QMIS RICHWOOD BLACKTECH SDN BHD
Ezymart is powered by QMIS Richwood Blacktech Sdn Bhd (“Owner”) in collaboration with Panpay Holdings Sdn Bhd. QMIS Richwood Blacktech is the joint venture technology solution company of QMIS Finance Limited and Richwood Ventures Bhd.
Panpay Holdings Sdn Bhd (“Service Provider”) holds an AJL License issued by KPDNHEP and manages the website on behalf of QMIS Richwood Blacktech.
Ezymart is selling numerous products including halal products and buy Malaysia products. Ezymart would like to encourage local entrepreneurs/merchant to post their products with us and provide all users a wider variety to choose from. Halal products are also highlighted to give our Muslim users a peace of mind to enjoy the shopping experience. Ezymart intends to give users a complete experience having a one stop centre for all products.
QMIS Richwood Blacktech is planning to create a digital platform for QMIS Labuan Investment Bank for their digital and online business providing financial solutions services which will be created by Richwood team of engineers.
Once the digital platform is completed, Ezymart will be able to arrange financing for all products bought through the website. With this, Ezymart hopes to give users a full and complete service so that they can have peace of mind and enjoy shopping with us.
QMIS RICHWOOD BLACKTECH SDN BHD
QMIS RICHWOOD BLACKTECH SDN BHD IS THE JOINT VENTURE TECHNOLOGY SOLUTION COMPANY OF QMIS AND RICHWOOD.
QMIS RICHWOOD BLACKTECH SDN BHD CURRENTLY HAS AN ONLINE E-COMMERCE WEBSITE, EZYMART SELLING NUMEROUS PRODUCTS INCLUDING HALAL PRODUCTS AND BUY MALAYSIA PRODUCTS.
QMIS RICHWOOD BLACKTECH SDN BHD IS PLANNING TO CREATE A DIGITAL PLATFORM FOR QMIS LABUAN INVESTMENT BANK FOR THEIR DIGITAL AND ONLINE BUSINESS PROVIDING FINANCIAL SOLUTIONS SERVICES WHICH WILL BE CREATED BY RICHWOOD TEAM OF ENGINEERS.
RICHWOOD IS IN COLLABORATION WITH A TEAM OF SOFTWARE ENGINEERS DOING RESEARCH AND DEVELOPMENT AND WILL BE THE TECHNOLOGY SERVICE PROVIDER TO QMIS RICHWOOD BLACKTECH SDN BHD.
THE e-commerce industry is expected to continue its growth path to likely reach US$172 bil in value by 2025, especially in six of the largest Southeast Asian markets.In iPrice Group’s, last year signified strong customer confidence in e-commerce retail, despite restricted mobility and the mounting concerns over the global pandemic.The report revealed that the overall website traffic of online shopping platforms increased positively across all countries year-over-year. This can be seen most in Singapore, which experienced a surge of 35% compared to 2019, followed by the Philippines (21%), Vietnam (19%), Malaysia (17%), Thailand (15%), and Indonesia (6%).Data also showed that online department stores’ web traffic experienced a 52% average increase from 1Q 2020, signalling that most countries in the region flocked to online department stores instead of physical stores due to social distancing.Nonetheless, some e-commerce sites’ web traffic has taken a beating due to the pandemic.For instance, platforms that offer cosmetic products showed an average web traffic decrease of 35% from 1Q to 4Q 2020. Meanwhile, fashion and electronics sites also experienced a slight decrease of 14% in traffic in the six aforementioned countries.This goes to show that while the demand for essential goods is still necessary, COVID-19 has broadened the online demand of Southeast Asian consumers for non-essential items such as fashion, electronics, health & beauty, and sports & outdoors that were seen through online spending instead.It was also discovered that consumers in Southeast Asia spent an overall average of US$32 per order in 2020, which was 19% higher than 2019’s. Singapore and Malaysia saw the highest average basket size of US$61 and US$41 respectively in 2020.As most people were embracing technology in response to a volatile and uncertain situation, there is a prime opportunity for mobile shopping apps to continuously engage with Southeast Asian consumers.Major e-commerce companies across the region have approached this strategy by rolling out other marketing campaigns that drew customers through gamified features on the app, free shipping, and discounts.Therefore, as the COVID-19 pandemic provide further impetus for e-commerce growth, shopping behaviour will continually shift. It remains imperative for most e-commerce companies to strengthen their relationship with consumers through relevant campaigns.QMIS RICHWOOD BLACKTECH SDN BHDE-commerce PlatformWith the long ongoing situation of the COVID-19 pandemic, governments and businesses have had to improvise to keep the economy afloat. Movement and quarantine restrictions led to a “new normal” for business and consumers through digitization and e-commerce. The Malaysian government has also recognized and utilized this rise in e-commerce as a tool of inclusiveness by empowering local micro, small, and medium enterprises (MSMEs). Enabling MSMEs to adopt a digital platform may allow small business to be more resilient to economic change, especially amidst COVID-19, and subsequently reduce wellbeing gaps within the country.Globally, the COVID-19 pandemic has also created more opportunities for e-commerce business where online spending represented 21.3% of total retail sales for the year, according to Digital Commerce 360 estimates. Forbes noted that the pandemic accelerated e-commerce by four to six years in the US, while news channel CNBC said the boom of the sector in South-East Asia will continue to stay even after the pandemic ends.Experts predict that retail ecommerce sales will reach $4.13 trillion in 2020.• It is expected that by 2040, 95% of all purchases will be via ecommerce.• The world’s fastest-growing ecommerce market is China with an estimated ecommerce value of $672 billion in 2017.• The US has the highest ecommerce penetration rates, with around 80% of all internet users making at least one purchase.• The top reason why people make online purchases is that they can shop whenever they want, 24/7.• Around 43% of ecommerce traffic comes from Google search (organic).• Slow-loading websites see an abandonment of 75%.Finance Online’s “Data and Share Market Analysis for 2020” shows that ecommerce is not only thriving in the B2C sector, but sales are also scaling in the B2B sector and can even outgrow B2C profits by the end of 2020.• It is estimated that around 35% of Google product searches are converted into purchases within 5 days.• Around 51% of digital buyers conduct purchases via their smartphones.• Digital buyers are more likely to spend more if they are provided with free shipping.• Around 93% of online shoppers declared that the visual appearance of an online store plays a key factor in their purchasing decisions.• It is estimated that around 80% of online shoppers don’t make purchases from ecommerce sites that have problematic return policies.• It is estimated that 85% of all products purchased via social media platforms come from Facebook.According to Statista, e-retail sales accounted for 14% of all retail sales around the globe and these figures are expected to keep growing and reach 22% by 2023.• It is expected that mobile ecommerce retail sales will reach $3.5 trillion by 2021.• In 2017, around 42% of online shoppers stated that they prefer to pay with a credit card.• Online stores that have an active presence on social media platforms have 32% more sales.• Generation X composes 34% of the online shopping population, followed by Boomers, who account for 31% of the online shopping population. Around 30% of digital buyers are Millennials.• Around 55% of all online shoppers said that online reviews have an impact on their buying decisions.Ecommerce made around $3.5 trillion in sales in 2019, and it’s anticipated that the sector will experience even bigger growth in the future.Locally, in Malaysia, Lazada Malaysia was one platform that took off this year, having millions of orders placed and an increase of 80% on average compared to pre-pandemic.The platform saw consistent growth across the entirety of 2020 compared to last year, with the fastest-growing month recording a sales uplift of almost 120% year-on-year (YoY) and an 80% increase YoY in daily active buyers.This goes to shows that online shopping is here to stay and has become a pervasive cultural phenomenon which is entrenched in the daily lifestyle of Malaysia’s new normal. The digital economy in Malaysia is expected to continue to be on a growth momentum and the uptrend is showing no signs of slowing down; and this was especially true for MSMEs, who onboarded the platform with an increase of 300%.Shopee Malaysia also recorded a boom, not only in traffic and volume, but also in the adoption of local brands with brands such as Mamee, Padini, Gamuda Land, Hup Seng, Carsome, Naelofar Hijab, Billion, Al-Ikhsan and many more launching official stores on Shopee in 2021. This proves that many brands and sellers have stepped up digitalisation efforts to capture the growing proportion of online-first consumers.This new reliance and acceptance with more Malaysians beginning to get familiar and trusting e-commerce more, especially when the lockdowns were implemented, resulted in the ecommerce boom. The platform also noted an increasing amount of MSMEs jumping onboard the platform when times get tough.A survey conducted by Shopee revealed that despite being fully employed, 35.4% turned to e-commerce as second-and-third-income sources. Of the 11,850 sellers surveyed, 5,406 are new entrepreneurs enabled by e-commerce, who cited that their businesses are operated 100% online. 72% are women entrepreneurs and were able to generate RM3,950 ($960) on average monthly.More businesses began to realise the distinct advantage of leveraging e-commerce to diversify revenue streams and to meet the ever-rising demand of online shoppers. E-commerce platforms need to have a comprehensive e-commerce ecosystem, and continue to push the boundaries of technology and innovation as a catalyst for e-commerce development in Malaysia and the region.Regionally, the gross merchandise value for the third quarter of 2020 stood at RM37.7 billion ($9.15 billion) compared to RM18.7 billion ($4.54 billion) for the same quarter in 2019. Online orders increased by 130.7% from 321.4 million to 741.6 million for the quarter under review.The Malaysia local e-commerce market is estimated to register 24.7% growth in 2020. The market is expected to reach $12.6b (MYR51.6b) by 2024, increasing at a compound annual growth rate (CAGR) of 14.3% between 2020 and 2024.However, according to industry data, there is still much potential for the Malaysian market in terms of e-commerce adoption. The contribution to total retail is still lagging behind the global performance which shows, in Malaysia specifically, there is a massive potential for growth as e-commerce is still in its early stages.This is where QMIS Richwood Blacktech intends to come in to fill part of the gap and provide a new platform and one stop centre for retailers and MSMEs. QMIS Richwood Blacktech’s Ezymart is a comprehensive platform and eco-system, offering a variety of products and services and a sophisticated payment platform, in collaboration with MPay.Retailers and merchants need only to upload their products and/or services on the platform and Ezymart will handle the rest by providing a service and all the complexities that come with it (namely, marketing, payment channels, as well as logistics and delivery), so that retailers and merchants are able to continually focus on servicing and converting their already-established (and offline) customer base to an online shopping and delivery experience.Ezymart also caters to the halal market and buy Malaysia products to encourage more home-based entrepreneurs to have a space to market their products online and get onto the bandwagon to expand their customer base.Ezymart’s team will continually maintain, innovate and upgrade the site to ensure a pleasant and comfortable online shopping experience for all merchants and users.