Comparison based on screen size and weight among every iPhone model, including the latest iPhone 11
The mobile phone industry is a highly dynamic and competitive industry due to rapid changes in technological developments and market segmentation. Its constant evolution is due to the size of the market, the evolution of product form, consumer behaviour, to the rise and fall of various mobile phone companies or brands.
E-commerce plays a very important role in the economy of Hong Kong (HK). Statista recorded revenue of US$4.8 billion in HK on the e-commerce sector alone in 2019. The same report states that the revenue is expected to show an annual growth rate (CAGR 2019-2023) of 7.4%, resulting in a market volume of US$6.4 billion by 2023. This indicates an incredible potential in the e-commerce sector in HK for the next four years.
Based on the study by Statista, the Hong Kong e-commerce market in 2018 brought in a whopping revenue of USD 4.41 million and the number is anticipated to reach USD 6.5 million by 2023. This is because; Hong Kong is one of the favourites within APAC in terms of global transition to mobile shopping.
E-wallets are the next generation when it comes to payment transactions. Over the years we have seen revolutionary changes in mankind’s trading system starting from the barter system to monetary systems which we are still using till this day to a digitalised system which e-wallet is currently offering. According to MoneyHero.HK, there are 9 major digital wallet players in Hong Kong’s market which are WeChat Pay, Ali Pay, Pay Me, Tap & Go, O!ePay, Apple Pay, Google Pay and Union Pay as of 2018.
E-commerce entrepreneurs are growing nowadays. Everything around us is moving at a fast pace with new innovations of technology to new businesses which tends to overshadow the competitors. Hong Kong is home to various successful e-commerce entrepreneurs which had quickly gained popularity and growth. Hong Kong’s user penetration is currently at 74.1% and is expected to increase to 75.1% by 2023. This increase had also resulted to an expected increase in revenue of US$ 1.6 billion by 2023 which is why e-commerce entrepreneurs are very interested in investing within the Hong Kong market.
Physical stores and online retail stores both have different benefits which they bring to the table. Sure, consumers have their preferences but combining the two would double the benefits for one business. E-commerce provides multiple benefits to physical stores with an opportunity to grow faster, a more flexible business, improve C2B and B2B relationship, keeping consumers well informed of current trends and promotes repeat purchase.
With stats reviewed from Statista showing a revenue of US$4.4 billion on e-commerce alone in 2018, it’s only fitting that 2019 is a good year to start an e-commerce platform with the expected increase of revenue by 2023. Hong Kong has a large domestic sector which provides long term opportunities, an attractive option for entrepreneurs, availability of formation agents, tax laws lower than other countries and not to mention the high web traffic. The consumers behaviour towards the virtual and physical stores is a challenge which most e-commerce start-ups face as some consumers tend to cling to the traditional way of purchasing goods but nonetheless, great opportunities still awaits.
Taobao and Amazon were the highest searched terms of 2018, followed by Carousell and Zalora Online shopping is most prominent before big festivities in Hong Kong i.e. Chinese New Year The preferred shopping platform for Black Friday is Amazon
Based on the data by Go-globe, the online shopping category for consumers in Hong Kong that takes the number one spot is clothing/accessories. Online shoppers make up of 41.7% of this category while the other shopping categories i.e. airlines, travel, hotels, electronic products, etc. are only within the 30-percentile range.
Its no surprise that Hong Kong consumers prefers to shop in physical stores on regular basis, however consumers are increasingly going online when it comes to sale periods such as Singles’ Day or Black Friday. The rationale is simple, it is convenient and does not require shoppers to wait in long lines to get what they want. From the retailers’ point of view, it’s the best way to market niche products to consumers who have specific needs.