SMEs opt for cross-border trade via digital payment

More than 80 percent of small and mid-size enterprises in Hong Kong have engaged in or plan to engage in cross-border trade to boost growth, a survey conducted by digital payment giant Paypal showed.

The survey was carried out between September and October last year and interviewed 210 Hong Kong SMEs leaders who have online businesses.

The survey found that while domestic business continues to be dominant for many local SMEs, cross-border trade is growing and accounted for 32 percent of sales among the respondents. To facilitate more cross-border sales, 39 percent have utilized social media and 26 percent have adopted new global payment systems.

Meanwhile, social media is the most popular online channel among SMEs in Hong Kong as 70 percent of respondents are using or planning to use social media for sales and promotion, followed by their own e-commerce websites, which accounted for 64 percent.