The AI, TikTok Effect: Accelerating AI-Driven Social Commerce in Selangor

KUALA LUMPUR, 5 November 2024 – The Selangor E-Commerce Xccelerator (ECX24) 2024 Demo Day marked an exciting milestone, as the Selangor Information Technology and Digital Economy Corporation (SIDEC) wrapped up its three-month digital accelerator program focusing on Social Commerce. Held at the Securities Commission Malaysia Auditorium, the event celebrated the top 10 e-commerce SMEs chosen for their innovative solutions and potential to reshape Malaysia’s digital commerce landscape. These finalists, representing diverse industries from car care, manufacturing, fashion and wellness, were selected from a group of 50 SMEs ready to level up their digital skills and market impact.

For IGL Coatings, ECX24 presented an invaluable opportunity to address challenges within its social commerce strategy. “We identified areas for improvement in our social commerce approach, particularly in connecting with the Malaysian market,” said Fiona Chin, Marketing Director at IGL Coatings. With a focus on optimizing its presence on platforms like TikTok, IGL aims to adapt to the digital shifts reshaping retail and meet the fast-evolving expectations of consumers.

The Future of Social Commerce is Now

The growth of social commerce in Malaysia is unmistakable. Already, social shoppers constitute an astounding 55% of the global online population, underscoring the transformative role of social commerce in today’s retail ecosystem. According to a recent report by ZICG, the social commerce market in Southeast Asia is projected to hit $42 billion by 2025, fueled by increasing middle-class incomes and the influential presence of digital creators.

In a region where internet penetration stands at 75%, social media has become ingrained in daily life, seamlessly merging product discovery and purchasing with in-app features on platforms like TikTok and Instagram. In Southeast Asia, social media channels have evolved beyond networking to serve as dynamic digital storefronts.

“TikTok Shop’s rapid rise has been revolutionary in Malaysia,” Chin added. “As an agile company, IGL must stay ahead of the shifting consumer preferences, which are moving increasingly toward integrated shopping and social media experiences.”

The company’s journey through ECX24 has been filled with valuable lessons on consumer engagement and advanced growth strategies, which are integral to staying competitive in the region’s social and e-commerce landscape.

Reflections from the ECX24 Community: A Platform for Growth

The ECX24 experience provided participating SMEs with a roadmap to thrive in the digital economy. Featuring everything from workshops on digital transformation to personalized mentoring sessions and industry networking with CXOs from various industries. These intensive engagements were crucial in preparing participants to showcase their strengths on Demo Day.

The response from fellow ECX24 participants was overwhelmingly positive, with many sharing stories of accelerated growth, refined business strategies, and expanded professional networks.

Haslina Hashim, CEO NThree Beauty, shares her journey “the ECX24 experience has expanded my vision and strengthened my resolve to create an impactful brand. I’m even more committed to elevating nthree beauty as a trailblazer in sustainable skincare, combining nature and science to create simple, effective routines that empower natural beauty,”

The Top 10 Winners for ECX24 are:

IGL Coatings (Ominent Sdn Bhd);
Wellness Cosmetology Alliance Lab Sdn Bhd;
Eartheories Sdn Bhd;
Nasi Lemak Nale Sdn Bhd;
Gelatomio Production Sdn Bhd;
Saudagaar Asia Sdn Bhd;
Kimyra International Sdn Bhd;
Natugee Sdn Bhd;
MCCKT Ventures Sdn Bhd;
Naza Beyond Ventures;

Winners will experience exclusive opportunities and cash prizes to further their digital journeys, including visiting the ByteDance HQ in China, highlighting SIDEC’s commitment to establishing Selangor as a prominent digital and entrepreneurial hub in Southeast Asia.

Accelerating Selangor’s Social and E-Commerce Growth Leaders

Mr. Yong Kai Ping, CEO of SIDEC, expressed his excitement over this year’s program, stating, “The ECX24 Demo Day showcases our dedication to supporting innovation in digital commerce. These participants exemplify the creativity and forward-thinking necessary to propel Malaysia’s economy into the future.”

For IGL Coatings and its fellow participants, the ECX24 accelerator experience represents the dawn of a new era in digital commerce—one defined by agility, innovation, and the ability to navigate an ever-evolving digital landscape.

About IGL Coatings

IGL Coatings quickly gained traction to become one of the most trusted names in the automotive detailing industry worldwide after its establishment in 2015. IGL accords its worldwide success by actively committing to and dedicating itself to innovation, sustainability, customer satisfaction, and technology.

A global market leader in the development and manufacturing of innovative surface protection solutions with a strong commitment to research and development. Uniquely, IGL creates industry-leading coatings that deliver exceptional durability, enhanced aesthetics, and environmental sustainability. Trusted by professionals and enthusiasts worldwide, IGL remains dedicated in revolutionizing the automotive, marine, and industrial sectors with cutting-edge technologies and unparalleled customer support.

Explore more about IGL Coatings and their range of automotive, industrial and marine products at www.iglcoatings.com.

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Media Information:

Date: 8 November 2024
Embargo : For Immediate Release
Contact: Fiona Chin