Article contributed by Louise Frion of S.J. Grand
Doing Business with Wechat: today’s must in China
Today, some 468 million people are actively using Wechat, with 35% of them checking it over 30 times a day. Last year, users spent US$15.3 billion on mobile data using WeChat. WeChat is therefore the fastest growing social media platform in the world and has become the first source of interaction between brands and purchasers in China. Indeed, around 13 million WeChat shops have opened in 172 countries. WeChatembodies a future full of opportunities for businesses investors mustn’t miss.
What makes Wechat so successful?
– Mobile commerce is very convenient (payments + delivery systems)
– Unlike any other social platforms in Europe, Wechat allows consumers to purchase items and services.
– Any firm can create a WeChat account, no matter what its size.
They are already using WeChat to grow their business:
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How to use it to grow your business?
Firstly, verified accounts are strongly advised:
- They allow to post rich media content
- It is easy for individuals to follow them; they can either scan a QR code or get a member of their WeChat network to share their account.
Moreover, mobile paymentsprovide significant competitive advantages to businesses. WeChat’sOnline-to-Offline (O2O) business model allows consumers to purchases online and offline items. They can either scan the QR codes of products provided by offline retailers or pay directly on the webpage inside the app.
In addition, WeChat provides membership function which enables your followers to become members. Those loyalty programs provide several advantages:
Last but not least, WeChat enables you to make your advertising more efficient and visible by displaying your logo on personal pages; users will showcase them or not according to their tastes. You will therefore have further knowledge about your customers and market in order to entice followers and customers. Creating a mini website is also recommended for your firm as it completes the brand experience.
Conclusion:
WeChat is a powerful tool for foreign investors to enter the Chinese market as it enhances effective communication and interaction with Chinese customers. Understanding local trends is vital for a new firm entering the market, especially with mobile services such as WeChat constantly evolving and revolutionizing business practices.
However, WeChat shouldn’t be the only tool firm relies on as it evolves too quickly and unpredictably; Chinese social services such as Renren and SinaWeibo were once at the top, and have fallen. It is also quite difficult to use for small firms and startups as one-click payments within WeChat requires a deposit of 50 000 RMB, an amount they can’t afford.
