LETTERS: Covid-19 has caused numerous changes in the world that impacted the lives of many individuals, especially in terms of purchasing patterns.
Consumers are obsessively purchasing items online and offline. Shopping has indeed been described as a kind of therapy. However, when it comes down to it, retail therapy is a misnomer.
On the other hand, Covid-19 has led to a significant growth in the purchasing habits of online shoppers. The growing number of online shoppers had a significant influence on the revenues of numerous businesses.
In an interview with a local daily, Gwendolyn Lim, partner at Bain & Co grocery says that online sales make up four per cent of total grocery sales. Lim also pointed out that the category of sales will continue to grow in the future.
Malaysia appears to be the region's e-commerce king. It is noteworthy that 2021 saw a 47 per cent increase in online shoppers from 2020.
In fact, 88 per cent of Malaysia's overall population are now digital consumers, compared with the Southeast Asian (SEA) average of 78 per cent.
Malaysia is also ahead of Indonesia, with 81 per cent, and Singapore, with 79 per cent. By the end of 2021, it is predicted that nine out of 10 Malaysians would purchase online.
Consumers not only spend 80 per cent of their time online before making a choice of purchase but they also shop-hop across as many as seven websites before opting to buy.
According to a recent retail study, as many as 22 million Malaysians are digital customers, and online channels now play a four-times greater role than conventional channels.
Another notable finding from a survey is that 63 per cent of Internet customers have no idea what they want to buy when they begin "shopping".
In the past, people used to have an idea and searched for it. Now, thanks to the proliferation of Internet platforms, they prefer to shop compulsively to discover new products online.
In fact, in reaction to the Covid-19 outbreak, small companies in Malaysia increased their reliance on digital technology, with 40 per cent increasing their emphasis on online sales in the previous year.
According to the report, social media is a key tool for the industry, with more than 60 per cent utilizing it to advertise their brand and 55 per cent communicating with consumers.
Many SMEs, such as restaurants, grocers, supermarket chains, and merchants providing a wide range of consumer goods and services, now have an online presence, allowing them to reach a bigger and more diversified market.
As a result, the expanding quantity of online shopping platforms subsequently enhances online shoppers to choose a variety of online purchasing alternatives.
However, apart from contributing to the growth of the country's economic progress, online shopping has also added emotional stress to individual economic development.
According to a study on "money and mental well-being" conducted by the Credit Counselling and Debt Management Agency (AKPK), those with the lowest savings were the most vulnerable and experienced more stress during the pandemic.
Whether we had enough money for necessities or were struggling to make ends meet, Covid-19 has undoubtedly changed the way many Malaysians earn, spend, and save their money.
Clicking and buying things online was one of the worst spending habits developed by consumers during the pandemic. As a result, greater awareness is required when making online purchases.
Always ask yourself, "Do you need this?" before hitting the button. If you find that shopping has become too addictive, you may want to remove the shopping apps from your phone.
This pandemic has taught us the value of putting money aside for rainy days.
As the economy improves, now is a good time for Malaysians to revisit their finances and learn from their mistakes to strengthen their financial position post-pandemic and establish new positive habits.
he most important thing is to save consistently to avoid distress. Rethink how you spend your money. Emotional shopping or shopping for the sake of being bored is not therapy; it is a waste.
I should tell this to myself first, but there's no harm in sharing it with others to shop wisely and consider the consequences.
According to a study by North-western University, people who place a high value on their wealth status and material possessions are more likely to be depressed and antisocial.
Do you really want to pay to be unhappy?
DR GEETHA MUTHUSAMY
Associate professor
DR RAMESH KRISHNAN
Senior lecturers
Universiti Teknologi MARA (UiTM)
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times