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Retailing in Hong Kong to fuse the best of online and offline models as pandemic restrictions ease, industry observers say
- Online sales volume in Hong Kong to jump 13 per cent to US$7.9 billion this year, according to Euromonitor
- Industry observers expect an integrated business model in Hong Kong, where retailers operate both online and bricks-and-mortar stores, to attract consumers
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Hong Kong’s e-commerce market, which is set to receive a boost from the government’s consumption voucher scheme, is expected to grow some 13 per cent this year even after pandemic restrictions ease as consumers get hooked on to the convenience of online shopping.
While e-commerce’s upward trajectory continues unabated, industry observers see a future that integrates aspects of both online and offline for retailing in the city.
Online sales volume in Hong Kong are projected to reach US$7.9 billion this year, from US$7 billion last year, according to market research firm Euromonitor International. The outlook is in line with forecasts for Asia-Pacific, which is expected to grow 14 per cent to US$1.7 trillion.
“The pandemic was a catalyst that triggered merchants to consider if their physical store was the only means to conduct business,” said Nick Chiu, deputy general manager for Hong Kong at e-commerce platform Shopline. “This is an opportunity that facilitates how we embrace omni-channel selling. That’s in line with consumer behaviour as they are more reliant on their mobile devices.”
Online and offline retail spending likely received a boost last month after more than 6.3 million eligible Hong Kong residents received e-vouchers worth HK$5,000 (US$638) each, with another HK$5,000 to be distributed in August.
Last September, online sales soared 30.5 per cent year on year to HK$2.3 billion, accounting for 8 per cent of the total retail revenue, boosted by rising consumer confidence from the digital voucher scheme.
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