Imagine if you went overseas and none of the stores accepted Visa, Amex, or Mastercard. Unlike traditional CRM tools, WeChat enables brands to do better-targeted campaigns based on consumer persona using WeChat data, as well as 1-on-1 customer interactions via the messaging and chatbot channels.” The Chinese Consumer Market: Looking at Mobile Payment Beyond the Numbers According to a post on Medium, “92% of these global brands actively manage their WeChat public accounts. What’s even better is that through WeChat Pay, brands can market and message their loyal customers. The graph below shows that double the number of WeChat users preferred the WeChat Pay method in 2016 compared to 2015. It works similar to an in-store purchase, only a QR code pops up on the screen, and the user then scans it to deduct funds from their account.Īnd E-commerce companies should note just how quickly this payment method is growing for online shoppers. merchant would just need to have a QR code they can scan, or better yet, a POS machine which will allow the Alipay or WeChat Pay user to deduct money from their account, transfer it to the seller and print a receipt on the spot.Į-commerce companies have an even easier time accepting WeChat Pay or Alipay. and wants to use their Alipay or WeChat Pay account, the U.S. For example, if a Chinese tourist enters a storefront retailer in the U.S. Mobile payments are not a staple of either population, which is why businesses here don’t recognize the need to adapt.Īs for the platforms themselves, their simple ease of use correlates with their popularity. The numbers show just how ingra mobile payments are in the life of Chinese consumers. Two fifths of in store payments are cashless.There was a 381% increase in mobile payment transactions in 2016 and they’re expected to achieve a 68% growth rate next year.62% of business-related transactions are through Alipay.92% of the mobile payment in China is made through Alipay and WeChat Pay.The following are key data points from their study: iResearch conducted an incredibly insightful report last year about the Chinese mobile payment market. These two payment platforms have an incredibly large and active user base. Whether it’s the retail or hospitality industries, or e-commerce companies, Alipay and WeChat Pay users need to be top of mind. What is Alipay and WeChat Pay and How Many People Actually Use These Platforms? It’s abundantly clear that the companies who want to win in the future will start catering to Alipay and WeChat users now. By 2020, it’s estimated that $60 billion will be spent by Chinese consumers in the U.S. On average they spent $7000, two times higher than their Japanese and Korean counterparts. There were 3 million Chinese tourists who visited the U.S. and European companies should put on their priority list? price equivalent in Chinese currency simple for its users.īut what about the market size? Is this really something U.S. WeChat Pay and Alipay also make calculating a U.S. ”Įven more data backs up what intuitive people could have probably concluded: That offering a familiar payment method that breaks through any language barrier would make shopping at their store more desirable. According to a recent survey conducted by Nielsen, “Chinese tourists expressed ‘convenience, speed, and familiarity’ (64%) as the primary reason for using mobile payment while abroad. 73% said they would spend more if a business offered them a mobile payment option. But what if simply accepting a specific type of payment method meant access to a lucrative new market? That opportunity is sitting right in front of American and European companies.ĭata shows that offering a mobile payment option to Chinese consumers – who rely heavily on the mobile payment platforms Alipay and WeChat Pay for their purchasing needs – is a surefire way to attract their business.ĩ3% of Chinese tourists said they prefer to use mobile payments when overseas. Often times they must invest more in their product, marketing or sales to do so. It’s a given that businesses are always looking for an easy, cost effective way to add new customers.
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