Hong Kong SMEs’ digitisation efforts have paid off during Covid-19 pandemic, PayPal survey shows
- Over half of the SMEs surveyed reported an increase in online sales
- E-commerce sales in Hong Kong are expected to grow from HK$178 billion (US$22.9 billion) in 2021 to HK$226 billion in 2024, according to GlobalData
Hong Kong’s small and medium-sized enterprises have embraced digitisation, adapting to new consumer preferences shaped by the Covid-19 pandemic, according to a PayPal survey.
The survey showed that 87 per cent of small businesses used their own digital channels for marketing and sales, including e-commerce websites, company-owned platforms and social media.
Almost one in five reported a positive business experience during the pandemic, ranging from an upswing in demand to an increase in online customers from overseas.
“Small businesses that benefited most are those that established their digital shop fronts, allowing them to achieve global expansion and to reach out to online shoppers,” said Tim Fu, market leader of PayPal Hong Kong, South Korea and Taiwan, on Thursday.
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“For SMEs who were not proactively planning to do that type of investment, I think the impact of Omicron will bring a bit more urgency,” he added.
Since the Covid-19 pandemic started in early 2020, online shopping has taken off globally. With many countries enforcing lockdowns to stem the spread of the pandemic, consumers took to ordering daily necessities such as groceries, food and other services online.
