In June, the Hong Kong Brand Development Council (the BDC) conducted a survey under the banner of “Hong Kong Brands: The Road to Relaunch”, aiming to understand the measures taken by Hong Kong businesses to stay afloat during the COVID-19 pandemic.
The survey revealed that 83% of responding companies reported a drop in business turnover from 30 to 50%. The business environment is tough and still with a lot uncertainty.
Whilst business is tough for most, 80% of respondents held a positive or neutral attitude toward business outlook in the coming year, and these businesses recognise digital transformation as the key to future operations and growth. Digital transformation is now seen as a strategic priority and is adopted by 90% of respondents. Digitalisation of sales and marketing is of utmost importance, many businesses are adopting initiatives such as developing online shopping capability (60% of respondents), launching digital marketing (58.2%), implementing offline and online integration (46.4%) and introducing e-payment systems (40.9%), etc.
HKTVmall is a great example of achieving business growth through digitalisation. Since the beginning of Covid-19 outbreak, the company’s growth has been soaring. After many years of making a loss, the company reported a profit $109 million in the first half of 2020. According to CEO Ricky Wong, HKTVmall plans to expand its presence beyond Hong Kong and into overseas markets.
Most businesses will emerge with the ongoing trend of digitalisation, resulting in fierce competition. If you want to gain the upper hand advantage, click the link below to find out how your brand is performing against industry benchmarks and how our tailor-made digital transformation proposal can help to bring your business to the next level!