I believe that everyone has heard of e-commerce. However, did you know that online business, aka e-business, is not synonymous with e-commerce? E-commerce refers to online purchasing and selling, whereas e-business comprises all internet business. E-commerce is, therefore, a subset of e-business. Before discussing it further, let’s first review how online business has impacted business economics.
Online Business In Malaysia
Online business has proliferated since COVID-19 began. It is because many sectors have been badly affected in their physical companies, especially small and medium enterprises (SMEs), due to the enforcement of Movement Control Orders (MCO). Many of them have shifted to online businesses as a result of these restrictions, which has indirectly increased online trading activity by 28.9 percent in the month since the start of MCO. A total of 373,213 companies registered online with the Companies Commission of Malaysia Between March 1 and October 31, 2020. It includes restaurants, grocers chains, and businesses offering a wide variety of products and services to consumers.
The Malaysian e-commerce market is expected to reach $2.53 billion by 2022. Literally, e-commerce itself is already reported to achieve an increment of 23.1% in sales in the early nine months of 2021 (Department of Statistics Malaysia), not to mention when all of the subsets of online business are added together. It is evident from this that online business is so popular and has a significant impact on the business economy. There are numerous types of online businesses, including developers, course and training providers, e-hailing, freelancers, consultants, influencers, live streamers, online gamers, etc.
Reasons For The Increase In Popularity Of Online Business
- Flexible working location as you can work anywhere you want with the help of the internet.
- Lower startup financial burden than operating a brick and mortar business
- Cheaper expenses as you can get a Free Domain or Digital Grant from Big Domain
- Greater market reach
- Spend more quality time with family
- Unlimited business operation hour & potential income
- Better customer support, like creating videos for instruction or guidance
What Types Of Online Business Should I Start?
Given the massive increase in internet users over the years, practically infinite opportunities exist in this industry. There are so many different sorts of e-businesses available nowadays that it is easy to become confused about which one to pursue: to go with something you’re familiar with but it’s everywhere out there, or establish a potential e-business but you’re lacking a foundation in this field.
Steps To Start An Online Business
Here is an overview of the steps involved in starting a business. The steps for starting a business are not limited to those listed.
- Determine the nature of the product, service, and business
- Investigate the target market and its competitors
- Create a business plan or proposal
- Examine and comprehend all legal rules and regulations that apply to your business
- Register your business with Suruhanjaya Syarikat Malaysia (SSM)
- Make a checklist of business operations
- Find trustworthy software system (Big Domain) and technology providers.
- Create an online website with a payment gateway (CollaPay) and connect it to your business bank account.
Equip yourself with more knowledge and skills by attending training and courses. Kickstart your journey by adopting various digital tools and services from Big Domain. What are you waiting now?
Start your e-business adventure with Big Domain today at https://go.bigdomain.my/marketing! We have A-Z digital solutions for you at the most affordable prices.
