Hong Kong e-commerce sales are expected to sail 11.1 per cent throughout 2021, as customers continue to look online when shopping in the region, according to GlobalData.
Following the social unrest in 2019 as well as last year’s movement restrictions due to the Covid-19 pandemic, the region has seen a spike in the online purchases of essential goods which has driven many retailers to invest in their online models.
However, the online market has been growing for some time, according to GlobalData’s banking and payments analyst Nikhil Reddy.
“Hong Kong’s e-commerce market has been on a consistent growth curve in the last five years, supported by high Internet and smartphone penetration, improved payment and logistic infrastructure, and increasing consumer confidence in online transactions,” Reddy said.
“Hong Kong e-commerce market is expected to continue its uptrend over the next few years, even beyond the pandemic, driven by growing consumer preference, emergence of new online shopping models and availability of customized payment solutions.”
One such new online shopping model is the increasing prevalence of selling products through livestreams – typically used by fashion and lifestyle brands to show off new products – which provides an avenue for customers to talk directly to the brand and order online.