Mobile share of local payment methods approaches 50 percent
In a market where 300 million people shop online and over $500 billion is projected to be spent in the e-commerce sector in 2015, Jack Ma, CEO of Chinese e-commerce giant Alibaba, is quite justified to note, “In other countries, e-commerce is a way to shop. In China, it’s a lifestyle.”
The story is an exciting one for any international brand. The 300 million e-shoppers only represent half the online population and a quarter of the overall population, the market is going to accelerate its lead over the US in coming years, and young shoppers are driving already-impressive cross border e-commerce growth further upward.
But how does an online payments strategy fit into this larger picture? One of the cornerstones of a successful e-commerce venture is facilitating frictionless online payments with the right mixture of payment methods to reach a critical mass of local shoppers. With the right approach, the potential rewards of achieving this mix in a market as large as China are enormous.
Evernote, the business that provides one workspace that lives across your phone, tablet, and computer, is looking to expand its mobile footprint, boost customer loyalty, and increase recurring transactions. As its payment service provider in China, Adyen is working closely with Alipay, the leading local payment method, to enable a one-click check out for Evernote’s recurring customers.
The beauty of this solution is that Evernote users can now confirm a purchase through streamlining their payment details into Alipay’s mobile-optimized page and receiving an SMS code to complete the purchase. By making the process as quick and easy as possible, the initiative is expected to lead to a significant increase in conversions and a significant decrease in transaction times – crucially important in a market in which more than 80% of internet users access the web through mobile.
Evernote, Superdry, Booking, and G-Star Raw are some of the global businesses finding success in China through partnering with Adyen and adapting to the payment preferences of the market. To help more global merchants achieve success, Adyen has compiled a new report, the China Country Payments Guide, which includes the following information based on our extensive on-the-ground experience in the market:
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