Hong Kong Ecommerce Trends & Statistics 2021 | startupr.hk

The E-commerce in Hong Kong is characterized by very high levels of cross-border spending, which predicts well for international merchants. Ourpartners:StartyournewHongKongcompany&Openabankaccount,ALLONLINE!RegisteryourcompanyinHONGKONGwithStartuprFREERegisteredOfficeAddressFromContacttoCompany&BankAccount,AllONLINE!RegistercompanynowCheckcompanynameHongKongEcommerceTrends&Statistics2021August19,2021Thee-commercemarketinHongKongisforecastedtoincreasecompoundannualgrowthrate(CAGR)by9.9%from2019to2024.AccordingtoGlobalData’sECommerceAnalytics, itsvalueisgoingtobeaboutHKD226billionby2024.In2020,asharpincreaseinE-commercetransactionswasexpectedtoregisterat13.4%.Thiswasthetimewhenclientsspenttheirmoneyratherthanonphysicalstores. UserpenetrationofHongKongwouldcover73.1%ofthepopulationin2021andisprojectedtoreach83.8%by2025.StatistaprojectedthattherevenuegeneratedbyanaverageHongKonguser(ARPU)wouldbeUSD1,375.89in2021.HongKongEcommerceTrends&Statistics Digitalwallethelpswithalmostalle-commercepaymentsinHongKong,approximatelyHKD$0.9billionperyear.ThismakesitthesecondmostpreferredpaymentoptioninHongKong.Itisestimatedthatin2021,digitalwalletpurchaseswillbemorethanwhatisdonebycards.Notethatdigitalwalletpurchasesareincreasingatanannualgrowthrateof32%.Thisyear,itispredictedthatthesedigitalwalletswillultimatelyoutperformallothereCommercepaymentsinHongKong.ThetwomostpopulardigitalwalletsinHongKongarePayPalandAliPay.LetusstudymoreaboutwhatHongKong’se-commerceoutlooklookslike,itssales,andpaymenttrends. Outlookfore-commerceinHongKong ClientsinHongKonghavebecomemoreselectivewhenitcomestomakingfinancialdecisions.Clientsareencounteringeconomicconstraintsandareprioritizingvalueformoney.AsperKPMG’sstudy,HongKong’sconsumershavesignificantlyreducedtheirspendingonluxuryandnon-essentialgoodsandhavere-allocatedthisspendingtoday-to-dayessentialssuchasgroceries.Moretech-savvyclient’svaluetheeasewithwhichtheycaninteractwithorganizationsthroughdigitalchannels.TherateofConsumersinHongKongusingdigitalplatformsisincreasing.Additionally,customershaveshiftedtheirpreferredpaymentmethodstothosethatcontributebetterrewardsforonlinespending.Anecessityforabrandtosucceedisearningthetrustofitscustomers. Companiesthatareempathetictowardstheirconsumers’personalsafetyanddeliveraconsistentlypositiveexperienceeveninCOVID-19havegainedloyalty.Consumershavedemonstratedsolidpreferencesfororganizationstheytrusttoprovideconsistent,high-qualityexperiencesduringthesechallengingtimes.EcommerceSalesinHongKong“Thee-commercemarketofHongKonghasbeenonaconsistentgrowthcurveinthelastfiveyears,supportedbyhighInternetandsmartphonepenetration,improvedpayment,andlogisticinfrastructure,andincreasingconsumerconfidenceinonlinetransactions”.saysBankingandPaymentsAnalystatGlobalData.Duringthepandemic,52%ofallshoppinginHongKongwascarriedoutonline,comparedto40%duringthepre-COVID-19period.Evenafterthepandemic,thistrendisexpectedtocontinue.PaymentsolutionslikeAlipay,PayPal,andGooglePayhavetakencardpaymentduetotheriseine-commerce. Developingcustomerpaymentexperienceremainsoneofthekeyfocusareasforonlinemerchants,drivingnewbusinessmodelslikethebuynowpaylater.Live-streame-commerceisanewbusinessmodelthatisgraduallygainingtraction.Clientscanviewandbuyfromliveonlinevideostreams.Customerstuneintothesestreamstocatchsuggestionsfromtheirfavoritestarsandtheproductsonline.Retailersarealsousingsocialmediaplatformstoreachouttocustomersdirectly.Manyretailersarelaunchingthee-shoppingservice,whichallowscustomerstoevenWhatsApptoplaceorders. Ecommercepaymenttrends Forathrivinge-commercemarket,HongKongboastsexcellentinternet,smartphone,andbankingpenetration,whichlaysthegroundwork.Merchantsmusthighlighttheirproductdiversitybyofferingsandtheconvenienceofe-commercetoattractconsumers.TheE-commerceinHongKongischaracterizedbyveryhighlevelsofcross-borderspending,whichpredictswellforinternationalmerchants.Youngdemographicsusesmartphonesandapp-basedsitestointroduceandaccesseCommerce.Cardsarealsooneofthemostlikablewaystopay.Therefore,bothcardanddigitalwalletpaymentsshouldbeintegratedbyretailers.In2020,5GwaslaunchedinHongKong.Ithadbeenrolledoutacrossthecity-statebythesecondhalfof2020.Anincreaseindemandforon-the-gointernetspeedscouldfurtherpromotemobilecommerce.Withoutadoubt,nowappsarepreferredoverbrowserstoperformtransactions.HongKong’sDomesticmerchantshavebeenslowerthantheirmainlandChinacounterpartswhenitcomestoe-commerceapps.TheMonetaryAuthorityofHongKonghascloselyfollowedEurope’srevisedPaymentServicesDirectiveasatemplatetoupdateitsownregulationsrelatedtoonlinebanking.Therefore,thechangeintrendshasbeenmassiveandheretostayinthemarket.Covid19ImpactonConsumerBehaviourinHongKongItisprojectedthate-commercesalesinHongKongdisplaystronggrowthin2021.Consumersarerapidlypurchasinggoodsonline.Therefore,theeCommercemarketofHongKonghasbeenonconsistentgrowthinthelastfiveyears.Afewoftheprimaryreasonsforthisgrowtharehighinternet,smartphonepenetration,improvedpayment,andlogisticinfrastructure.AnotherprimaryreasoncouldbetheincreasedconfidenceinOnlinetransactions. Approximately86%ofmidtolargee-commerceenterprises’hadproblemswithlogisticsandfulfillingorders,asperastudybyPaypal.Thankstothis,opportunitiesopenupforcompaniesthatareabletocoverlogisticsandrelatedprocesses.Themarketischangingduetothecurrentsituation,whichopensupnewbusinessopportunitiesinHongKong.ThenewtoppurchasecriteriainHongKongarevaluedformoney,easeofshoppingexperience,andproductquality.Users’overallpositiveonlineshoppingexperiencesguaranteethattheywouldfrequentlymakemoreextendedpurchasesfrome-commercestoresthanbeforethestartofthecoronavirusoutbreak.NeedAnyAssistanceinFormingYourEcommerceBusinessinHongKong?IncaseyouwanttostartyourbusinessinHongKong,itisadvisabletohireaprofessional.Nowthatyouarelookingforaprofessional,ensurethatyouwillcomeupwithplansforsolvingproblems,feelmoredecisiveinfacingchallengesandhelpchangebehaviorsthatholdyouandyourcompanyback;Startupristheone.Startuprprovidesthefollowingservices:AnnualReturn(NAR1)filingE-CompanydocumentssuchasIncorporationdocumentsrequiredforBusinessRegistrationCertificate,CertificateofIncorporation.Company’sCompliancealert–NevermissanimportantfilingdateagainwithStartupr. BusinessTaxConsultingCompanyComplianceGuidelinesCapitalizationTableinEqvista–SharesmanagementplatformEquityManagementGuidelinesCustomersupportTheprocessusedbythemiscompletely100%digital.FeelfreetocontactStartuprifyouareplanningtoformaneCommercebusiness.Share:GetmorehelpfultipsLikewhatyou'rereading?Getfreshtipstostart&growyourcompany.Email*SimilarpostsIsstartinganonlineoreCommercebusinessinHongKongagoodidea?OneofthebestcountriestostartyourbusinessisHongKong.Itiswellknownasaglobalbusinesshubwithhighly-advanced...ReadmoreHowtoWriteaPerfectBusinessPlanforHongKongBusiness?IfyouintendtosetupabusinessinHongKong,youmustwriteabusinessplanforyourcompany.Notjustin...ReadmoreCompanySecretaryinHongKong-AllyouneedtoknowHongKongisoneofthemostrobustbusinesscenterpointsontheplanetforincorporatinganorganization.Thereisascopeof...Readmore×BackofficeloginRemembermeForgotpassword?