CBI member, KPMG has launched the 4th edition of its Greater Bay Area consumption report. Titled Digital Retail on the Rise, this year’s report provides an overview of digitalisation and technology trends in retail sectors across Hong Kong and its neighbouring cities. According to KPMG, the majority of Greater Bay Area consumers identify as ‘tech-savvy’ with fast-emerging digital technologies appearing to be responsible for the transformation in the ways consumers behave.
The findings reveal that Hong Kong consumers are far more likely than their mainland counterparts to manage their finances online (77% vs. 56%) or make payments by mobile (73% vs. 59%). This, according to KPMG, indicates a more conventional mode of digital engagement in Hong Kong. The survey also measured consumer habits across the GBA in researching and selecting products online. Brand websites were revealed to be one of the more common resources that consumers in Hong Kong (54%) and the nine mainland cities that make up the GBA (58%) look at for product details. Hong Kong consumers also prefer to browse price comparison websites for their research, while mainland consumers prefer to search online for user reviews.
Alice Yip, partner, head of consumer & industrial markers, Hong Kong KPMG said: “Digital technology is transforming the retail industry. As data analytics drives growth for companies and consumers become more tech-savvy, expectations for faster and better ways of doing business are rising.”
To read the report in full, please follow the link.
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