![]() ![]() For example, in March 2020, Alipay began integrating external bank transfer payment services in a bid to broaden its suite of payment options. 27 This could be as a result of digital wallets folding this method into their own offering. Bank transfers are expected to expand at an even faster pace, taking 21 percent of the market in 2023. ![]() 26 This is driven by their inherent suitability for mobile commerce, their seamless integration into social media (WeChat’s pay function is indivisible from its messaging function, for example) and the rise of 5G. Digital wallets are expected to grow at a compound annual growth rate of 12 percent to 2023. The popularity of home-grown digital wallet giants like WeChat Pay, Tenpay and Alipay means this is the primary payment method.Shoppers like to feel they are getting a bargain. Emphasizing good value, the availability of coupon deals, and the inclusion (or exclusion) of sales taxes and delivery costs can make or break a sale when selling via Chinese social commerce.19 On 2019’s Singles’ Day, Alibaba’s livestream platform Taobao generated $2.9 billion in sales, or 7.5 percent of total sales, on what is China’s key e-commerce shopping day. 18 E-commerce merchants host live video promoting products on their own site, or work with livestreaming influencers-who can range from celebrities to company CEOs to farmers-to market brand products via their personal livestream channels. A major trend for 2020 is the rise of livestreaming.16 Mobile commerce is expected to slightly outpace overall e-commerce, at a compound annual growth rate of 12 percent to 2023, when it will be a $1.8 trillion market. Sales via mobile devices take a 60 percent share of the overall e-commerce market, 15 so merchant sites must be smartphone-ready and available as an app, as this is the preferred platform to access mobile commerce. JD.com, for example, spent $1.4 billion to underpin promotions for its June 2020 6.18 event. 14 The largest Chinese e-commerce platforms are heavily subsidizing such events this year to support sales. Sales peak on these key dates and planning for these events with promotions and targeted marketing is essential. China’s key online shopping events include Chinese New Year in January/February 6.18 in June Golden Week, which begins 1 October and Singles’ Day on 11 November.13 The collapse of online travel sales has not impacted China as much as in Western markets, as this accounts for a far smaller proportion of overall e-commerce sales. 12 Overall, e-commerce sales are forecast to increase 13.5 percent in 2020. 11 Chinese retail sales fell 2.8 percent year-on-year in May 2020, whilst online sales rose by 22 percent. ![]()
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