Hong Kong's embattled businesses are looking for a e-commerce boost heading into the end of 2020.
That's according to a new study released by PayPal, who gathered feedback in August from local businesses about the impact of COVID-19 and prospects for recovery, compiling their responses into "The PayPal Hong Kong Merchant Survey: From New Normal to New Growth".
While 61% of local merchants expected to see a recovery by the end of the year, 86% of those surveyed had begun to focus their efforts on creating a better online shopping experience, believing it will make them more competitive in the market and offset at least some of the losses created by the pandemic. An additional 58% already plan to improve their checkout experience.
"The pandemic has condensed the digitisation of commerce and payments from years into a matter of months, and businesses are realising the importance of digital transformation as a necessity of survival,” said Tim Fu, country leader at PayPal Hong Kong, Korea and Taiwan.
"As we emerge from the clutches of the pandemic, businesses must begin to shift gears from survival to recapturing growth. Successful businesses will be those that focus on optimising and delivering a strong, end-to-end customer experience," he added.
Over half of businesses have reported decreased sales, citing supply chain disruptions, cashflow difficulties, and loss of regular customers as some of the key reasons.
The full study is available from PayPal here: www.paypal.com/hk/MerchantSurvey2020