Hong Kong E-commerce Growth – 5 Things You Need To Know

According to heritage.org, Hong Kong’s economy was rated the freest in the world from 1995 through 2019. As of 2020, Hong Kong is still one of the freest economies in the world, second only to Singapore. Not only is it the freest, but it is also among the fastest-growing economies in the world.

One reason for such growth is because of the government’s open-mindedness to technological innovations and commitment to human resources.  

As of 2018, the World Bank ranked Hong Kong the fourth best country for doing an online business efficiently and easily. 

E-commerce in Hong Kong is currently growing at a rate that is attracting a lot of investors. This growth is going to be very appealing to anybody interested in making an online business, but there are other reasons to get involved in the e-commerce industry in Hong Kong specifically.

Here are 5 things you need to know about Hong Kong’s e-commerce growth:

1. Internet access

Hong Kong has about 5.5 million internet users, which accounts for an impressive 74% internet penetration. It also consistently ranks as one of the countries with the fastest online connections worldwide. Not only that, but Hong Kong is one of the most smartphone-friendly markets in the world, and with multiple e-commerce platforms optimizing for smartphones, the ease of creating an online store it has greatly improved. This article about  Wix Hk gives a well-detailed review of Wix.com—one of the world’s leading website builders,  in Hong Kong.

Furthermore, Hong Kong provides a good environment for online businesses to thrive. E-commerce is developing rapidly in Hong Kong as more retailers set up their online presence and shoppers upgrade their lifestyles. With more than 4.5 million e-shoppers, the e-commerce penetration rate in Hong Kong was at 59.8% in 2018 and is expected to hit 72.6% in 2022. Many traditional stores have established online purchasing platforms. The key factors that lead Hong Kong’s customers to buy online are price and the convenience of shopping anywhere at any time. 

2. Geographical location

Hong Kong’s air and sea links are driving an emerging e-commerce sector. The city’s geographical location in the heart of Asia puts it within a five-hour flight of half the world’s population. Hong Kong’s airport has taken the boom of Chinese e-commerce in its stride. The city’s international airport has been the world’s busiest cargo airport since 2010. In 2017, Hong Kong’s cargo and airmail tonnage topped five million tons, the first airport to clear this milestone. 

As e-commerce users demand more from vendors and expect products delivered within days, Hong Kong is perfectly placed to meet stakeholder needs. Starting an online business in Hong Kong should really interest you because the city is also well positioned geographically for direct access to China—one of the world’s leading logistics hubs. It has been estimated (by the Hong Kong Economic and Trade Office reports) that approximately 40% of China’s foreign trade goes through Hong Kong. You will be able to find great deals with shipping and logistics providers for global distribution (like DHL offering very low rates for global next day shipping).

3. Government policies

The Commerce and Economic Development Bureau oversees the operation of E-commerce in Hong Kong. Additionally, the Hong Kong Monetary Association (HKMA) has an important role to play in ensuring that different forms of digital payment can be accommodated and processed in Hong Kong. In September 2017, HKMA announced the Faster Payment System” initiative which supports the use of mobile phone numbers or email addresses for payments in the Hong Kong dollar and Renminbi anytime and anywhere, thus setting the stage for ease of online transactions.

Due to its free-market economy, Hong Kong has also been growing as a much-preferred destination for many global companies that are seeking to set up their regional headquarters in the Asia-Pacific region. Moreover, the country has a reputation for excellent governance, which means that you would not encounter any corrupt officer while you do business here.

The city also has a favorable tax structure. Businesses that generate less than HK$2 million (US$255,000) pay just 8.25% of corporate profits in tax (see more here). Profits above HK$2 million are taxed at a rate of 16.5%. Hong Kong’s government does not impose a sales tax or value-added tax (VAT), nor does it levy any capital gains taxes. 

4. Power Supply

Electricity powers the whole infrastructure of the internet. If there are power disruptions that take place every now and then, it would affect the accessibility of the online business. In Hong Kong, you can easily enjoy a continuous and reliable power supply. And, in case of any unplanned cut in the electricity supply, the entire cut lasts for a maximum of 3 minutes. 

5. Efficient Banking System

When you are setting up an online company, you need every option open to you since the world would be connecting with you and your services. Hong Kong has a sound and efficient banking system, with about 71 of the world’s 100 largest international banks having major branches in Hong Kong. Hong Kong’s economy is built on the idea of safe, secure, and easy banking for businesses. Once you register your online business in Hong Kong, you will have access to a wide range of banking services, and products, from the multicurrency accounts, and merchants. 

With the help of these, business owners can easily transfer their money internationally and can bank on these financial institutions to securely hold their money. Most importantly, you will not face any problems while opening a Hong Kong business bank account if you have registered your organization correctly in the freest economy of Hong Kong. 

IN CONCLUSION

The potential in the e-commerce sector in Hong Kong is clear to see. The good news is that you don’t have to be a large, established business to take advantage of this potential. The brief guide above will give you the basics that will help you to get your own e-commerce store established. To also make the decision on the right e-commerce platform to use, Easy Ecommerce HK  does a good job of reviewing the major e-commerce platform builders in Hong Kong. 

Year on year, more and more people are gaining access to the internet, thanks to the massive use of smartphones and the ease of access to the web. Not only are more people coming online, but people are also shopping more often than before thanks to the increase in online e-commerce stores around the world. Hong Kong is no exception and it creates plenty of opportunities for entrepreneurs who would like to benefit from a trending industry.

Shopping for a Sink

Shopping for plumbing fixtures is always an exciting time for me because I have a lot of background in plumbing, especially in the installation of fixtures. At our center, I have people coming over always seeking to know many things. I intend to take them through a live demonstration of sink installation. They do not know much about sinks, except that they have used one before. Thus, I intend to start from the bare basics and in fact, I will also advise them about selecting the best sinks.

Why are stainless steel sinks the best?

These sinks match well with just about any faucet. If you have a faucet with a brass or chrome finish, you will see that a stainless steel sink complements that very well. That is what makes these sinks easy to install just about anywhere. You can learn more about the benefits of these sinks on kitchenfaucets.reviews.

There are different sinks in the market. Some are porcelain, others are made of copper, but the best ones and the most popular ones are the stainless steel ones for obvious reasons. They are easy to keep clean all the time. Stainless steel just requires a wipe down and it regains its sparkle. At the same time, since the sink will be exposed to water all of the time, it is best to choose a material that is not corrosive. Stainless steel is one of the top materials that resist rust very well.

Stainless steel sinks look classy. That shiny and clean look of the sink inspires you to clean up some more. You do not want dishes piling up in you kitchen sink. At the same time, these sinks can also be installed outdoors. They are able to resist damage from the UV rays of the sun and exposure from the elements.  

They come in different styles

Kitchen sinks come in different styles. Starting by the shape, some of the most common sink shapes are square and rectangle. However, if you are feeling truly inspired, do not stop with just those two styles. You may also try a round sink. Most people do not like this one because it can be a bit more complex to install, but it looks good all the same.

The styles of the sinks do not stop with the shape. There are other considerations to make. One of them is the design of the sink. For example, some people prefer double bowl sinks while others prefer single bowl sinks. As you will see on https://kitchenfaucets.reviews/best-stainless-steel-sink, any can serve the purpose. However, the double bowl sinks are good because they can help you separate the dishes when you are cleaning them.

Obviously, you can see that there are quite a handful of benefits of the stainless steel sinks. Thus, if you have been looking for a good sink, order one. There are many choices and it can be hard to choose the best one. However, I have reviewed two of the best ones for you here:

MOEN 2200 Series Sink – Single Bowl

MOEN 2200 Series – Single Bowl

MOEN is one of the well-known names in the plumbing fittings and accessories market. And their stainless steel sinks do not disappoint, especially the drop-in 2200 series single bowl. This sink has been made with 20-gauge steel, but to minimize the noise, it has rubber pads that absorb all the sound of the spoons and knives dropping inside. The good thing about this sink is that you can use it just about anywhere, whether you have a large country kitchen or a small contemporary one, it will enhance your interior décor a great deal.

Pros

  • Simple installation even for beginners
  • Sold at a good price
  • Soundproofed
  • Enhances the décor of any kitchen

Cons

  • You need to be wary of the sharp edges when handling sink before installation.

Kraus KHF200 Sink

Kraus KHF200 -33

This is a very well designed sink. Of course, a casual glance will not allow you to see the intricate design that this sink has been built with, but without a doubt, it is great. For example, inside the sink, there are grooves that guide the water to drain fully, leaving a dry sink all the time. Made with 16-gauge steel, it is a durable kitchen sink and it will take all of the abuse thrown at it. It also has a front apron that enhances the look of your counter after installation. You can continue reading here about more kitchen sinks in different designs.

Pros

  • Looks very stylish with the front apron
  • High gauge steel ensures quality and durability
  • Makes any kitchen look good
  • It is easy to install

Cons

  • Though water drains completely, it drains slowly and may leave food parts behind

Give It a New Look

The kitchen is where all the magic at home happens, not the bedroom as many people think. This is why you need to pay special attention to the kitchen. It is the heart and soul of a home. After all, this is where food is cooked, eaten and stored. This room deserves to look and feel good all the time. Thankfully, you do not have to break the bank to refurbish your kitchen and give it a new leash of life. Every year or two, I embark on giving my kitchen a new look.

If you would like to uplift your kitchen, consider the tips below:

Change the cabinet door handles

Glass door cabinets

It is the little things that matter! Thus, start with the cabinet and drawer door handles. They do not cost much, not as much as you would spend if you were buying a new appliance. However, they improve the look of your kitchen a lot. You can try shiny brass ones that can capture the light and toss it around in the kitchen.

Try new lighting accessories and fixtures

A crystal chandelier, like the one that Charlie Pride sings about can do your kitchen looks a lot of good. Ok, it does not have to be crystal but seriously, chandeliers and hanging pendants are the in-thing today. Forget about the traditional lighting fixtures that are just so bland and boring. They can only give so much light and besides, they do not look unique at all. Buy a stylish chandelier, one with all the frills and thrills and watch your kitchen transform from boring to exhilarating.

Create a sitting area

Cooking area in the house

Many people love to cook and eat in the kitchen. If you have the space, set up a small dining area in the kitchen. That way, you can cook as you talk to your guests. Besides, there is a unique kind of chic that comes with eating in the kitchen. If you do not have extra space, do not worry. Just remove the clutter and make the kitchen as decent as possible.

Add a mirror

A mirror will create the illusion of space even in areas with small spaces. It also gives one a good feeling if they watch themselves cooking or eating. However, hang the mirror strategically such that it does not reflect light too much to hinder your work. If you would rather forego the mirror, just get a painting and hang it in a nice and strategic place.

Paint the kitchen afresh

Nothing gives any room a new leash of life like paint. However, since the kitchen sees a lot of work every time, you should paint it in lighter colors. You may also get the windows better curtains, brighter so that they can let in more light. When you use lighter colors in the kitchen, the space looks bigger than it is. Lighter colors also have a soothing effect and they make the space more welcoming.

Change old appliances

Holding on to old appliances is not good. Most of them consume more energy than the modern ones, in effect costing you more money. Upgrade to better looking modern appliances, energy efficient and more technologically advanced.

Install Your Sink

Unknown to many beginners, installing a sink, though a bit intimidating, it’s not impossible. In this age of technology, there are many videos guiding you on sink installation. However. I do not want you to bother looking for videos and stuff. Rather, I am going to share good installation tips for sinks here with you. These are  the tips that I plan to share with my guests when they come over at our center. When you learn to handle some of these plumbing fittings on your own, you can save yourself a good amount of money because you do not need to hire a professional.

Here are the tips to bear in mind:

Buy the right sink

Person holding stainless sundry

When you are replacing your sink, make sure you buy the right one. The first thing that you ought to note is the size and style of the sink. For example, you do not want to replace a double bowl with a single bowl and vice versa, that is, unless you have deliberately decided to. Of utmost importance though is to know the tail pipe piece for the sink so that it can fit into the drain. Once you know the size of the inside diameter of the tail pipe, you may buy a PVC pipe of the same size and cut your own tail pipe.

Mark the location of the sink on the counter

If you are replacing a sink, this is not necessary. However, if you are installing a new sink, you have to mark its location on the counter. It is simple. Just place the sink edge about 1.5 inches inside the counter and make sure it forms a line parallel to the edge of the counter. Turn the sink upside down and mark its center. You can then take the sink while still upside down and align it about 1.5 inches between the counter’s edge and the backsplash and mark. Remove the sink and use a straight edge to connect all the markings. That is where you will fit your sink.

Your cut lines

You now need to mark the cutlines. This is where you will cut with the jigsaw. You have to round off the corners of the sink using your hand. In each rounded corner, you can use a spade bit to drill a hole, so you will have four holes.

Cutting the sink area out

Person using jigsaw in cutting tiles

You will need a jigsaw for this job. It will be easy since you have already made your markings. Just make sure to cut slightly within them. It is better to have to enlarge the sink hole a bit than cut it too big and be left wondering what to do. Take your time making the cut. For example, you can start with two parallel lines, and then move to the other two.

Install faucet and strainer

Turning the sink upside down, pass the faucet water feeds through the holes made for that in the sink. Of course, this is after putting the gasket and seals in the right place. You then need to screw on the mounting nuts for the faucets. If you check the faucet, it should move freely in all directions.

To attach the strainer, you need plumber’s putty, gasket and washer, all of which are supplied with the sink. Put the putty, then the gasket and the washer and the tie on the locknut with your hand until it is tight.

You now remain with the water supply and the drain, which are quite easy to do and mostly, you can attach them by hand. After that, you can test your sink for leakages and you may then apply a layer of silicone around it and give it time to set and dry, about 24 hours before using the sink.