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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now