Technology brings people and organisations into a new dimension, which enhances the potential of the cyberspace markets. As the result of the improvement of technology, the online market has developed, also causing the globalization of e-commerce. Globalization of e-commerce is especially important in the world economy. Since United States of America is a main place for e-commerce, three-quarters of all e-commerce still takes place in the United States, according to Forrester Research, and the vast majority of commercial web sites are still based in the United States.
The United States not only controls the mainstream of e-commerce, but also it becomes an international operation through other countries, such as, Australia, Asia, and Europe. However, a little place such as Hong Kong also has a big market for e-commerce. Their local firms and people get online and exchange goods and service globally. E-commerce not only takes place in one country, although the majority of market is in United States, but globalization brings e-commerce all over the world, even to a small place like Hong Kong, so e-commerce has become a multi-billion dollar player in the world economy.
The example of International Operation of E-commerce--Hong Kong
According to an ACNielsen Internet study “e-commerce in Hong Kong has grown to a HK $79million business with Net-shopping more than doubled in the past year� This statement states that e-commerce already played an important role in Hong Kong business market.
These few years, internet technology develop rapidly, in April, 2004, Hong Kong and mainland China attended an e-business seminar, which aimed to explore how efficiency and costs can be improved, and how both regional and international market access can be expanded, which bring a good improvement for Hong Kong to expand e-commerce over the world.
Moreover, according to the Permanent Secretary for Commerce, Industry and Technology (Communications and Technology), Mr Francis Ho, commented that “The CEPA (closer economic partnership agreement between Hong Kong and China) has provided enormous business opportunities for Hong Kong's goods and service industry. If we are to maintain the competitiveness of our goods and services in the international market, we must not lose sight of the important role of e-business in today's global economy� which may help Hong Kong become a main place to do e-commerce in Asia, and it also link to other countries.
Hong Kong, with its low taxes and its established position as a trade hub for Asia, is also trying to become a centre of E-Commerce development. A lot of e-business takes place in Hong Kong, such as ActionAce.com, which is an online retailer that handles orders for popular and hard-to-get Japanese and American toys. However, because Hong Kong’s e-commerce development growing really fast, ActionAce is going to eliminate its distribution centers in the U.S. and set up the it system in Hong Kong online market. This example can explain that Hong Kong has a potential area to expand e-commerce.
Online Banking link overseas Countries
Not only companies is very active in Hong Kong’s online market, however, online banking, and some online auctioneers also very popular in Hong Kong.
Hong Kong’ online banking is very popular for consumers nowadays, Hong Kong and Shanghai Banking Corporation Ltd(HSBC)., and Hang Seng Bank are the most important banks in Hong Kong, both of them also provide online banking http://www.hsbc.com.hk and http://www.hangseng.com for customers. These online banking service also link to other country, as HSBC is the international bank, customers can assess the online bank account in the other country. Online commerce become a popular activity in Hong Kong, because it is easy to get a link to other country.
Online Auctioneers link overseas Countries
Also some online auctioneers also play an important role in Hong Kong’s online market. Some of them are local auctioneers, such as Yahoo.com.hk, and http://www.red-dots.com are the local auctioneers, however, ebay.com is the most popular auctioneer for Hong Kong people do e-shopping. e-bay can link to countries, such as US, Australia, Japan etc., so when consumers buy something in e-bay, the seller may live in overseas, so this online market become globalization, even in Hong Kong where is only a small city people can through the cyber market link to other countries easily.
ACNielsen Global Site (2004) ‘Hong Kong e-commerce Grows to HK$76 Million’, [Online] Available: Link.
Liss, K. (2000) “The Globalization of E-commerce,� HBS Conference Coverage, retrieved June 26, 2000, from Link.
Lombardo, H. (1998) ‘Hong Kong Toy Company Makes e-Commerce History’, Internetnews.com [Online] Available: Link.
Lowtax.net (2004) ‘e-Commerce in Hong Kong’, [Online] Available: Link.
http://www.hsbc.com.hk
http://www.ebay.com
Leung Sum Yee 16:14, 21 Oct 2004 (EST)
E-commerce_and_the_Law
