Hong Kong online wholesale platform Peeba finds a niche in helping small retailers with inventory, logistics
- Peeba now has more than 10,000 registered retailers across Asia, offering them end-to-end cross border logistics, customs, duties and taxation services
- Canadian platform Shopify has seen continued growth in Hong Kong, with gross merchandise volume (GMV) soaring 75 per cent last year compared to 2019
The last 18 months have been difficult for Hong Kong retailer William Lane, who opened an eco-lifestyle store in the city’s Happy Valley district early last year.
One of his biggest challenges has been sourcing product supplies amid the global pandemic, when many borders have been closed to travellers.
“I did a lot of the sourcing myself in Europe and in Australia [before Covid]”, the 38-year-old Australian said. However, Lane said it is now more challenging because he cannot physically go and see products, whether that be in the factory or on trade show floors.
Lane has had to constantly adjust his business model to ensure the survival of his 500 square feet store that focuses on a limited selection of bulk foods, refills, gifts, eco furniture as well as handmade artisan projects.
Hong Kong’s retail sector, considered one of the city’s pillar industries for supporting employment and economic growth, has been heavily hit by Covid-19, with local consumer sentiment dampened and the influx of big-spending tourists coming to an end.
For 2020 as a whole, total retail sales came in at HK$326.5 billion (US$42.11 billion), a 24.3 per cent drop in value and 25.5 per cent decline in volume compared with the year before.