Lower tier cities are becoming increasingly exposed to the high potential of digital commerce. 2019 saw most operators targeting lower tier cities with consumers in high tier cities already familiar with digital commerce, thus leaving little room to expand.
Livestreaming is rapidly becoming an integral part of the digital commerce marketplace with the leading online platforms reporting extraordinary growth through this format. Livestreaming sees a combination of live demonstration of products with limited-time offers and discounts.
More retailers in China are integrating their online and offline operations to better serve their customers. With the implementation of an O2O strategy by retailers, shoppers can make online purchases anytime at any location and then collect their order at an offline store or pick-up point.
At the beginning of 2020, China’s main bank card issuer UnionPay reached a deal with WeChat Pay, enabling users to transfer and spend money using the two firms’ existing apps. China’s online payment market used to be a duopoly controlled by Alipay and WeChat Pay, with their respective QR code working exclusively on their own systems.
PayPal became the first foreign payment provider to enter China after it acquired a 70% controlling share in Chinese company GoPay in December 2019. With the number of active mobile payment users expected to reach one billion by the end of the forecast period the Chinese market still has plenty of room for growth and huge potential.
Looking to tap into the lucrative market of foreign visitors and tourists, in November 2019 it was announced that WeChat and Alipay would now be supporting cards from Visa, MasterCard, Japan’s JCB and Singapore’s Diners Club, while WeChat will also accept American Express. Prior to this, users needed to have a Chinese bank account in order to pay by WeChat Pay or Alipay.
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