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The 2021 financial year charted a new course for the retail industry in Hong Kong, with online retail sales surging, despite the shrinking of the overall retail market under the pandemic situation. In that financial year, retail sales from online channels amounted to around ** billion Hong Kong dollars and was expected to grow to reach over ** billion Hong Kong dollars in the financial year 2026.

The long road to e-commerce

Owing to the high density of malls and shops, as well as the advanced transport facilities that connect the city, people in Hong Kong showed a strong preference for shopping in physical stores. Despite having one of the highest per capita consumption expenditures, Hong Kong has one of the lowest active e-commerce penetration rates within the Asia-Pacific region. Nevertheless, the development of Hong Kong’s e-commerce accelerated amid the pandemic, with the majority of the consumers increasing both online shopping frequency and spending in various sectors.

Online-to-offline retail in Hong Kong

The coronavirus epidemic expanded the presence of online-to-offline retail in Hong Kong as well. More than half of Hong Kong consumers stated that they increased their use of food delivery services after social distancing measures were imposed. Meanwhile, Hong Kong shoppers have become familiar with the O2O grocery delivery service, which is now offered by a growing number of delivery platforms in the financial hub.