Mobile commerce poised to overtake desktop shopping in Hong Kong

Mobile commerce is expected to become the most popular online shopping channel in Hong Kong next year, at which point mobile is projected to account for over 50% of all online sales, according to a latest research.Worldpay, the payments technology company, has released the latest Global Payment Report. The research shows that mobile commerce is on track to overtake desktop sales globally in 2023, and Hong Kong is one of the frontrunners among APAC in the global transition to mobile shopping, nearly half a decade ahead of the global average. Mobile is now the fastest growing channel in Hong Kong, predicted to see a compound annual growth rate (CAGR) of 14% over the next four years. In comparison, desktop shopping in Hong Kong will grow at just two percent per annum over the same period.Phil Pomford, general manager for APAC, Global Enterprise eCommerce at Worldpay, said: “Hong Kong is renowned as a brick-and-mortar shopping paradise, but our new research indicates that online and mobile retail is the future. With some of the highest smartphone penetration rates in the world, it’s no surprise that consumers in Hong Kong are eager for more opportunities to enjoy the shopping experiences they love via innovative new channels.”Hong Kong is also ahead of the pack in adopting alternative, cashless payments such as e-wallets. Rising at a rate of 17% CAGR, e-wallets are forecast to make up 36.6% of Hong Kong’s e-commerce market by 2022. E-wallets are also the fastest growing in-store payment method in Hong Kong, set to rise at a 32% CAGR over the next four years.The overall e-commerce market in Hong Kong is poised to increase by 38% between now and 2022, ultimately reaching US$22.3billion in the next four years, according to the report.In the view of the rise of m-commerce and alternative payments like e-wallets, both in-store and online, Pomford said: “It’s more important than ever for merchants to tailor their mix of payment methods to match the preferences of local shoppers. The most important is providing a consistent overall retail experience that matches brand attributes, so that consumers can enjoy seamless and secure shopping and payments from desktop, to mobile, to bricks-and-mortar.”Worldpay suggests three ways for merchants to help capitalise on emerging m-commerce and cashless opportunities, including developing a branded and transactional app, leveraging biometrics to simplify transaction and identifying the most popular payment methods in each territory in which you operate.