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The Covid-19 pandemic preceded by mass protests of what many of its citizens view as creeping authoritarianism from mainland China presented significant challenges to the economy. The potential of Hong Kong’s ecommerce market is reinforced by the fact that the majority of the population is yet to use ecommerce, but this suggests both a challenge and an opportunity for merchants. Only a quarter of Hong Kong’s citizens shop online, and ecommerce accounts for just 11% of Hong Kong’s total retail spend. High population density and a largely urban geography acts as a hurdle to ecommerce growth, as most of the populace enjoys easy access to physical stores. Covid-19, may reverse that trend permanently.
Revenue in the ecommerce market is projected to reach $6.4 million in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2025) of 12%, resulting in a projected market volume of $11.3 million by 2025. The market’s largest segment is fashion with a projected market of $2 million in 2020. The average revenue per user is expected to be $1,244. The Hong Kong B2C ecommerce market is estimated at $3.7 billion.
Over half of all ecommerce purchases are made using top cards like American Express and MasterCard, totalling $1.8 billion in annual sales. Digital wallets are the second most popular payment option in Hong Kong, used for a quarter of all ecommerce transactions, or $0.9 billion annually. The most-used digital wallet brands include PayPal and AliPay. Bank transfers occupy 10% of the market. Faster payments were introduced in Hong Kong in September 2018 with the launch of its state-backed Faster Payment System. Citizens can transfer funds 24/7 with the money available almost immediately. Users can use Faster through mobile or email and it supports the Hong Kong dollar and renminbi payments.
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