(16th March 2020, Hong Kong) – Under the impacts brought by COVID-19, all industries in HK are severely affected. Retail sales have been dropping from last year, and the decreasing trend can hardly be retreated before the 2nd quarter of 2020. Some organizations even predict there will be a large-scale shake-out. Therefore, Hong Kong Federation of E-commerce (HKFEC) will assist all enterprises to develop online business, hopefully to overcome the current economic difficulties with the public together.
As the coronavirus epidemic is unsparing, citizens tend to go out less, while enterprises can hardly arrange staff to offices or marketplaces, digital transformation seems to be the only way out of the current situation. Service industries, such as banking, insurance and accounting, can use different tools to help remote working; retail industries can consider developing e-shops to strengthen digital marketing, attracting new customers and increasing income diversity. However, digital transformation may sound easy, but the whole process from establishment to operation, it can be very different from traditional retail and thus much effort is required. Therefore, HKFEC would like to gather their experts and members to assist in developing online businesses for people or companies who are keen on doing so. Any parties with such need are welcome to contact us for free consultation. In the meantime, we also welcome capable digital experts to volunteer their services, resources and tools for people or SMEs who need help in transforming their business onto Internet or kick starting their online business.
Developing e-shops is not only about expanding sales activities, but also the possibility in upgrading the business via integrating the Internet and other technological elements along the development. For instance, utilizing Big Data analysis and AI to improve mobility and customer experience, connecting online to offline (O2O) business and creating new competitive advantages.
Mr. Joseph Yuen, Board Chairman of HKFEC said,” Most traditional retailers were hesitated to develop e-commerce, however given the current virus outbreak situation, it is time to make a shift to online and avoid affecting their business due to location blockout or operating hours in shopping malls. The transformation in a long run helps companies to collect data more efficiently, improve decision-making processes, and hence improve customer experience.”
Since the establishment of HKFEC, the organization has been encouraging communications and collaborations among members, and assisting in providing various information and trainings, aiming at improving business environment of e-commerce. With the fact that e-commerce can allow customers to purchase in a more convenient way, it can achieve further to help target new customers, improve brand communications, understand customer needs and develop popular products.
Adjunct Professor Sin Yat Ming, Leo of Department of Management of CUHK Business School mentioned that during COVID-19 outbreak, online shop sales has increased rapidly since most people are spending less time going out, but the shopping demand is still big. Also considering that daily necessities and some personal protection items are sold out in every shops, people choose to buy from online, not only provide a wide variety of products, but also can easily buy from oversea while sitting at home.
Last month, the Financial Secretary, Mr Paul Chan, has announced the 2020-21 Budget with many policies to relieve burdens of enterprises, solve cash flow problems and stimulate the economy, but it may take time to get approved and be executed that it helps a little in solving urgent problems immediately. When most retailers in HK feel frustrated and foresee a negative prospect, HKFEC hope all stakeholders in the society can gather talents, skills and resources to help all industries to sustain businesses. We also encourage more professional experts can provide voluntary assistance to who have just started their e-commerce journey during the hard time. All parties are welcome to contact us via email email@example.com / firstname.lastname@example.org or call us at 2117 3986 to apply for a free consultation or provide free assistance.
About Hong Kong Federation of E-Commerce (HKFEC – http://www.hkfec.org)
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The Hong Kong Federation of E-Commerce (www.hkfec.org) was established as a non-profit organization to bring professionals and all parts of e-commerce businesses together to share the latest news, technology and opportunities on a common platform. Their goal is to make Hong Kong a better place for e-commerce. HKFEC’s main objective is to encourage mutual benefits to all e-commerce players, from platform owners, online shops, online media, online service providers to logistics and couriers. HKFEC also closely cooperates with overseas e-commerce organizations to make Hong Kong the gateway for e-commerce in China.