Taobao Officially Announces Integration with WeChat Pay, Full Launch on September 12th

Tech 2024-09-05 16:59:55 Source: Network

Taobao Officially Announces Integration with WeChat Pay, Full Launch on September 12thFollowing yesterday's announcement of plans to add WeChat Pay capabilities, Taobao today issued a notice confirming that WeChat Pay will be gradually opened to all Taobao and Tmall merchants after September 12th. As of press time, some merchants have already begun receiving invitations to activate the service

Taobao Officially Announces Integration with WeChat Pay, Full Launch on September 12th

Following yesterday's announcement of plans to add WeChat Pay capabilities, Taobao today issued a notice confirming that WeChat Pay will be gradually opened to all Taobao and Tmall merchants after September 12th. As of press time, some merchants have already begun receiving invitations to activate the service.

According to the announcement released by Taobao and Tmall yesterday, Taobao plans to add WeChat Pay capabilities to enhance the consumer shopping experience. Following the conclusion of opinion solicitation, the platform will adjust its rules. This signifies the official arrival of the long-awaited full integration of WeChat Pay into Taobao.

Taobao Officially Announces Integration with WeChat Pay, Full Launch on September 12th

A larger market and more traffic - this interconnectedness will create a better experience for consumers while potentially generating more business growth opportunities for merchants on the Taobao and Tmall platforms. Previously, some users who prefer using WeChat Pay, as well as users in lower-tier markets, were unable to smoothly consume on the Taobao and Tmall platforms due to payment limitations. With the addition of WeChat Pay capabilities, Taobao has the opportunity to attract these users as a new customer base for its merchants.

It is noteworthy that Wall Street investment banks have reacted swiftly to this development. Morgan Stanley, Goldman Sachs, and other Wall Street investment banks have released research reports praising Taobao's integration of WeChat Pay, believing that both parties will achieve a win-win situation. Specifically, Morgan Stanley stated that this move is expected to help Taobao acquire hundreds of millions of incremental users. Goldman Sachs pointed out in its report that the partnership will benefit Taobao and Tmall in tapping into new users in lower-tier cities and enhancing convenience for existing users.

Furthermore, Bloomberg Business Research points out that Taobao's integration with WeChat Pay will weaken the competitiveness of peer platforms, stating that "WeChat Pay will enhance the convenience of consumption, helping Taobao secure more GMV."

Publicly available information reveals that over the past year, Taobao and Tmall have rolled out numerous initiatives focused on improving the consumer experience, including upgrading 88VIP benefits, website redesign, etc. During this year's 618 shopping festival, Taobao and Tmall, for the first time, eliminated pre-sales and unified full-value discounts across platforms, further enhancing the consumer experience. Additionally, Taobao and Tmall recently launched a new version of the store experience score system, loosened the refund-only rule, and encouraged merchants to achieve business growth by providing excellent service to consumers.

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