According to The Adyen Index 2024 by Adyen, around 75% of Hong Kong shoppers have used social media to purchase products or services over the past 12 months, significantly increasing from 17% in 2023. Hong Kong consumers shop seven times a month on social media and prioritise social commerce, choice of payment methods, personalised loyalty rewards, and payment security.
Payment methods and rewards
Around 59% of Hong Kong consumers rely on mobile-enabled methods, such as digital wallets (38%), QR codes (29%), and tap-to-pay (contactless payments) (27%).
Around 67% of Hong Kong shoppers are willing to provide their data in exchange for more personalised rewards, despite less than 5% of businesses knowing the majority of their customers well enough.
The study also revealed that 73% of Hong Kong businesses that use payments-linked loyalty programmes reported revenue growth. However, a minority of businesses are investing in fintech (20%), believe in technology’s ability to enhance supply chain visibility (22%), intend to improve through adding new payment methods and offering kiosks to check stock, or use in-store tech (20%).
Customer-centricity
Agreeing that the study highlights the potential of payments technology to optimise business operations, Kai Tang, head of Hong Kong at Adyen, said they look forward to helping Hong Kong enterprises reach their business objectives.
“In the face of persistent inflation and rising consumer demand, businesses do not have the luxury of choosing between operational efficiency and excellent customer experience. To thrive, businesses must bolster their operations while ensuring customer-centricity remains at the core of the strategy,” he added.
