HKUST Business School Magazine

Overcoming early challenges While acknowledging that YOHO can now see the fruits of its labors, Wu has not forgotten that things were far from plain sailing in the early days. “The key challenge was overcoming the skepticism around online shopping,” he said. “Hong Kong consumers were accustomed to the in-store experience and were hesitant to embrace the convenience of e-commerce. However, we always believed that the future of retail lay in bridging the physical and digital divide.” Implementing the OMO model helped to position the company as a key player in Hong Kong’s e-commerce landscape, but the knock-on effects of the COVID-19 pandemic also proved to be a powerful catalyst driving continued growth and evolution. “The pandemic changed everything for us,” Wu said. “When physical stores were forced to shut and consumers were confined to their homes, we saw a massive surge in online shopping that played directly into our strengths.” Indeed, new customers started using YOHO’s platform and those previously hesitant to shop online quickly adapted, realizing the convenience and reliability of the service. Of course, the pandemic also prompted many traditional retailers to rethink their business strategies and embrace e-commerce as a vital sales channel. “We saw a real mindset shift among our merchant partners,” Wu said. “They were suddenly faced with the stark reality that their offline operations were no longer sustainable, and they had to find new ways to reach customers.” Reflecting on all that’s happened, he was quick to emphasize the importance of continuous innovation. “Innovative technology will always underpin our business success,” he said. “As we grow and evolve, we will continue to seamlessly integrate the physical and digital realms. Doing that enables us to stay ahead of the curve, set a new standard, and redefine the future of retail.” About YOHO Established in 2013, YOHO is a pioneer of Hong Kong e-commerce service. Through its online-merge-offline model, the company strives to become a household name well- recognized for offering a wide range of quality products at favourable prices under the motto "you name it, we've got it." Our AI tools are constantly analyzing customer data and browsing behavior aiming to identify trends and provide highly personalized product recommendations. Franz Wu Chairman and CEO of YOHO Group (HKUST BBA (Econ.) Graduate) Biz@HKUST 27