COVID-19 makes ecommerce even more preferred among shoppers in Hong Kong

Monday 20 July 2020 11:53 CET | News

Data and analytics company GlobalData has revealed that Hong Kong-based consumers shift to ecommerce more and more.

According to the press release, GlobalData’s E-Commerce Analytics reveals that the ecommerce market in Hong Kong is set to grow at a compound annual growth rate (CAGR) of 9.9% between 2019 and 2024 to reach USD 29 billion by 2024.

Moreover, as consumers are increasingly shifting from in-store to online spending to avoid exposure to disease vectors such as cash and point of sale (POS) terminals, ecommerce payments are set to record a steep increase of 13.4% in 2020. 

The online rush is expected to benefit popular online payment tools such as AlipayHK, WeChat Pay, and PayPal. In addition, banks and card companies are launching new products to capitalise on this trend. For instance, on 30 March 2020 Citibank in collaboration with e-commerce provider HKTVmall launched the Citi HKTVmall co-branded credit card to offer exclusive benefits to online shoppers. 

In June 2020, Visa launched the eCommerce Starter Package in collaboration with Hong Kong’s leading e-commerce platform Boutir to help small and micro merchants in selling online and also access Visa credit cards.

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Keywords: GlobalData, COVID-19, ecommerce, online shoppers, Hong Kong, POS terminals, ecommerce payments, AlipayHK, WeChat Pay, PayPal, HKTVmall, Visa, eCommerce Starter Package, Boutir, micro merchants, credit cards
Categories: Payments & Commerce
Countries: Hong Kong
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