Starting a small business in Malaysia may not be as hard as people think. Just like everything else, the first thing you need to do is to look for data. Start asking yourself what kind of service or product you want to provide, and then compare that with the trend in lifestyle and consumer behaviour.
You only need to look into what Malaysians are currently gushing about, what they are buying into the most, what they are looking for, to know which lifestyle trend is above the rest. Then all it takes is a little analysis on your part to know what you can provide the public. Is buying a car on trend right now, or do they prefer commuting? Find out what the answer is and produce something that can enhance their experience for either.
The biggest consumers in the world right now come from Asia, and if you are a budding entrepreneur in Asia, you might want to review these latest trends.
Online shopping
A lot of people prefer to order their items and have them delivered right at their doorstep. This, even if most customers are hesitant to reveal financial details on the internet. Most of them just like that fact that it is so easy to compare prices between different online shops and the product availability. If you are planning on starting a retail business, you might want to strengthen your online presence and provide your customers a means to see your inventory and order online.
Testing products
It might seem to contradict the first point, but customers like testing out products to make sure they are getting what they want from it. The way online shops remedy this is through demo videos, but nothing beats testing the real thing, so some would offer a money back clause if they find that the product did not really do them any good.
For instance, if you want to buy a car, you do not just pick a 4×4 Rush out of a Toyota catalogue and have it automatically delivered. You should test drive to see if the car handling feels right for you, if the leg space is enough, and so on. If your products are meant to help in everyday activities, like a car, make sure to allow customers to try them out.
Traveling
It seems Malaysians are born travellers, they are willing to spend for travels both domestically and internationally for holidays. Their countless trips are made possible because they work so hard researching for bargains. They canvas for a good offer, one would allow them a satisfying trip without breaking their bank. If you are planning to get into the travel industry, make sure to provide tours that are enticing. Create the best deals and exclusive packages to reel them in.
Food
Everyone has become very busy these days, whether with work or with extra subjects in school. We have all adapted to this fast-paced living differently, but it is the same for all of us at the end of the day: we are tired. This means, for most people, they would rather buy their food than cook at home. For this reason, delivery services and drive-throughs have become popular among working Malaysians. However, that would not matter if the service is not efficient and prompt. The key here is convenience; not everyone will wait more than 45 minutes to an hour just to eat.
Delve deeper into each of these trends, pretty soon you will have started a business that will exceed your expectations.