About 90% of Hong Kong consumers have experienced online shopping within the last three months. The local spending power is on the rise, the internet usage is among the highest in the world, all available data shows that the potential for online business in this area is astonishing. The total value of e-commerce reaches HK$24.2 billion in 2019, registering growth of 13 percent, thus it is expected to post a current compound annual growth rate (CAGR) of 13 percent to reach HK$43.6 billion in 2024.
Hong Kong is notable for its advanced e-commerce infrastructure and good e-commerce growth potential, its online shopping market is projected to expand at a compound annual growth rate of 10.2 percent to 2021. The city is a highly banked, wealthy region that enjoys excellent digital and physical infrastructure, most of the popular third-party payment gateways around the world entered the city, such as Visa, Mastercard, AliPay, WeChat Pay and PayPal are among the most prominent in Hong Kong.
Studies shows travel and retailing are among the two most active industries in terms of their online progression and presence.
Source: Euromonitor – JP Morgan
Credit to: startmeuphk