good news for the growth of e-Commerce in Malaysia. It shows that Malaysians are continuing to embrace the online shopping culture as long as there are a variety of products offered at good discounts,” said Ganesh Kumar Bangah, Chairman of eCommerce Malaysia, a chapter of PIKOM. “The outstanding export revenue growth shows that Malaysian online merchants, especially SMEs have great potential to reach out to their customers beyond borders.”