Hong Kong’s eCommerce Market Outlook & Forecast

Hong Kong’s eCommerce Market Outlook & Forecast : As the world becomes increasingly interconnected, both economically and socially, technology adoption (particularly smartphone adoption and internet penetration) is one of the defining factors and indicators in economy progress.

Hong Kong’s E-commerce Market Data

In 2017, 85.9% of the mobile population in Hong Kong reported owning a smartphone and 80.2% of the total population reported using the internet at least occasionally. As the Internet and smartphone adoption rates are highly related to overall country wealth. The data shows that Hong Kong is one of the most developed economy in the world in comparisons to other economies.

Hong Kong’s E-commerce Sales

E-commerce remains a hot spot for the retail industry in Hong Kong. a study shows that the E-commerce sales will continue to represent a healthy chunk of total retail spending growth with annul growth rate as high as 10.2% from 2016-2021. It is expected that Hong Kong’s E-commerce user penetration will reach 82.6% in 2021.

Hong Kong’s Competitiveness

Hong Kong has slipped in a global benchmark of innovation, ranking 14th globally. The city, which now falls behind regional competitors Singapore and South Korea, thought the overall performance is still among the top in the world.