Financial News
Written by: Kwong Yueting
2020-09-29 16:08
Last update date: 2020-09-29 16:08
Hong Kong's economy has been hit hard by the epidemic, and many e-commerce companies are adjusting their strategies to restore business growth as soon as possible.
According to the latest PayPal survey, 61% of the companies surveyed expect their business to return to the level before the epidemic before the end of the year, and 86% of the companies surveyed said they will seize the opportunity to improve their online shopping experience and increase their competitiveness.
86% of e-commerce companies believe that improving consumers' online shopping experience is the key to improving competitiveness.
58% of companies plan to invest resources in the next six months to optimize customer payment experience.
However, logistics and supply chain issues (86%), and sales decline (52%) are the two major challenges they face.
29% of companies affected by supply chain issues said they need to buy the same product at a higher cost, while about a quarter (23%) of companies have increased labor costs due to logistics issues.
Companies need digital transformation to survive
PayPal Hong Kong, South Korea and Taiwan marketing director Fu Mengtai said that the epidemic has compressed the digitalization of commerce and payment from a few years to a few months, and companies have gradually realized that digital transformation is a necessary process to survive in the market.
If companies can provide reliable, safe and easy-to-use payment services, it will help improve customer experience and promote sales conversion.
The survey was conducted in August 2020 to understand the impact of the new crown pneumonia epidemic on local medium to large e-commerce companies and their views on business recovery.
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