KUALA LUMPUR: The e-commerce outlook in Malaysia appears promising as it is backed by increased consumer spending, according to software as a service (SaaS) technology company Anchanto.
Revenue from digital retail is expected to show an annual growth rate of 16.93 per cent from 2022-2027, resulting in a projected market volume of US$19.84 billion by 2027, Anchanto co-founder and chief executive officer Vaibhav Dabhade said.
As the demand for e-commerce expanded, the company believed that businesses would seek even more data, as well as attempt to enhance customer experience, systems and collaboration, he said.
Dabhade said Anchanto had planned for a massive expansion this year in Europe with a growing presence in the United Kingdom (UK) and France.
He said as a global company, exploring new markets and anchoring its business in different locations is vital.
"We are expanding into Europe with a growing presence in the UK and recently France. We are focused on amplifying our products and services to e-commerce and logistics businesses in these regions while also uncovering new markets for us in the West," Dabhade told the New Straits Times in an interview.
Anchanto helps simplify e-commerce backend operations for businesses of all sizes through its innovative and purpose-built SaaS products.
The company offers the technology infrastructure to build successful businesses in e-commerce and logistics.
Dabhade said Anchanto had recently launched its brand and products in the Middle East and havd received a plausible reception from the logistics and e-commerce segments in these markets.
This year, Anchanto will be strengthening its presence in all its newer markets.
Dabhade said Anchanto was also focusing on the company's existing markets by enhancing its local presence, customer support and product features.
The company targeted to boost its revenue by offering a modular, scalable and integrated solution portfolio for all kinds of businesses.
"Given this year-on-year growth over the past, we have decided to challenge ourselves with bigger revenue goals. However, we want to achieve this through valuable innovations. We want to ensure that the products we sell actually make a difference to our customers.
"At the same time, we want them to enjoy the support services we offer. So surpassing our product and service quality through new developments and evolutions is another target we have for ourselves in 2023," he said.
According to Dabhade, the company had worked with many Fortune 500 companies like L'Oréal, HP, Panasonic and several enterprise brands that required a substantial level of security.
"As a result, our systems must meet this requirement. It is the best way to protect our customers' businesses. We perform regular tests and audits to ensure that our platforms remain safe and secure, and free from all threats.
"We also work with the best external consultants and companies to make sure we make our system completely secure from all sorts of threats," he said.
Anchanto has implemented the global standards of technology and operational security to protect the personal data in its possession to prevent unauthorised access, collection, use, disclosure, copying, modification, disposal or similar risks.