If you’re wondering what shopping will look like 10 years from now, then look to China for the answer. With approximately US $630 billion in sales in 2015, China has the world’s largest and fastest growing online retail market. Research shows that a large number of Chinese consumers use their mobile devices to access the internet and make online purchases.
When I first moved to China nearly 4 years ago, I paid for most things using cash. Coming from the US where most of my purchases were made with a debit card, this was a real adjustment for me.
The term “cash is king” couldn’t have been more real when I arrived in China. Transactions were untraceable exchanges and the majority of my friends, both locals and expats, had a few stacks at home just for a rainy day (and still do).
Much has been said about the three-way battle between Chinese internet giants Baidu, Alibaba and Tencent (commonly referred to as China BAT) and the different digital fields in which they compete, including e-commerce and mobile payment.
But despite being a fiercely competitive “market” with the potential to influence each company’s long-term success in China, little is actually known about the impact of digital red envelopes on the Chinese internet industry and what we can expect from this mysterious feature in the near future.
Greetings fellow marketers and WeChat enthusiasts, today we’re going to be discussing WeChat’s main feature, the WeChat Pay, and taking a closer look at the way it functions in Mainland China and Hong Kong.
While the WeChat Pay may seem like old news to those of you who’ve been living in Mainland China for several years now, it’s steadily making a name for itself in Hong Kong and is thus far relatively unknown abroad.