Saying goodbye to 2019, Hong Kong retailers hoped 2020 would be a better year. But the coronavirus has changed everything. The pandemic keeps many would-be shoppers away from visiting stores, reducing consumer spending by half compared with the beginning of 2019.

“I thought it would be hard. But I would never have thought it would be this hard,” said the owner of a popular boutique in Causeway Bay. Her successful business had once prompted her to consider opening a branch in Mong Kok. Now she’s struggling to pay the rent.

The government has said: “The retail business environment will remain extremely austere in the near term, as the COVID-19 pandemic has brought inbound tourism to a standstill and severely dented local consumption demand.”

In addition to applying for government financial aid, retailers in the city are finding ways to save their declining businesses. One common method is to sell disinfection products, as these have become daily necessities. But that is totally inadequate when you still have to pay high rents. “Now it’s like burning money,” said a boutique owner to whom I know and respect. 

Hong Kong is not alone when it comes to facing this economic “ice age”. On the Chinese mainland, the situation is very tough as well — if not worse. With a strict policy of controlling the flow of people for fear of a second round of the outbreak, many stores across the mainland are still shut. Retailers are confronting the reality of a very lackluster business climate.

But in the digital sphere, it is a total different story. Many mainland retailers, instead of remaining idle in their deserted shops, have turned to livestreaming platforms. They are trying to ride out of the business slump by pitching products online. 

A recent story by China Daily reports that a dozen prominent shopping malls in Shenzhen, including AT Mall, Rainbow Department Store and BHC Outlets, have been telling their salespeople to invite brand members to WeChat groups or to livestream to help keep themselves afloat.

Livestreaming sales are like upgraded television shopping, but with lower demands placed on the equipment. Lights and cameras are all you need. You can turn your bedroom, living room or public places into a place where you sell your products. 

Presenters showcase products while responding to feedback from the viewers online. The links embed real-time broadcasts and allow viewers to place orders immediately. 

Livestreaming e-commerce took off on the Chinese mainland in 2019. The latest report by China Consumers Association showed that this emerging sector generated 433.8 billion yuan (US$61.17 billion) in 2019. Star livestreaming hosts, like Li Jiaqi and Viya, have become household names and are sought after by many domestic and international big brands. 

The coronavirus has given this growing business another boost. In early February, Taobao Live, the livestreaming arm of Alibaba’s e-commerce site, recorded a 110 percent increase in livestreaming sessions compared to the same period a year ago. It is projected that the livestreaming market will see a growth of 916 million yuan in virus-battered 2020. 

So it is no wonder a few days ago, Viya, dubbed the “livestreaming queen’’ in China, managed to sell rocket launch services for 5 million yuan. It is also not surprising to see debt-ridden entrepreneur Luo Yonghao has now made sales of over 110 million yuan on the Douyin livestreaming platform with an audience of 48 million people. 

For Hong Kong retailers, why not tap into the potential of livestreaming sales to overcome their current problems during the pandemic? They have a large number of potential buyers who are stuck at home; they are looking for novel forms of entertainment. They also have products stocked at deserted shops.

And now, they have other beneficial services — China Mobile Hong Kong (CMHK) and CSL Mobile, two major telecommunication companies, offer 5G services for mobile users at prices as low as HK$198 (US$25.54) per month.

Livestreaming e-commerce is virgin territory, but fertile territory in Hong Kong. The “Lion Rock spirit” should adapt itself to the digital era — and be bold — and seize the many opportunities that the digital world is offering. 

If not now, when?

The author is deputy news editor of China Daily Hong Kong Editon.