I thought I was pretty savvy when it came to China’s booming digital landscape. That was until three weeks ago, when I realised how influential Tencent had become.
For those who don’t know, Tencent is China’s largest internet service portal. It hosts many platforms that have experienced extraordinary growth in the past few years – one of them being QQ, China’s largest instant messaging service that facilitates chats for up to 228-million users at any one time.
The most notable platform, however, is WeChat. In simple terms, it is an app that blends the functionality of Facebook and mobile payments. With 200-million credit cards on file, it processes up to $50-billion of transactions a month – double the turnover of PayPal.
At a presentation held by Tencent (with The University of Melbourne and State Government Victoria), I was told that it is almost impossible to communicate with friends or pay for things in China without WeChat (from business transactions through to catching a taxi). I could not imagine living in such a ‘closed loop’ ecosystem; everything you need is accessible via the one app.
With companies like Tencent and Alibaba making waves, it’s easy to see China leading the way when it comes to eCommerce and mobile commerce markets (ok, maybe second to ASOS).
For any business looking to expand into Asia, or for any tech startups seeking inspiration, I highly recommend learning more about its digital landscape. (Start with these 10 things you might not know.)
EXCITING AVION TEAM NEWS
Congratulations Alexandra! Our amazing Project Manager is getting married next weekend and will be off to Tasmania with her husband, Justin, for her honeymoon. She’ll be back in the office 22 July.
And congratulations Jay! Last month, Jay was shortlisted for a prestigious Victorian Premiere’s Literary Award: The Award for an Unpublished Manuscript. Although he didn’t win, he placed in the top three entrants. We are extremely proud to have copywriters at Avion that continually push their creative talents outside of work.
‘Till next time!
Best wishes, Natalie & the Avion team
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