Small Businesses in Hong Kong Eager to Embrace New Technologies Despite Challenges: A Detailed Survey

A recent survey conducted by HSBC has revealed that small and medium-sized enterprises (SMEs) in Hong Kong are exhibiting a strong interest in the adoption of new technologies such as AI and robotics, despite encountering obstacles related to costs and skills gaps. The survey findings indicate that nearly three-quarters of businesses in the city are poised to integrate emerging technologies within the next year, with an expected increase to 90% by the next decade.

The top three technologies that SMEs in Hong Kong are considering investing in, according to the survey, are blockchain, machine learning, and robotic hardware. These businesses are eager to leverage technology to enhance efficiency, reduce costs, and boost productivity. Christina Ong, the head of business banking for HSBC Hong Kong, mentioned that emerging technologies are evening the playing field for SMEs by providing them access to tools and capabilities that were previously exclusive to larger businesses.

Despite the strong eagerness among SMEs to harness technological advancements, the survey also highlighted the obstacles that businesses face in accessing and implementing these new technologies. The most significant challenges identified by SMEs include the cost of investing in such systems and the need to enhance employees’ skills.

However, SMEs can find ways to access certain new technologies on a budget. Arthur Chan Chi-yuen, the founder of local tech company SagaDigits, stated that the cost of accessing certain tools and models is decreasing, making it more affordable for small businesses to adopt them. Similarly, Ronson Chau, the head of growth at digital payments start-up Wonder, pointed out that off-the-shelf tools like WhatsApp chatbots can be acquired inexpensively to assist in managing client inquiries.

Nevertheless, the survey also revealed that SMEs’ understanding of new technologies lags behind their belief in the benefits that these technologies can offer. For instance, while 88% of businesses surveyed believe that generative AI will create opportunities, only 35% claim to be familiar with it. According to HSBC’s Christina Ong, the key to unlocking these benefits lies in understanding and effectively integrating technology into SMEs’ strategies and operations.

It is evident that SMEs in Hong Kong are eager to embrace new technologies to drive growth and efficiency in their businesses. With the appropriate support and resources, these small enterprises possess the potential to thrive and compete effectively in today’s digital age. However, addressing the challenges related to costs and skills gaps will be crucial in enabling SMEs to fully realize the benefits of adopting these technologies.