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Weixin Mini Programs facilitated an estimated total sales of 1.7 trillion RMB in 2020 to their 400 million active daily users of these Mini Programs. This increased discoverability for brands within WeChat’s highly integrated social and e-commerce ecosystem represents a massive opportunity for companies who already have a handle on WeChat marketing.
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Tencent already has an established dominance in the Chinese social media and e-commerce spaces – with 1.2 billion active monthly WeChat users in December 2020 – so its move into Douyin’s and Kuaishou’s territory should be followed closely by any business vying for their patch in the Chinese marketplace. And you don’t necessarily even need users to follow you in order to engage with your content! Essentially, the goal is to facilitate the development of more closed-loop environments for businesses to engage with customers at every stage, without them ever having to leave the WeChat ecosystem. This makes it possible for any WeChat user to more easily discover, like and share new content, as well as follow and engage with new users and brands within the WeChat ecosystem. What has got brands and marketers most excited is the ability for WeChat accounts to broadcast videos via their new video accounts to users outside of their existing contact lists to grow their following. Why are WeChat’s new video accounts so exciting? It’s no wonder, then, that many brands are using short videos and other short-form content to capture the attention of some of the most valuable customers in the online economy. Short-form content and video-streaming platforms like Douyin are extremely popular among young social media users, with 60% of all Douyin users being between 25-44 years of age – a high-spending demographic. Easily digestible content of short (60 seconds or less) videos, or up to 9 images can be posted to WeChat Channels. Should WeChat Channels and video accounts catch on, it could really open up video streaming to an enormous captive audience. But while WeChat may currently lag behind these powerhouses in the short-video space, WeChat has the competitive advantage of a huge user base of 1.2 billion monthly active users. WeChat video accounts are Tencent’s answer to Douyin, Kuaishou and other popular short-form video platforms. What are WeChat Channels or video accounts?
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Complementary to our guide on how to use WeChat for business, this post aims to cover everything you need to know about WeChat’s new video accounts and Channel feature. This article gives the lowdown on the latest WeChat feature, who has access to it, and how you can use it as part of your WeChat marketing mix. Many people are seeing Channels as a feature on their WeChat accounts, so are of course wondering how they can use it for their own marketing. So there is no denying that the short-form video trend is here to stay. With staggering year-on-year growth, the value of the Chinese short video market is expected to reach 200 billion RMB in 2021. Set up by lenders from Chinese banks including the Bank of China and the Industrial and Commercial Bank of China, UnionPay was always designed to create room for more than just two players in the country’s mobile payments market.How can businesses leverage WeChat's new video accounts? Launched in December 2017, QuickPass serves just 240 million users. Alipay hit 900 million customers in November 2019, whilst WeChat currently has 1.2 billion customers according to Statista. The two companies have also agreed to work together on facial recognition-powered payments, Caixin Global sources close to Tencent and UnionPay revealed.Īs the next biggest mobile payment provider in China, UnionPay’s mobile payments wallet QuickPass is still someway behind Alibaba’s part-owned Ant Financial which operates Alipay, and Tencent’s WeChat in terms of user base.
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A Tencent representative confirmed that it is collaborating with UnionPay “in a number of fields on a trial basis”, according to Bloomberg. The integration of QR codes will mean Tencent and UnionPay customers can transfer or spend money using the same smartphone symbols. UnionPay’s status as a state-owned entity will see China’s central bank edge closer to its goal of system integration in mobile payments, both domestically and overseas. Tencent confirms it is collaborating with UnionPay “in a number of fields on a trial basis”