The Malaysian e-commerce market has a new player called GemFive.
On its website, GemFive states that it is an online shopping destination where consumers can discover new brands and the platform aims to simplify the consumers shopping experience with “curated good finds, tips and tools, and daily inspirations for everyday living.”
The platform is backed by Hong Leong Group which according to The Star has invested under MYR5 million into the online shopping portal. GEMFive will be operated by GuoLine eMarketing which is an independent new private entity owned by the Hong Leong Group.
The article also states that behind the launch of GEMFive, is the youngest son of the group’s billionaire founder Quek Leng Chan, Quek Kon Sean. Quek was quoted saying that there are currently plans to take GEMFive into Singapore and Indonesia early next year. Meanwhile, Moey Tan, the CEO of GuoLine eMarketing was quoted saying that there was a “huge untapped market” in the e-commerce realm in Malaysia and GEMFive would set itself apart through the ways it engages with its customers.
According to a report titled Malaysia E-commerce Industry Outlook to 2019 - Driven by Internet Penetration and Mobile Access Devices a major factor which will be responsible for the unprecedented growth of the e-commerce industry is the rise of mobile internet.This global phenomenon will fuel the e-commerce industry's future growth opportunities.
Mobile internet will be a huge catalyst for the industry and the 3G/4G and LTE technologies will take the internet speeds further and several major telecom providers have already started providing 4G and LTE services in Malaysia.
The increased government spending on the IT sector will continue to grow steadily which will in turn prove beneficial for the entire IT industry and hence, help in prospering the e-commerce industry in Malaysia. Moreover, the Malaysian online population is relatively young with a major chunk of people in the lucrative 15-34 years age group also known as the prime target demographic for online shopping.
A+M has reached out to Hong Leong Group for a statement.