Hong Kong is finally transforming online to avoid Covid-19 — Measurable AI
Last month, Hong Kong Television Network (HKEX: 1137), the city’s very own e-commerce platform sets records in monthly turnover. The name although sounds strange to others is actually a rising business in Hong Kong. The company’s original plan was to start a television network but failed to get a legitimate license under Hong Kong’s complicated political environment.
In 2018, the company decided to focus on being an online shopping platform, and now it’s become one of the biggest in Hong Kong.
According to Measurable AI’s datasets for online shoppers’ e-receipts, the company is breaking record every month since January, when the pandemic just started. In February, its monthly sales was up by over 40%, and then went up again by 10% in March.
Since June 2019, people in Hong Kong have been living with continuous protests and police responses. Streets and malls would be closed sometimes for unexpected clashes. Specific retail store chains got attacked from time to time as a target for their Pro-Beijing stance. None of these ever stopped people in Hong Kong from going out to shop and buy stuff for themselves until recently.
Covid-19 has literally changed people’s digital habits in this city where people are so used to live on top of mega shopping malls and restaurants all over the places.
According to Measurable AI’s datasets, the number of orders per month also shows clearly how people are transforming online. In February, the number of orders surged instantly.
Another reason behind the boom is the company’s swift actions during the crisis. CEO Wong purchased a mask manufacturing machine at his own expense to cope with the mask shortage in the city. The company has also opened more O2O stores very quickly during recent months for people to pick up and shop near their neighborhood.
With the boycott of Pro-Beijing companies or services from China like JD or Taobao going on in Hong Kong, HKTV Mall has successfully won first place in Hong Kong within only 2 years of time.
When digital habits as mobile payments and online-shopping first spread like wildfire in China, cities like Hong Kong or Singapore seemed a bit slow. And people blamed their sophisticated city lifestyle for it. However, this time the change in people’s digital habits happened quickly and rapidly.
The question is how long will it last?
Measurable AI provides actionable consumer insights based on billions of alternative data for emerging markets. By scanning and identifying billions actual online spender’s email receipts, Measurable AI transforms them into valuable consumer insights, which updates daily right after the purchases happen.
Charlie Sheng is a serial female entrepreneur, and a dedicated communicator for technology. Charlie specialises in trends and insights for the tech industry, with MAI Insights’ real-time online consumer data panel. You can reach her at [email protected]
*The Content is for informational purposes only, you should construe any such information or other material as investment advice
Originally published at https://blog.measurable.ai on April 24, 2020.