More consumers are embracing mobile commerce in China, turning to Alipay to get their shopping done online
Mobile shopping is exploding in China. The country has become one of the leading mobile commerce markets in the world, largely thanks to the companies that are making it easier for consumers to participate in this sector. Alibaba is one of China’s leading e-commerce organizations and the company has been expressing a strong interest in the mobile field for years. The company’s Alipay platform, which makes mobile transactions possible, has reached a new milestone this year.
54% of e-commerce transactions made through Alibaba come from mobile devices
According to Alibaba, the Alipay application currently accounts for 54% of all e-commerce transactions that Alibaba has processed during the first 10 months of this year. Alibaba suggests that the Alipay platform is the largest e-commerce service in the world, boasting of more users than PayPal and Square combined. The payment volume that is processed by the platform is 22% higher than it was during the first 10 months of 2013.
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Consumers in rural areas are gaining access to mobile devices
The increase in payment volume is largely due to rural consumers in China gaining access to mobile devices and, by extension, the Internet. These consumers are beginning to shop online more regularly, finding its convenient to do so from their new mobile devices. These consumers have been embracing mobile technology due to the falling prices of smartphones and tablets. The results of a recent survey conducted by Alibaba suggest that 83% of consumers prefer to access the Internet from their mobile devices, with 42% using their devices to shop online.
Competition helps make Alipay better
Alipay was launched in 2004 and has since become the preeminent mobile payment solution in China. Alibaba has experience strong competition from other companies, however, specifically Tencent, which has transformed its popular WeChat application into a mobile payments solution as well. This competition has pushed Alibaba to be somewhat more innovative with the features it offers through the Alipay platform. This innovation has helped make Alipay more attractive to consumers.