Hong Kong consumers are now increasingly going online to shop. This change in behavior was prompted first by the pandemic, and has carried on despite lockdown measures easing within the city. According to the latest figure from the Census and Statistics Department of the Hong Kong government, of the total retail sales value in July 2021, online sales accounted for 7.5%. The value of online retail sales in that month, provisionally estimated at HK$2.1 billion, increased by 29% compared with the same month in 2020.
With many of Hong Kong consumers being price-sensitive, merchants have been working hard to win their hearts and wallets by offering products with high quality and competitive price. Today, it isn’t uncommon for Hongkongers to use price comparison websites to research on products before making any purchases.
As one of Hong Kong’s major price comparison platforms, Price.com.hk offers such an avenue for the ever conscious consumer in Hong Kong. Leading the marketing and eCommerce operations at Price.com.hk is marketing director Wilson Wong. Wong says that in his role, he has the opportunity to handle duties in different aspects including but not limited to B2B and B2C marketing communications, eCommerce and platform operations.
Wong shared that while Hongkongers are not new to eCommerce, as with the rest of the world, the purchase patter was altered in 2020 when consumption on eCommerce platforms exploded amidst global lockdowns. This trend followed through in the first seven months of 2021 where the Census and Statistics Department reported that Hong Kong's estimated value of online retail sales increased by 50.6% compared with the same period in 2020.
To tap into the opportunities in the Hong Kong market, Wong is working to create a smart shopping experience to its consumers and members.
"Other than those common figures that digital platforms all focus on, the marketing team here also does everything we can to create values for the smart shopping experience. For example, we pay significant attention to our in-house warranty service PriceCare, merchant grading, discounts and content about purchasing guides," he said.
On the merchant side, Price.com.hk explores different opportunities to strengthen the competitiveness of its merchants and their products. For example, it regularly organises workshops with partners such as Google, banks and logistic companies for its merchants to remain upskilled as technology engulfs most areas of retail and purchase.
“By partnering with banks and logistic companies, we can offer discounts and sponsorship in our marketplace to increase the competitive edge of products. Eventually, customers will buy more which will benefit the merchants,” he said. He added, "Our ultimate goal is to support and uplift our merchants' strength in the retail battlefield."
Given price comparison sites are not new to Hong Kong, Wong and his team has to actively cut through the clutter and shares that the challenges of running such sites are a plenty. However, a key focus for his team has to try their very best daily to really understand what retailers and customers want given choices in the market evolve at a breakneck speed.
Having come from an agency background where he worked with the likes of OMD and PHD Hong Kong, Wong said the experience equipped him with skills and knowledge in the digital and commercial sectors, adding that such experiences are crucial to his duties in the current position.
Where does he see the digital industry headed in HK?
Wong shared that the digital industry in Hong Kong will continue to make waves and grow in the next few years. Specifically, he has his eyes on areas such as payment solutions, eCommerce, SaaS, virtual banking and fintech. As such, marketers must upskill as seasoned practitioners and leaders will be on high demand in the future.
Looking ahead, Wong shared that Price.com.hk will develop more strategic partnerships with institutes such as banks, logistic partners, payment solutions providers, influencers and different platforms in upcoming months. To keep expanding its partner network, Wong said the platform is willing to work with different brands, platforms and marketers for a “win-win collaboration in the ever growing digital industry”.
"Without any doubt, Price.com.hk is one of the most rapidly-growing digital platforms in Hong Kong with high potential to thrive in eCommerce. Digital professionals have a bright future here," he concluded.
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