Despite the economic downturn, HKTV Mall recorded an interim profit of HK$109 million in the first half of 2020 after four years of losses. Business volume grew at an annual rate of 113.6%, representing unprecedented success for the company.
After failing to secure a free TV license
five years ago, HKTVmall CEO Ricky. Instead, he embraced digital transformation, leaving behind old ways of thinking, outdated equipment and technology. Instead, he focused on building a city-wide digital shopping network for Hong Kong.
Four years later, Ricky’s hard work paid off. In a recent interview with Hong Kong Economic Times, Ricky revealed that big data played a key role in his company’s success. “When we set up our online shopping platform five years ago, the biggest challenge was not having enough consumer data. We had no way of understanding consumer behavior and didn’t have any tools to predict consumer trends,” Ricky said.
“After 5 years of trial and error, we now
have a growing customer database and tools to predict product sales trends. However, we still have challenges in delivery route planning, which we hope to improve with AI technology,” he added.
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