A Study By WISESIGHT: COVID19 MCO Impact On Malaysians Week 5
We have passed the adjustment phase by now and formed new habits and lifestyles
With the numbers decreasing in the 3rd phase of MCO, Netizens are hopeful for the end of MCO while businesses are preparing to resume operations and fight for survival. The 5th edition of this study covers chatter surrounding clinical trials of several drugs in treating Covid19, the Securities Commission’s announcement of further reliefs for Public Listed Companies and lifting of fundraising limit in Equity Crowdfunding platforms for MSMEs, highlights on performing non-essential industries, and top trending topics among Netizens during this period.
The MCO has severely impacted the lives of everyone in Malaysia. As we survive the pandemic, we now need a proper “exit strategy” both to prevent reinfection and to revive the economy. The Securities Commission of Malaysia has announced further reliefs for Public Listed Companies and lifting of Equity Crowdfunding limits as alternative financing for MSMEs to this cause. While most affected businesses are preparing to resume operations, our study covers several non-essential industries that have carried on operations in the MCO, shedding light on the interests and spending patterns of Netizens.
This edition of our study covers the Fashion, Electrical, Electronics, and Beauty industries which have also seen increasing engagements. With the movement restrictions and closed outlets, Netizens have turned to online shopping for their goods. This shows that the general public are shifting their focus to improving their quality of life at home and taking better self-care despite the social distance, perhaps for virtual meetings and social contents. Netizens’ sentiments based on their online shopping experience indicates that this trend may last post MCO. But at the same time, Netizens are also becoming more savvy and smart at comparing the offers and other users’ reviews.
Wisesight’s Founder and Regional Director of APAC, Shakthi DC said, “While it looks like we have made it past the worst of the pandemic, the recovery process has only just begun. Authorities and state governments are making plans for ”Exit strategy” to avoid reinfection post MCO and revive the economy. The non-essential industries play a vital role now as an indicator of the public’s priority and interest. This information enables businesses to gauge the relevance of their offerings and cater to the main priorities in the recovery phase. The data from social chatter can also be used to assess the expected traffic and spending pattern post MCO.”
She added, “We have passed the adjustment phase by now and formed new habits and lifestyles. Working from or staying at home is the current norm. When before this we looked at essentials such as groceries and healthcare for survival, now we look at comfort and quality of life at home. This is where the non-essentials come in. Businesses able to cater to online shopping and delivery avenues will thrive if their offerings are relevant or portrayed as adding value to the quality of life. For example, customers who focus on fresh groceries before are now also purchasing kitchen appliances and utensils. When survival is assured, next comes comfort.”
Wisesight details the events from 15th – 21st April analysing the reactions and impact of these changes in comparison to findings from the previous weeks. The latest study includes:
- Netizens’ reactions to the decrease in daily cases and drug trials.
- Securities Commission’s announcement of further reliefs for PLCs and Equity Crowdfunding limits lift.
- Top Malaysian’s concerns over the past five weeks.
- Current trending topics Malaysians shared online.
- Selected Industries’ performance during the MCO (Fashion, Electrical, Electronics, Beauty).
- Best practice recommendations for Brands content strategy.
- Case Study – Strategies adopted by non-essential industries to retain sales and customers during the MCO and the implications post lockdown.
- Other stories of key interest among Malaysians during the period analysed.
Final points from Shakthi, “This paradigm shift is no longer in the making, but actualised. Netizens chatter indicates the majority of the population have adapted to digital and virtual interactions providing greater convenience, elevating the expectations of what is the norm. These habits will be carried forth post MCO, and businesses need to adapt to meet these new expectations. The longer businesses go without online shopping with delivery options, the longer they stay out of business.”