HKTV Mall GMV soars 77 per cent

HKTV Mall GMV (gross merchandise volume) soared 77 per cent last year.
Orders grew from 2500 a day in 2017 to 12,200 a day in December last year, with sales up to HK$1.891 billion. The average transaction amount per order was $500 and Alexa data shows the site is now Hong Kong’s most-visited e-commerce platform.
However, a reduced loss of $133 million (US$16.9 million) compared with $205 million in 2017, was largely due to a one-off gain from an asset sale. On an operational basis, day-to-day losses increased.
Chairman Ricky Wong and CFO Alice Wong expect HKTV Mall GMV to reach $3.2 billion this year.
Ricky Wong M
Wong told a recent briefing that HKTV Mall has three major priorities this year:

  • Launch a mobile application for elderly consumers to make it easier for them to shop online.
  • Enhance the user experience and encourage more user interaction on the site.
  • Provide lifestyle content on the platform, such as cooking videos and a forum for novice mothers to exchange ideas.

Wong is confident the business will perform better this year as it focuses on reducing costs.
He is confident its performance will “improve well”.
The mall hosted 680,000 unique visitors last year, which means one in 10 Hong Kong people aged over 18 have shopped the site.
In a LinkedIn post, Wong said the company has spent four years building up a “foundation” for a Hong Kong digital ecosystem. That comprises an IT system connecting 1.5 million devices and 3000 retailers and brand owners, an advanced automated-warehouse system for e-commerce pick and pack and the largest last-mile distribution network in the territory’s residential area.
“What’s next? It all depends on how our business partners utilise our platforms,” he said.
“We are still very small.”
Ricky Wong 1
HKTV Mall accounts for just $2 billion of Hong Kong’s $480 billion total retail sales. “I will feel ashamed if Hong Kong online [retailing] from all operators cannot take 15 to 20 per cent of Hong Kong’s retail [market] in the next five years.”
He added that setting up the site had proven “much more difficult” than launching the Hong Kong Broadband Network 15 years ago.  

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