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By the end of 2020, we had thrown in a few Predictions of business trends in Malaysian industries, received from the startup community Malaysian entrepreneurs and startups Facebooken.
A solid year later, we are looking back at which predictions have been fulfilled and which are not. So let’s sit back and see what 2021 has set for 2022, shaped by the pandemic.
1. Live trading will take the air: Come true!
By 2021, we predicted that direct commerce would rise as the next level of e-commerce.
As an innovation, direct commerce brings a more interactive aspect to your regular e-commerce experiences. There, sellers broadcast live to showcase their products and offer time-limited promotions to attract curious customers who can later become customers.
This phenomenon is associated with our interest in consuming visual content, such as Tik Tok, Instagram reels and stories, and so on.
As they noticed this growing trend, more businesses made the leap to capitalize on it. Some local examples from 2021 include:
- Sitegiant has launched its own multi-channel e-commerce solution provider new direct trade feature;
- Singapore-based Netccentric enters into a joint venture agreement with Commerce.Asia and Docono Holdings Malaysia. start Nuffnang Live Commerce;
- The global live streaming site has failed directly Launch of Bigo Marketplace, an e-commerce site that uses direct and social commerce features; and
- development of LiveCom, Malaysia’s new direct shopping center has not yet been launched.
The traditional way of e-commerce is already old news, and with the explosive growth of the pandemic, it makes sense that players are trying to interact with different strategies.
Personally, I think we are already moving to the next phase of e-commerce, where augmented reality (AR) and virtual reality (VR) will have a bigger game. But we’ll see what the Malaysian industry catches so quickly.
2. The emergence of an online education ecosystem that tackles virtual exams: it didn’t come true …
We still hold out hope for this. Edutech is an exciting and growing space, so there is always the opportunity to see sudden advances.
So far, however, we have not yet seen national studies become virtual, which means that the ecosystem is still incomplete. If we are talking about online teaching, review and more, we have a lot of players (our edutech label and you will see).
Universities like Monash Malaysia (I’m a former student!) And the University of Nottingham Malaysia have already expanded their online examination systems, the former also having a supervisory system called eVigilation.
So there are a lot of opportunities to bring this kind of technology to government schools as well. All we can say is that edutech startups working with the government to expand the virtual and complete education ecosystem would be a change for the future of education.
3. Cloud kitchens and distribution-only brands will grow: come true!
Also known as a ghost kitchen, central or shared, the cloud kitchen is a place for virtual F&B brands to prepare food without a store and only for shipments.
By 2020 we already had quite a few cloud kitchens; By 2021, more names were included in the chat, for example GrabKitchen, Air Kopitiam, and KEATchen, to name a few.
Starting a restaurant from scratch is expensive, and the advantages of cloud kitchens tend to be a bit less flexibility and start-up costs.
However, there are also disadvantages, such as the lack of pedestrian traffic, the high fees for shipping commissions and more, which we explain in detail. here, and got more information from the virtual brand themselves here.
This trend is likely to continue to grow in response to the many pandemic-born, home-based F&B businesses that eventually want to increase.
But to really attract these businesses, competing cloud kitchens should offer better incentives for those who manage their pain, such as providing food distribution applications and fleets to reduce the operating costs of brands.
4. The concept of sharing will be linked in all industries: has it not come true …
In 2020, centers for hairdressing, beauty services, baking, etc. were seen to be shared. But by 2021, the growth of the concept seemed to have stopped.
Could it be blamed that the 2021 pandemic was worse than the 2020 one, even though we were already beginning to understand COVID-19 better? We will probably have to check with an expert on this.
So aside from coworking and cloud kitchens, nothing new has come of using the concept of sharing our attention, so maybe we were thinking ahead of our time. (2022, don’t let us down!)
5. Young players will innovate the farming industry: It came true!
Yes, we know that agricultural technology it’s not a new concept, but we’d say it’s much “sexier” now, with what drones and smart farms and what’s more.
Traditionally, working in the agricultural industry is reminiscent of working in the dirt under the hot sun, but even today’s small farmers benefit from the technological innovations built by the younger generation.
Here are some examples of players who make this possible Rice Inc., which uses “laundry” to help rice farmers reduce crop losses, CocoJack, A social enterprise that enhances young people’s B40 skills in agricultural technology, and Captains, an “agri-fintech” startup, offers farmers accounting solutions for them to adopt agritech.
These startups are run by younger Malaysians, but that doesn’t mean that industry veterans haven’t done their part to revitalize our agricultural landscape.
Take, for example, Mono Melon, which created waves when they grew Japanese muskmelon from a smart farm in Putrajaya. (Now they have also grown square watermelons, popular in Japan).
It is a startup created by agricultural experts, whose real intentions go beyond growing their own fruits; they want to provide more farmers with the knowledge and technology to do the same.
We got some juicy details when we went to visit the farm to collect my master’s melons (ejem), and you can read their full story here.
Like Edutech, we anticipate that this is still a space with many opportunities for growth, so we will keep our ears on the ground (in the game) for the development of 2022 agrotechnology.
6. Improve virtual events and increase hybrid events: It came true!
The virtual events of 2020 were still a bit rough on the edges, leaving more unintentional, but by 2021, the virtual events we attended felt like years had passed.
Examples of virtual and hybrid events are included Wild Digital SEA 2021, MaGIC’s E-Nation 2021, and MDEC Malaysia Tech Month 2021, all had an impressive turnout.
With feelings of caution in the face of COVID-19 infections, most of us were more comfortable attending through a screen, but we were still open to attending demo days or personal presentation events with appropriate SOPs.
We don’t know if this trend of virtual and hybrid events will continue to grow in 2022 because a large portion of the population is already vaccinated, and we are learning to live with new variants.
People are eager to go out and experience things physically, so it’s likely that we’ll be back at personal events in 2022 and 2022.
However, even if virtual and hybrid events are not our first choice, they will continue to be viable backup options.
Special mention: This isn’t a virtual event, but we wanted to give Gather.town (Gather) a shout out. create our virtual office (and dream). this now acts as a companion to our internal virtual events, keeping us healthy for 2 years at WFH.
– // –
4 out of 6 predictions came true, which, if graded on a 100-point scale, would give us a score of 67. That’s a C grade that our Asian parents won’t be very proud of, but a victory nonetheless. our eyes.
This means that there are still opportunities for more entrepreneurs in the Malaysian market. We don’t know if the market is really ready for such moves, but we assume that there is a need for market validation.
As the economy is booming, we have high hopes that 2022 will be an interesting year for businesses, and we have already managed to prepare a piece to predict the 2022 industry trends.
- Read the pre-forecast piece for our business trends for 2021 here.
- See another piece of our predictions for who has the most potential to win 5 Malaysian digital banking licenses here.
Featured Image Credit: Vulcan Post / Cookhouse
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