Room for growth in Hong Kong’s online sales market: Paul Chan

In his blog post on Sunday, Finance Minister Paul Chan said that while Hong Kong has seen a surge in online retail sales, it still has to catch up with the mainland’s levels. He added that more measures and events should be implemented to facilitate business opportunities.

Chan wrote in his blog today that online retail sales in Hong Kong increased by 60 percent between 2020 and 2023, reaching a total of HK$32.5 billion.

However, in the previous year, online retail sales accounted for 28 percent of total retail sales in the mainland, compared to only 8 percent in Hong Kong. This shows that there is still growth potential in Hong Kong’s local online sales market.

The Hong Kong Trade Development Council (HKTDC) plans to organise the Hong Kong Shopping Festival 2024 to help small and medium-sized local businesses boost their popularity on e-commerce platforms in the mainland and expand their business opportunities.

Chan wrote in his blog that the previously launched E-commerce Easy program, which falls under the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), subsidizes small and medium-sized enterprises to spend a minimum of HK$1 million on developing the Chinese market. Later, it will also support other markets.

In addition, HK$500 million in funding was allocated to help Cyberport roll out the Digital Transformation Support Pilot Programme (DTSPP), which will help the hospitality and retail sectors accelerate digitalisation.

Chan also noted that more conventions are being held in Hong Kong, and more will follow gradually. This will connect individuals with shared interests and provide business opportunities for traders.