Hong Kong – A vast majority of international buyers in the ASEAN market – 93% – have used online sourcing platforms since the pandemic began, with more than 85% attending virtual fairs to meet their sourcing needs, according to a study conducted by Hong Kong Trade Development Council (HKTDC), a statutory body. Despite this, the study noted that 63% of most buyers surveyed said they would prefer to source via physical fairs or hybrid fairs which consists of 59% of buyers once travel restrictions are lifted.
For those that prefer sourcing online, the study found the top reasons to be 70% preference for searching for new suppliers and making enquiries (70%), wanting to compare products and prices (66%), and opting to identify the latest product trends (57%).
“In the wake of the pandemic, many industries are committed to organising virtual fairs to strengthen the connection between international buyers and suppliers. These events have been well received by the industry, with the survey showing that more than 85% of buyers surveyed had participated in virtual fairs in 2021,” commented HKTDC Director of Research Irina Fan.
The survey also showed that buyers who prefer hybrid fairs were more likely to register a higher average spend per order (in the range of US$50,000-$100,000+) compared with counterparts who prefer physical or virtual fairs. This suggests that hybrid fairs could be well-positioned to facilitate more lucrative business opportunities.
Fan said,”The survey reflects that more buyers have been choosing to purchase online due to the pandemic. However, this makes it difficult to perform tasks such as product examination and evaluation as well as supplier authentication. We believe that physical fairs and hybrid fairs are the future, with the two complementing each other.”
