HOW DOES WECHAT PAY DIFFERS FROM ITS COMPETITORS?

WeChat is China’s most popular messaging app. With more than 650 million monthly users and close to 40 billion messages being sent across the application every day, It cannot be denied that WeChat plays an integral part in the life of Chinese people.

Let us now take a look at how WeChat and WeChat Pay China revolutionized China’s financial landscape.

In 2011, Tencent released the very first version of WeChat. Its main purpose is to serve as a messaging platform and at the same time as a social media application. Take note that the Chinese government censored Facebook, Youtube, Twitter, and Google. This gave Tencent the opportunity to take over. Since its release, WeChat gained popularity even to the Chinese officials. It even subsidized WeChat which also meant that the government has access to users information.

In the years that followed, WeChat is no longer a simple messaging platform. Tencent later added WeChat Mini-Programs that can run over 580, 000 applications within the said platform. Using this feature, you can now pay your bills, call for a taxi, find an accommodation, make an appointment with your physician, or even file a police report.

WeChat mobile payment system is powered by WeChat Pay. We must not confuse WeChat Pay vs TenPay since the two are practically the same. In 2013, Tencent decided to integrate TenPay into its current and popular payment system which is WeChat Pay.

Today, the presence of Chinese tourists is one of the major contributors as to why WeChat is being recognized outside of the mainland China. For most of the Chinese people traveling overseas, WeChat is the only way in order to communicate with their relatives. This fact must not be taken for granted as it can cause a great impact on the economy.

Have you ever wondered how is it so?

Take Australia as an example. The country is one of the most popular destinations for Chinese tourists and students. It is one of the markets outside China that is being targeted by WeChat Pay. In 2016, Chinese tourists spent $9.2 billion in Australia using only WeChat’s cross-border payment method and are expected to double sometime in the future.

It is clear that WeChat and WeChat Pay are now making their presence felt to the global market.

Online Payment in China: Wechat pay, credit cards, Alipay, Apple pay, Paypal, and more!

The emergence of eCommerce in mainland China greatly contributed to the growth of online payment method. In fact, more than half of the internet users in China make use of the online payment method. One major contributor to the said rise is due to the fact that WeChat Pay is easy to use and unlike credit cards, many desired tasks can be done using the platform.

In order to use the payment method, you have to link your WeChat account to your bank account. WeChat Pay can be accessed using WeChat application. After the linking process, WeChat will give you two different digital identification card. The black-and-white card is for informal transactions like asking for WiFi connectivity. A colored card is for a more formal business transaction. You just have to present your phone in order to do Quick Pay, Native In-App Payments, QR Code Payments, and In-App Web-Based Payments.

Due to its flexibility, WeChat Pay is without a doubt the leading cashless payment method in China.

Alipay vs WeChat Pay

Since WeChat Pay is the main cashless payment system in China that prides itself with a flexible and reliable system., it can be used to even the simplest of transaction like booking a taxi or buying a movie ticket. On the other hand, Alipay is a standalone payment method similar to Paypal. At the start, it is exclusive to Alibaba and Taobao. It later opened its doors to other businesses due to the growing popularity of WeChat Pay.

Wechat Pay vs Paypal vs Union pay

UnionPay is completely different to WeChat Pay in a way that the former is far more complex than the latter. UnionPay, in particular, focuses on banking and other financial services. Additionally, Union Pay’s parent company China UnionPay is the country’s leading card scheme.

Paypal, on the other hand, has the same principle as Alipay when it comes to payment method. Think of PayPal as a software made for the sole purpose of handling online payment services while supporting many types of business.

Wechat Pay vs Apple Pay

It is worth noting that WeChat Pay works well on almost any device. However, Apple Pay is unique and wants to be different from the rest. For this reason, Apple is requiring you to have an Apple device in order to make use of the payment system.

Conclusion

The emergence of e-commerce in the global market gave rise to a newer and faster way of making transactions. WeChat Pay fittingly found its way in the market scene. Despite the growing number of competitors, WeChat Pay stayed true and committed to its goal.

The popularity that WeChat Pay gained in its own country is certainly not the end. Rest assured, it will continue to spread and influence other culture.

TOP VIRTUAL REALITY INNOVATIONS IN CHINA’S SHOPPING MARKET

Virtual Reality used to be the stuff of science fiction. Today, we know it is no longer a pipe dream. Current generation VR Technology uses “VR Headsets” to render computer-generated environments, which are also used in conjunction with the physical environment the VR user is in and the objects around the user.

In the international scene, the top 4 Chinese tech giants Alibaba, Tencent, Baidu, and JD.com are making waves in the tech industry by bringing the power of Virtual Reality to the hands of the average consumer. With their affordable prices and superb quality, they are revolutionizing the VR Scene, thus bringing a better shopping experience to the consumers.

Here are the Top Virtual Reality Innovations in China’s Shopping Market:

Alibaba’s Buy+ VR
The tech conglomerate’s most notable innovation is the launch of their Alibaba buy+ VR platform, which utilizes virtual reality technology to enhance the average shopping experience. The VR Platform allows consumers to shop items in a virtual mall as if they were on the physical location itself.

The best thing about it is that the purchases they make happen in real time— thanks to Alibaba VR Pay, which makes it easy to purchase products instantly. You don’t even need a pricey VR Headset like the oculus rift to navigate the virtual mall. Alibaba’s Virtual Reality Glasses are very affordable and support fully all the features of the VR Platform. They have also integrated Catch the Cat, an augmented reality game wherein the users’ reward for catching the cat is getting great deals for their VR Products on the shopping platform. This brings fun and enjoyment into the equation.

They also have the Magic Mirror VR App where the user can apply makeup and Virtual Reality Fitting Rooms where you can try out different clothing brands. Both are seamlessly integrated into their VR Shopping Platform which further enhances the average shopper experience.

Tencent VR headset
With the release Tencent’s latest innovation in the tech industry, the Tencent VR headset is set to overtake the cyber market this year. The headset is expected to support a wide array of applications and focuses on several platforms like the PC, Video Game Consoles, and Android.

The headset also features support for Live Streaming, Movie, and TV show streaming and is expected to gain a strong foothold in the entertainment market. Tencent has also made several strategic investments in VR companies like AltSpaceVR and Skydance Media. This is the move they need to break through the gaming and entertainment market. Once they do this, they can take the lead in developing a virtual reality ecosystem to improve collaboration between developers and consumers alike.

JD.com AR/VR styling station
JD.com launched a virtual reality styling station that allows the user to try on any brand of makeup they please before they make an online purchase. The users can try on different products like lipsticks, eyebrow pencils, blush-on, and the like. This has been a cutting-edge addition to the beauty industry since the common qualm of the average shopper is their inability to test out the products physically when shopping online. All the features of the styling station come fully integrated with their online shopping platform.

According to Carol Fung, president and CEO of JD.com, the goal of the JD.com AR/VR styling station is to give customers a truly interactive and personalized experience while adding the benefit of having the consumers’ product just a few clicks away in the comfort of their own home.

Baidu VR products
The tech giant Baidu with their Iqiyi VR Headsets line launched Qiyu VR II, one of the most sophisticated gadgets in the market today. The device can play 4k and 8k panoramic videos and has cutting edge motion sensors, media playback functionality, and can run modern Interactive VR Games.

Their Vivi VR assistant similar to Apple’s Siri and Microsoft’s Cortana has been the craze lately. This virtual reality assistant is included in their VR Headsets line of products, and it comes with a plethora of common features like answering queries, making suggestions to the user, and setting your schedule. It also boasts advanced features in their newer versions that can flirt with the user and interact sporadically. This update is expected to target male individuals from 18 to 35 years old.

Conclusion
In conclusion, With China’s Shopping Market taking the lead globally, the VR Industry is booming right now more than ever. The tech industry is an ever expanding market with technological advancements underway every single day. Thus, tech companies will need to adjust and take the bull by the horns or suffer the risk of getting left behind by the competition in this fast-paced industry.

WHAT ARE THE ADVERTISING SOLUTIONS OFFERED BY OMIPAY?

Omipay emerged as one of the top financial platforms in Australia with their innovative fintech model. Omipay is known for its integration of major payment service providers such as Paypal, Alipay, Wechat Pay, Visa, and Mastercard under one payment network.

Founded by Chinese business group Rong Qiao Financial Group, Omipay offers easy payment solutions for both consumers and merchants who buy and sell on the internet. Today, Omipay is accepted by 1,000+ merchants in Australia and covers 6 cities, namely Sydney, Adelaide, Perth, Brisbane, Melbourne, and Gold Coast.

Omipay Solutions Provided for Merchants and Customers

While Omipay provides a whole range of Omipay solutions for eCommerce in general, its main service is convenient payment. Omipay is a payment hub that makes use of innovative QR code technology to make payments on various payment platforms. As mentioned above, Omipay supports almost all major payment methods.

So when you shop for products in any of the 1,000+ supported merchants in Australia, you can use Omipay to pay for your goods and services.

As Wechat is one of the major partners of Omipay, Omipay also supports payments made in Wechat Mall. For those not familiar with Wechat Mall, it is a marketplace on the Wechat platform where buyers can buy a range of goods with Omipay as the preferred payment method. Other than that, Omipay also supports Cloud Coupon and Alipay’s Discover Platform.

Omipay Advertising Solutions for Merchants

The meat of Omipay’s merchant solutions lies in the advertising and marketing solutions. Whenever a user buys a product via Wechat and completes payment, he or she will be exposed to advertisements of products and services. These ads include promotional product ads, prizes, discounts, etc.

Of course, it’s already a given that ads will also appear before a sale is made in order to entice customers to buy. With more ads presented even after a sale, it’s possible for the platform to upsell other products or promote more discounts. That way, the pre-sales and after-sales ads can both add value to the customers.

Another aspect of Omipay advertising solutions includes micro-payment and electronic memberships. Micro-payments are very small online payments that are used for buying low-value products. By allowing easy access to micro-payments via Wechat mini-apps and electronic membership platforms, consumers can enjoy convenience and transparency with transactions.

Finally, brands can enjoy generating more ads through the Omipay marketing platform with an integrated marketing system. This system also ties up with Wechat and games for further featuring of ads.

Payment Plus Benefits

A big part of Omipay marketing solutions includes Payment Plus. Payment Plus is extremely advantageous because you can assure that 95% of the platform users will check it once they place an order. This happens to be the most effective time to reach consumers.

Another great thing about Payment Plus is that it is sure to reach out to the active users of both Wechat and Alipay. Just imagine, Alipay has more than 300 million users and Wechat with more than 800 million users. If Payment Plus can tap those millions with effective ads, the exposure of brands io the platform will skyrocket.

Effective Conversion Rates

All these features and benefits simply lead to higher conversion rates. Omipay’s platform allows full and optimized boosting of advertisements which eventually leads to increased product sales. Other than just sales and increased figures, Omipay’s platform also offers complete UX. This brings in not only newly converted customers but loyal ones as well.

The best part is that everything is done online. As mobile and internet eCommerce is the big thing of this age, it pays to have an effective digitization strategy. This platform is a great part of your online strategy, helping you gain a lot of traction for your brand.

Conclusion

While Omipay is more known as a payment platform that makes transactions more convenient for buyers and sellers, it has also integrated many other features that can totally enhance a buyer’s experience and a seller’s marketing strategy. Through these various advertising solutions, Omipay has made itself into a very valuable platform for those doing eCommerce.

Plus, Omipay is also tied with Wechat and Alipay, the two biggest payment giants in China. If you’re on Omipay, then you can target a goldmine of Chinese consumers as well.

WHY DO GLOBAL INTERNET BRANDS FAIL IN CHINA?

For most international internet brands, China is an oil mine for business since a population of 1 billion users is on the internet as per a report for 2017. This figure is expected to increase to 1.14 billion by 2022. Aside from that, China’s economy has been on the rise for the last few years and has been stable ever since.

Of course, this prompted a lot of international brands to enter the Chinese market. While the Chinese market is extremely huge and ripe for taking, it isn’t easy to penetrate. In fact, a lot of big brands that tried to enter got stomped out. Some of the big companies that failed in China include Nike, Uber, Groupon, and even Google.

Now, most people wouldn’t have thought that an internet giant like Google would become one of the business failures in China. Google, being the biggest search engine in the world, is expected to take over the Chinese market easily! However, Google found out that their services weren’t compatible with the Chinese market. The thing about Google and other international brands for that matter is that they didn’t go into China prepared. Here are a few reasons why Google failed in China:

Google didn’t have an ICP certificate which the Chinese government required.

Google couldn’t block sensitive content which rendered it not suitable under the Chinese government.

Majority of the Chinese people couldn’t really pronounce Google and couldn’t retain the brand name in their heads.

Why do global internet brands fail in China?

Aside from Google, why can’t other foreign startups in China seem to push through? There are six main reasons why they can’t grab the Chinese market:

Not Understanding the Language

The reason why local companies trump the foreign companies is that local companies know how to talk to the Chinese since they’re all Chinese too. In the Chinese language, two Chinese characters have their own separate meanings. If you put these two characters together, a whole new meaning may pop out.

Nike found out the hard way when they tried to use two Chinese characters separately when promoting their Chinese New Year brand. One character meant wealth and the other meant prosperity. Together, the word meant getting fat. This was a big fail on the part of Nike that made the locals poke fun at the brand.

Not Understanding the Culture

Chinese are very particular about their culture. If there is something that goes against their culture, they will immediately take offense and dislike it. Such is what happened to big internet brand Groupon. Although Groupon partnered with Chinese giant Tencent, they didn’t grab the Chinese market because of cultural insensitivity. They used rather inappropriate humor for some of their marketing campaign which turned off the locals.

Not Doing Market Research

Foreign companies, especially from the West, often think that the strategies that they use in their hometown can be applicable abroad as well. While they are right in some cases, China is completely different. Let’s take the big home appliance brand Home Depot for example.

In America or other Western countries, DIY repairs and maintenance are a norm, especially since most people live in big houses that are often bare and need DIY fixing. In China, however, most people live in newly furnished small apartment buildings, so they don’t need a DIY shop. Also, most people don’t do DIY in China as they usually call for labor to do the jobs for them.

Not Finding a Local Partner

We already established that entering the Chinese market is going to be really hard because the Chinese market has a completely different demographic. For this, foreign companies need to team up with a local one to succeed. If they don’t, they’ll get stomped by the competition.

Let’s take Uber China for example. Uber China decided to penetrate the Chinese market without a local partner. When they went in, they had to face an equally big ride-sharing company, Didi Chuxing. As Didi Chuxing knew the Chinese market better, they were able to stomp out Uber. Eventually, they were bought out by Didi Chuxing. If they partnered with Didi Chuxing or another local ride-sharing company in the first place, Uber China could have still penetrated the market.

Not Using Chinese Social Media

In other countries, Facebook, Twitter, Instagram, etc. are social media platforms that are all effective in promoting brands. In China, however, the locals have their own brand of social media platforms like Wechat, Weibo, and others. Most foreign startups don’t make use of the Chinese social media apps to promote their businesses. As most locals are on these apps, foreign businesses fail to take the opportunity to dig into an already existing gold mine.

Conclusion

While the Chinese market is a huge one with lots of business potential, it’s definitely not an easy one to penetrate. If foreign companies want to tap into the Chinese market, they have to study it very carefully first. If possible, they must get a local partner so that they’ll know how to navigate the environment successfully.

TOP 5 FREE STOCK VIDEOS SITES FOR COMMERCIAL USE

If you have worked on any project involving the need of videos in order to effectively get the ideas across or to achieve better results, you may have experienced that finding the right video is just too difficult sometimes, especially when you are looking for a video which you want to use for commercial purposes. The problem is you may find a suitable video for your project but it may not be available for commercial use. Getting a video which you can use for commercial purposes can put a serious strain on your budget. It is expensive because you need to hire professionals to make the video, you just can’t use any video from YouTube or other sources. If you do so, then it could land you in serious troubles with law and litigations and you may have to pay a hefty fine because of copyright infringement.

So what are the possible alternates of finding a free video do you have at your disposal?

Don’t worry we have a perfect solution for you. Ever heard about CCO or Creative Commons O? If not then let us tell you in brief that it is a license type which allows you to use the photo, video, music or any digital thing for personal or commercial use. So by keeping this thing in mind, we are presenting top 5 sites which provide free stock videos for commercial purposes.

1. Pixabay

Most of the people using this site for downloading royalty free images but how many of you know that Pixabay also offers CCO videos which you can use in your commercial projects without even giving credit to someone. Currently, Pixabay has a huge collection of more than 1400 HD videos.

2. Videvo

Videvo is a perfect home for free stock videos and motion graphics. Videvo has more video collection than Pixabay. It has more than 4000+ video clips, but here you need to bit careful. Before using any video in your project make sure to read about the license of the video. For safer side filter your search with CC by 3.0.

3. Pexels

Pexels is a CCO website same like Pixabay. You can download and use any video for personal and commercial purpose without any worries. Pexels has limited number of videos which may disappoint you, but still, we recommend you to check it once.

4. Coverr

If you are looking for videos which you can use as a background, then Coverr is the perfect place for you. You can find here royalty-free video as all videos come with CCO license. Coverr updates 7 videos each week. So keep your eye on the website so that you won’t miss any amazing video.

5. Vimeo Free HD Stock Footage

Maybe you are not using Vimeo, but if you want beautiful hand-picked videos, then you don’t want to miss this website. Vimeo free HD stock footage is a special group which provides you video according to your need. You just need to explore.

You have just discovered top 5 amazing free stock video resources. Please share this useful piece of information with your friends and colleagues on social media through the social sharing tools on our website and help everyone save few bucks on their projects. You may also subscribe to our website or bookmark it, in order to stay updated with interesting and useful information.

HOW DOES GROUP BUYING IN PINDUODUO ACTUALLY WORK?

Nowadays, the use of super apps as a means to access essential services has become highly in demand. In China alone, consumers are already depending on the use of super apps in their day-to-day lives. According to some studies and research, apps like WeChat and Pinduoduo have become highly popular because they are able to manage the consumer’s needs all in one place.

Since we are living in a fast-paced world, it has become difficult to focus on important things. Fortunately, the development of Pinduoduo has created an e-commerce opportunity for the consumers to shop efficiently. It no longer requires the consumers to go outside in buying their essentials and necessities. In this way, a lot of time is smartly spent. Undeniably, the app has met the demands of a modern customer.

In view of this, the popularity of Pinduoduo app is increasing and is expected to keep on for the next few years.

About Pinduoduo

Basically, the fastest growing app ever recorded in the Chinese internet history is known to many people as Pinduoduo. It is apparently one of the leading social e-commerce apps in China. Initially founded by an ex-Google engineer in September 2015, it has already become the fastest growing company for e-commerce in China today.

The social e-commerce app allows consumers to spot deals on merchandises and enables them to acquire discounts on every friend recruit. What’s more, the app offers items at a price that are 20 percent cheaper compared to their market price. That is because Pinduoduo allows customers to buy from direct manufacturers, cutting out advertising, middlemen, and acquisition cost. To even add to your hassle-free buying experience, the app developers have developed gaming elements that help consumers dole out rewards and coupons.

Pinduoduo Business Model
Due to the growing popularity of the app, the transaction volume compared to its startup stage has greatly increased to about 10 times higher. Other than the increase of app users, various new investors have also emerged. According to an involved party, plans for expansion have already been considered.

The Group Buying Concept
Apparently, the core function of Pinduoduo app is the group buying. All items are available at two different prices: a group-buy discounted price and an official price. The official price is the individual price of the item. On the other hand, a Pinduoduo group buying price is a discounted rate of a collective bulk offer. In order to avail the price, you need to recruit friends and join together in the group-buy deal. All products ordered by a certain group will be shipped respectively to each member’s address.

Other viral incentives of the app include the bargain and free-product features. Certain products can be shared with friends. You can access them by asking your friends to help you bargain for a lower price. Each time a friend agrees to bargain, the price decreases. Eventually, the price can drop down, and you can have the product for free. The more friends you have, the higher benefits that you acquire.

WeChat Participation
In order for you to use the Pinduoduo app, you will need to install it and sign up through WeChat login. When inviting friends for Pinduoduo group buying, cash rewards, and free products, you will need to access the WeChat messaging service.

Undeniably, the association with WeChat has made it easier and more convenient for the consumers. One example of this is you can make automatic payments via WeChat. Pinduoduo is using WeChat as a means for consumers to pay. Its greatest advantage is that it allows all your Pinduoduo transactions to be automatically billed towards your WeChat payment account without further validation. In other words, it enables a default password-less payments.

Digital Shopping Experience
Since Pinduoduo provides an opportunity for the consumers to invite members and friends, the user engagement within the app encourages a unique shopping experience. Features such as group buying and free products enable the same function as shopping with friends in real life. Basically, the idea behind the group buying, cash rewards and discounts is to provide people the engagement to a digital experience of shopping in groups.

Conclusion
The Chinese social e-commerce app, no doubt, provides all the necessary features and added extra functions that attract people more. Apparently, it appeals to people who are price-sensitive and time-conscious. Furthermore, the shopping experience that the app offers are being reflected in a real-life group buying experience. All of these contribute to the overall value of Pinduoduo app which has driven the app’s popularity even further.