Zhitong Finance App learned that Taobao Hong Kong, a subsidiary of Alibaba (09988), commissioned the School of Economics and Business Administration of the University of Hong Kong to conduct a consumer survey on Hong Kong's cross-border market. The report shows that product prices, overall merchant reputation, and buyer protection are the three major factors for Hong Kong consumers to consider when choosing a cross-border e-commerce platform. Furthermore, about 34.9% of respondents spent an average of HK$200 to HK$399 each time on cross-border e-commerce platforms, followed by HK$400 to 599 (26%) and less than HK$200 (17.7%), which indirectly reflects Hong Kong consumers' confidence in cross-border e-commerce shopping.
According to information, the survey used an online questionnaire to survey Hong Kong residents who have reached the age of 18 and used cross-border e-commerce platforms to shop in the past 12 months. Of these, 35.7% were men and 64.3% were women.
The survey found that in the past 12 months, the platforms that the respondents had visited were Taobao, local platforms, and Amazon in that order; in terms of satisfaction, Taobao's satisfaction was similar to that of local e-commerce platforms, with a perfect score of 5. Taobao received an average score of 3.83, the highest among all platforms, while the local platform came second only after that, with an average score of 3.81.
71% of respondents said they shop at least once a month on a cross-border e-commerce platform, while more than half of the respondents visit a cross-border e-commerce platform at least once a week. The report suggests that cross-border e-commerce participants can consider providing more high-quality and higher-end product choices, and start by enhancing the service experience, which will help increase customer unit prices.
In terms of consumption habits, the study found that the three product categories most commonly purchased online by female respondents were fashion products, furniture and household goods, and groceries. The three product choices of male respondents were electronic devices and products, furniture and household goods, and fashion products.
Chen Zijian, head of the Hong Kong and Macau Division of Taobao Tmall, said that he learned from the report that Hong Kong consumers require service experience and want to buy “cost-effective” products. The “99 Mega Sale” promotion will be held in early September, and logistics and payment services will be upgraded.
He pointed out that the scale of Taobao's free cross-border shipping service to Hong Kong is gradually expanding, and the cost is also decreasing. The free shipping threshold will be lowered from 199 yuan (RMB) to 99 yuan (RMB), and the products covered will also be further expanded. Some merchants will also provide a free cross-border shipping service, and some free shipping products also include a free door-to-door return service, which he believes will enhance consumer confidence for cross-category shopping. In addition, Taobao Hong Kong Station cooperated with Cainiao to reduce the initial pick-up threshold for cross-border transportation from 1 kg to 500 grams, and the self-pick-up fee for 500 grams or less was also reduced to 6 yuan (RMB).
In terms of payment, Taobao Hong Kong recently also cooperated with PayMe, a subsidiary of HSBC. From 11:00 a.m. on September 6 to September 30, it will offer two payment discounts of $300 or more and $15 off.
Chen Zi insisted that the proportion of initial PayMe payments was growing well. Since there is no need to bind an additional credit card or bank card, the customer's payment experience is smoother, and he is satisfied with the user's consumption frequency and conversion rate. He also pointed out that the processing fee for using PayMe is currently 1.5%, stressing that the two sides have a long-term cooperation, and there are no plans yet to adjust the relevant fees. He believes that if Taobao absorbs more payment platforms, the payment platform will also provide discounts to customers. He believes that consumers will benefit in the end.