KUALA LUMPUR: Consumer financing platform Atome hopes to expand Malaysia's e-commerce market through a partnership with TikTok Shop.
The e-commerce sector in Malaysia has grown significantly in recent years due to a spike in digital usage and shifting customer behaviour.
By 2025, Statista predicts that online sales in Malaysia will surpass RM84 billion.
This pattern not only denotes a change in consumer tastes but also offers a sizable window of opportunity for nearby firms to prosper in the online economy.
This strategic partnership between Atome and TioTok Shop enables all businesses, especially entrepreneurs and small and medium enterprises (SMEs), to take advantage of the potential of online shopping and help the country's economy thrive.
According to William Yang, head of commercial at Atome, the company's user-friendly "buy now, pay later" offering gives customers the freedom to make purchases and stretch deferred payments over three or six months.
"This partnership signifies a milestone in the e-commerce landscape in Malaysia, heralding a new era of convenience, accessibility, and growth for businesses and consumers alike.
"By integrating Atome as a payment option on TikTok Shop, we're excited to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia, while also providing consumers with the choice, convenience, and flexibility of how they want to shop and pay," he said.
With TikTok Shop's innovative social commerce features and Atome's convenient payment solution, entrepreneurs can leverage the power of e-commerce to expand their reach and drive sales growth, he said.
Jonathan Low, e-commerce lead of strategy and special projects at TikTok Shop, said, "TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth, all of which is done by bringing together content and commerce.
He said that through this partnership with Atome, TikTok Shop enables merchants and small businesses to offer their customers a convenient and flexible payment option.