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BusinessToday
15-05-2025
- Business
- BusinessToday
At The Crossroads Of Sharing: Has the Consumer Economy Found Its Next Oasis Of Trust?
This commentary was contributed by Tey Eng Xin, a financial columnist and co-author of an international academic journal about investor sentiment From departmental stores in the industrial age to the mobile commerce screens of today, the evolution of retail has never been a battle of products alone but a relentless reshaping of trust anchors in society. In the past, towering malls, supermarket chains and glossy TV infomercials stood as symbols of credibility. But in the digital bazaar of 2025, a different force is at play. Social media hosts, livestream presenters and micro-influencers are quietly replacing billboards and celebrity endorsements as the new gatekeepers of consumption. However, the explosion of online commerce and livestreaming in Malaysia is no accident. It is the byproduct of a nation where smartphone penetration reached 140.2% of the population in 2023, and internet penetration surged to 96.8%, one of the highest rates in Southeast Asia These figures are not merely statistics; they are signposts of a society where the screen has become the first window to the world. Malaysians are not just mobile-first; they are mobile-dominant, with multiple devices per capita, using them as gateways for shopping, entertainment, socialising and increasingly, livestream commerce. From Transaction to Interaction: The Emotionalisation of Retail Based on the independent market research (IMR) of Oasis Home Holding Bhd, it paints a telling picture: Malaysia's online retail market is forecasted to surge from RM32.6 billion in 2023 to RM48.5 billion by 2028, driven primarily by mobile-first platforms, livestream shopping, and social recommendation commerce. Consumers are no longer shopping for products, they are shopping for reassurance, identity and community. The livestream window has morphed into a digital campfire where hosts tell stories, share laughs and forge bonds with viewers, subtly embedding consumption within the rituals of companionship. This shift is not merely cosmetic. According to the same IMR report, over 68% of Malaysian livestream shoppers cite the host's credibility and relatability as their primary trigger for purchase, not price, not features. The Inescapable Human Pulse in an AI-First World In an era obsessed with automation, personalisation algorithms and artificial intelligence (AI)-driven recommendations, some futurists boldly predict the death of human livestream hosts. They claim that hyper-realistic avatars, voice bots and scripted AI can seamlessly replace human engagement. Yet, this is a profound misunderstanding of the livestream phenomenon. The notion that AI will replace human livestream hosts is not just premature, it is fundamentally flawed. Livestream commerce thrives precisely because of its imperfections — the off-script jokes, the genuine eye contact, the awkward moments that make viewers feel they are part of an authentic, unscripted interaction. Strip away the humanity, and what remains is a glorified vending machine. Viewers do not tune in for products alone, they tune in for the familiar face, the spontaneous banter, the authentic stories and the sense of shared experience that no algorithm can replicate. AI can curate, optimise and recommend, but it cannot replicate the serendipity, tension and warmth that occur when two humans connect. In retail, the heartbeat is irreplaceable. The Underrated Battlefield: Post-Purchase Experience Beyond the glittering surface of livestreams, a quieter battleground is shaping consumer loyalty: After-sales service. Many brands neglect this phase in the pursuit of growth, reducing it to a back-office function. Yet data shows that the top consumer complaints in Malaysia's online commerce sector still stem from post-purchase frustrations: poor service, vague policies, and robotic replies. Here lies a hidden truth: The most powerful marketing often happens after the sale, when a complaint is met with empathy, when a refund is handled with dignity, when a voice at the other end of the call listens, not scripts. Brands that overlook this stage are not just risking bad reviews; they sever the emotional contract they painstakingly built during the purchase journey. The Emergence of Human-Centric Platforms Amid this seismic consumer shift, companies like Oasis Home have emerged, less as pure retailers and more as orchestrators of digital communities. Without making grand proclamations, Oasis Home has quietly woven the codes of sharing economy into its model — not as a business gimmick but as an embrace of ancient human instincts: The joy of recommending, the pride of influencing, the comfort of belonging. With its omni platform approach of livestream commerce, affiliate-driven community marketing and hybrid online-offline experience centres, the company echoes a broader societal desire to redefine consumption as participation rather than transaction. This is not just about selling more beauty products or kitchen gadgets, it is about transforming consumers into stakeholders, turning buyers into storytellers and turning commerce into a living, breathing social ecosystem. At first glance, livestream commerce may appear as a flashy trend. But beneath the surface, it reflects a deeper human craving for connection in an age of isolation. It reclaims the marketplace as a stage for human stories, laughter and rituals, elements that no algorithm can automate. As we stand at the crossroads of consumer civilisation, the question is no longer whether livestream commerce is here to stay. The question is: Will brands and platforms evolve into enablers of human warmth and social belonging or will they reduce themselves to algorithmic vending machines in a sterile, post-human retail landscape? Is Oasis Home simply one of the many players in this space? Or is it the early silhouette of a new consumption ecosystem where commerce returns to its primal roots: Trust, storytelling and community? Related
Yahoo
29-01-2025
- Business
- Yahoo
Singapore's luxury condo resale market stalls in 2024 as foreign buyer demand plummets
SINGAPORE, Jan 29 — Singapore's luxury condominium resale market has slowed significantly in 2024, with property agents struggling to find buyers despite a high number of listings. A search on property portal PropertyGuru shows over 200 luxury condo listings priced above S$10 million (RM32.6 million) in the Orchard area, with multiple agents marketing the same properties, according to a report in The Straits Times today. The decline in transactions is largely attributed to the 60 per cent additional buyer's stamp duty (ABSD) imposed on foreign buyers in April 2023, along with a limited new supply of high-end condominiums. In 2024, only 21 luxury condo units in the Core Central Region (CCR) were resold at prices above S$10 million, down from 36 in 2023 and 56 in 2022. In contrast, 100 such units were resold in 2021. A record-breaking transaction in 2020 saw a penthouse unit at Wallich Residence sell for S$62 million. The most expensive luxury condo resale in 2024 was a 5,801 sq ft unit at Eden Residences Capitol, which fetched S$19.75 million, according to Urban Redevelopment Authority (URA) Realis data. This was a significant drop from 2023, when the priciest deal was a S$32 million penthouse at Goodwood Residence, reportedly purchased by a Singapore permanent resident (PR) of Chinese nationality. Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said: 'The decrease in (the number of) transactions can primarily be attributed to a decline in demand from foreign buyers, who have been significantly affected by the 60 per cent ABSD.' PRs pay 5 per cent ABSD on their first property, while Singapore citizens are subject to 20 per cent ABSD only on their second property. Sun also noted that a lack of new supply contributed to the market stagnation. 'Last year, the number of new luxury homes released to the market was significantly limited, particularly due to the scarcity of launches in the CCR,' she said. Property agents do not anticipate a market rebound in the near future. Nicole Teo, deputy branch associate director of OrangeTee & Tie, said: 'Foreign buyers had always been the main group buying luxury condominiums, followed by PRs, and then the few Singaporeans. A Singaporean with S$20 million to invest in a property would rather buy a good landed property than a condo.' Foreigners are restricted from purchasing landed homes in Singapore unless they obtain permission from the Land Dealings Approval Unit, with Sentosa Cove being the exception. Teo added: 'Foreigners can't blow that sum on a landed property (except in Sentosa), so the high-net-worth foreigner would spend it on a luxury condo instead — but that was before the hefty ABSD imposed on foreigners.' Luxury condos remain a market largely driven by investors, but arranging property viewings is challenging, according to Stefanie Wong of Singapore Realtors Inc. 'With tenants in place, arranging viewings can take weeks. Sometimes (it takes) three to six months, or even up to a year, to sell a unit,' she said. Wong is currently marketing two luxury units at The Ritz-Carlton Residences, including a penthouse listed at S$39 million and a four-bedroom unit priced below valuation at S$10.9 million. Alex Low of PropNex Realty, who specialises in Sentosa Cove homes, said sales in the enclave are now primarily driven by Singaporeans, with a smaller group of foreign buyers exempt from the 60 per cent ABSD. Buyers from the US, Iceland, Liechtenstein, Norway, and Switzerland are not required to pay ABSD on their first residential property in Singapore. In 2024, 132 condos were resold in Sentosa, with 62 per cent of transactions coming from The Residences at W Singapore Sentosa Cove. Analysts suggest this increase in activity may reflect a spillover from city fringe demand, where prices remain higher than those in Sentosa. Low noted that many luxury condo listings on the mainland, particularly those above S$10 million, have remained unsold for months. 'Owners of such high-value properties typically have strong holding power and are not in a rush to sell. However, the pool of high-net-worth investors is limited, especially since rental yields are not particularly attractive,' he said. 'Potential buyers also hesitate because these properties could be challenging to sell in the future.' Despite the slowdown, Sun highlighted some positive trends. URA Realis data showed that median rents of non-landed properties in the CCR (excluding executive condominiums) increased slightly, from S$5.50 per square foot per month (psf pm) in July-September 2024 to S$5.57 psf pm in the last three months of the year. However, rents remain below the S$5.68 psf pm recorded in late 2023. 'This slight improvement in the final quarter of 2024 could have been driven by tenants who have shifted from city fringe to prime areas, as rents in the CCR are still lower than they were a year ago,' Sun said. 'It is possible that some investors will continue to buy properties for rental investment as the rental recovery may continue this year.'
