Why you should start an eCommerce business this Chinese New Year
As Hong Kong extends its lockdown measures into Chinese New Year, many people are turning to online shopping to do their holiday shopping.
The fresh round of restrictions include the cancellation of the city’s annual Lunar New Year fairs, where locals usually shop for flowers, home decor, toys, gifts, and food. Following the announcement of closure of the popular flower markets, a large number of people are now looking elsewhere to get their New Year shopping sorted – with many of them considering to take their purchases online.
This presents a huge opportunity for small businesses to tap into and attract new customers by increasing their online presence. The easiest thing you can do to break into any eCommerce space is by setting up online credit card payment for your business website. Airwallex offers a world-class payment system that enables your eCommerce site to accept payments from around the world seamlessly.
Hong Kong eCommerce market to hit HKD $226 billion
Looking beyond the Chinese New Year peak season, Hong Kong’s eCommerce market will continue to grow rapidly over the next few years and is expected to reach HKD $226 billion by 2024.
A large part of this is fuelled by the global pandemic and the prolonged periods of lockdown, where online shopping has grown to become a lifeline for those who are staying at home. Before COVID-19, only 40% of total retail sales in Hong Kong were carried out online; whereas the number has increased to 52% in 2020 and is forecasted to continue to skyrocket.
Take advantage of the eCommerce market today
To help you take advantage of the ever-expanding eCommerce market in Hong Kong, Airwallex is offering up to HKD $100K transaction volume with zero payment gateway fees for your online business, so you can earn back your profit margin.
Simply sign up for a free Airwallex account to redeem this limited-time offer!