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

Financial Secretary Paul Chan Mo-po said while Hong Kong has seen an increase in online retail sales, it still needs to catch up to levels on the mainland. He added that more measures and events should be implemented to facilitate business opportunities.

In his blog post on Sunday, Chan stated that the city's online retail sales grew 60 percent from 2020 to 2023, reaching HK$32.5 billion. 

However, Chan pointed out that in the previous year, online sales made up only 8 percent of the total retail sales in Hong Kong, whereas it accounted for 28 percent in mainland China. This indicates that there is still significant room for growth in Hong Kong's local online sales market.

The Hong Kong Trade Development Council (HKTDC) plans to hold the Hong Kong Shopping Festivals on mainland e-commerce platforms to help small and medium local businesses boost popularity and expand business opportunities.

Chan noted in his blog that the previously launched E-commerce Easy program, under the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), subsidizes small and medium enterprises to use at least HK$1 million to develop the mainland market and will later support other markets as well.  

Additionally, HK$500 million in funding was allocated to assist Cyberport in rolling out the Digital Transformation Support Pilot Programme (DTSPP), which will help the catering and retail industries accelerate digitization.  

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