Bm2Pay - Mobile apps https://www.bm2pay.com Unlimited Payments Solutions Mon, 23 Sep 2019 08:46:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.4 https://www.bm2pay.com/wp-content/uploads/2024/11/cropped-bm2pay-1-32x32.jpeg Bm2Pay - Mobile apps https://www.bm2pay.com 32 32 How to Hit the Online Sales Motherlode on Singles Day https://www.bm2pay.com/2019/09/23/how-to-hit-the-online-sales-motherlode-on-singles-day/ https://www.bm2pay.com/2019/09/23/how-to-hit-the-online-sales-motherlode-on-singles-day/#respond Mon, 23 Sep 2019 05:00:56 +0000 https://www.bm2pay.com/?p=3452 Singles Day mindsets – a mixed bag Singles Day (November 11), which was first started by Chinese college students in the 1990s, is the antithesis of Valentine’s Day. It is a day dedicated to the celebration of singledom. Some singles have developed various rituals to mark the day including gifting friends with 1 figure-shaped items, from toothpicks to half of a deep fried double dough stick. Other singles, who aren’t into celebrating their status, will go on a blind date on the day so that they don’t have to be alone. One of the most outstanding customs is self-gifting: This is a day for self indulgence and rewards for hard work all year round. The world’s greatest shopping extravaganza Singles Day is hands down the world’s biggest online shopping event. On Singles Day last year marketplace giant Alibaba recorded $30.3 billion in sales in a 24-hour period, more than Black Friday and Cyber Monday combined. China is the world’s largest e-commerce market, with annual sales approaching $1.53 trillion. So there’s room for everyone – Alibaba is not the only corporation that can profit from the holiday, global retailers can capitalize on this day as well. The Chinese favor foreign labels so this shopping day represents a unique opportunity for global brands. According to Alibaba, over 40% of Singles Day shoppers purchased international brands, including Apple, Dyson, Gap, Estée Lauder, L’Oréal, Kindle, Nestle, Nike, and Adidas.Over 240 international brands recorded at least $14.4 million in sales. 4 Tips for global online retailers Offer popular items Last year buyers favored health supplements, followed by milk powder and diapers. Makeup products, including emulsions, facial masks, face wash and toner, were also high on the national shopping list. However, as a large number  of shoppers are savvy millennials, many sought out electronics, smartphones and gadgets. Due to the fact that a significant percentage of the shoppers are women, apparel and home goods also sold very well. Spread your wings Singles Day has spread beyond China to Southeast Asia and other locations. In countries like Singapore, Indonesia, Thailand and Vietnam, local residents eagerly await the day’s special sales.Last year, prior to Singles Day, China’s largest retailer, JD.com, rolled out a two-week campaign called  “11.11 Crazy Hot Sale,” in which it targeted Thai shoppers. Even US retailers are starting to adopt Singles Day, as a time when Americans can express well-deserved self-love. Provide familiar mobile app payments Chinese online consumers use WeChat for every aspect of their lives, from scheduling doctors’ appointments and shopping to messaging friends and payments. Shopping by smartphone in China is quick and easy, thanks to convenient payment methods, particularly Alipay, Union Pay and WeChat Pay. If you want to make a hit on Singles Day, integrate these familiar payment platforms on your Chinese website. Reach out through social media The Chinese are very connected to social media. While WeChat is the most effective way to reach potential customers, Weibo (similar to Twitter) and Youku Tudou (similar to YouTube) are also widespread. Post videos, interactive content, and special coupons to attract followers. Singles Day offers online retailers huge potential both in China and abroad, but it is very important to study your target audience’s culture, shopping preferences and spending habits before taking the plunge.    

The post How to Hit the Online Sales Motherlode on Singles Day first appeared on Bm2Pay.]]> Singles Day mindsets – a mixed bag

Singles Day (November 11), which was first started by Chinese college students in the 1990s, is the antithesis of Valentine’s Day. It is a day dedicated to the celebration of singledom.

Some singles have developed various rituals to mark the day including gifting friends with 1 figure-shaped items, from toothpicks to half of a deep fried double dough stick. Other singles, who aren’t into celebrating their status, will go on a blind date on the day so that they don’t have to be alone.

One of the most outstanding customs is self-gifting: This is a day for self indulgence and rewards for hard work all year round.

The world’s greatest shopping extravaganza

Singles Day is hands down the world’s biggest online shopping event. On Singles Day last year marketplace giant Alibaba recorded $30.3 billion in sales in a 24-hour period, more than Black Friday and Cyber Monday combined.

China is the world’s largest e-commerce market, with annual sales approaching $1.53 trillion. So there’s room for everyone – Alibaba is not the only corporation that can profit from the holiday, global retailers can capitalize on this day as well.

The Chinese favor foreign labels so this shopping day represents a unique opportunity for global brands. According to Alibaba, over 40% of Singles Day shoppers purchased international brands, including Apple, Dyson, Gap, Estée Lauder, L’Oréal, Kindle, Nestle, Nike, and Adidas.Over 240 international brands recorded at least $14.4 million in sales.

4 Tips for global online retailers

  • Offer popular items

Last year buyers favored health supplements, followed by milk powder and diapers. Makeup products, including emulsions, facial masks, face wash and toner, were also high on the national shopping list. However, as a large number  of shoppers are savvy millennials, many sought out electronics, smartphones and gadgets. Due to the fact that a significant percentage of the shoppers are women, apparel and home goods also sold very well.

  • Spread your wings

Singles Day has spread beyond China to Southeast Asia and other locations. In countries like Singapore, Indonesia, Thailand and Vietnam, local residents eagerly await the day’s special sales.Last year, prior to Singles Day, China’s largest retailer, JD.com, rolled out a two-week campaign called  “11.11 Crazy Hot Sale,” in which it targeted Thai shoppers. Even US retailers are starting to adopt Singles Day, as a time when Americans can express well-deserved self-love.

  • Provide familiar mobile app payments

Chinese online consumers use WeChat for every aspect of their lives, from scheduling doctors’ appointments and shopping to messaging friends and payments. Shopping by smartphone in China is quick and easy, thanks to convenient payment methods, particularly Alipay, Union Pay and WeChat Pay. If you want to make a hit on Singles Day, integrate these familiar payment platforms on your Chinese website.

  • Reach out through social media

The Chinese are very connected to social media. While WeChat is the most effective way to reach potential customers, Weibo (similar to Twitter) and Youku Tudou (similar to YouTube) are also widespread. Post videos, interactive content, and special coupons to attract followers.

Singles Day offers online retailers huge potential both in China and abroad, but it is very important to study your target audience’s culture, shopping preferences and spending habits before taking the plunge.  

 

The post How to Hit the Online Sales Motherlode on Singles Day first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/09/23/how-to-hit-the-online-sales-motherlode-on-singles-day/feed/ 0 Is Facebook about to Change the Face of Cryptocurrency? https://www.bm2pay.com/2019/06/04/is-facebook-about-to-change-the-face-of-cryptocurrency/ https://www.bm2pay.com/2019/06/04/is-facebook-about-to-change-the-face-of-cryptocurrency/#respond Tue, 04 Jun 2019 05:00:28 +0000 https://www.bm2pay.com/?p=3142 Cryptocurrencies have certain advantages, such as decentralization and anonymity, but also present several risks including unpredictable fluctuations, shifting demand, and possible links to terrorist funding and money laundering. Facebook recently announced plans to create its own cryptocurrency within WhatsApp, a type of stablecoin. Stablecoins are pegged to major international currencies, thereby preventing the extreme fluctuations associated with cryptocurrencies. This means that the value of the coin  would remain steady regardless of demand levels. According to recent reports, Facebook is planning to launch a full payments network across its messaging apps, and is currently talking to Visa and Mastercard to bring them on board. It is also in the process of raising $1 billion from major banks in order to fortify the coin against currency fluctuations. In-app payments for a readymade audience With a built-in audience of 2.5 billion, Facebook will be able to revert its revenue model from ad-based to payment-based and transaction-based. The company recently announced plans to launch its first stablecoin project in India, where WhatsApp has 200 million users. India is the perfect location to initiate the project because a large part of the population already prefers to use mobile payments. In addition, many Indians are unbanked, making an in-app remittance payment method ideal. Frictionless payments through a global mobile commerce system While India is a good starting point, the concept of frictionless payments through a mobile commerce system anywhere in the world is hypothetically a winning formula. This type of system has already proved itself for P2P payments, but a built-in e-wallet could significantly facilitate payments for online merchants and their buyers, and adopt a model similar to China’s WeChat. Will it work? While in theory all this sounds feasible, there is no guarantee that the attempt will succeed. For one thing, cryptocurrency is based on decentralization and has no controlling owners. Facebook’s new stablecoin would be controlled, by Facebook, of course. There are also crypto-related regulations that cannot be ignored. In addition, several global competitors like New Telegram are hot on the heels of Facebook. Not to mention that TikTak and Toutiao are currently eroding Facebook’s global app grip. Is this a crypto revolution or just a blip? Time will tell.        Image courtesy of Freepik

The post Is Facebook about to Change the Face of Cryptocurrency? first appeared on Bm2Pay.]]> Cryptocurrencies have certain advantages, such as decentralization and anonymity, but also present several risks including unpredictable fluctuations, shifting demand, and possible links to terrorist funding and money laundering. Facebook recently announced plans to create its own cryptocurrency within WhatsApp, a type of stablecoin.

Stablecoins are pegged to major international currencies, thereby preventing the extreme fluctuations associated with cryptocurrencies. This means that the value of the coin  would remain steady regardless of demand levels. According to recent reports, Facebook is planning to launch a full payments network across its messaging apps, and is currently talking to Visa and Mastercard to bring them on board. It is also in the process of raising $1 billion from major banks in order to fortify the coin against currency fluctuations.

In-app payments for a readymade audience

With a built-in audience of 2.5 billion, Facebook will be able to revert its revenue model from ad-based to payment-based and transaction-based. The company recently announced plans to launch its first stablecoin project in India, where WhatsApp has 200 million users.

India is the perfect location to initiate the project because a large part of the population already prefers to use mobile payments. In addition, many Indians are unbanked, making an in-app remittance payment method ideal.

Frictionless payments through a global mobile commerce system

While India is a good starting point, the concept of frictionless payments through a mobile commerce system anywhere in the world is hypothetically a winning formula. This type of system has already proved itself for P2P payments, but a built-in e-wallet could significantly facilitate payments for online merchants and their buyers, and adopt a model similar to China’s WeChat.

Will it work?

While in theory all this sounds feasible, there is no guarantee that the attempt will succeed. For one thing, cryptocurrency is based on decentralization and has no controlling owners. Facebook’s new stablecoin would be controlled, by Facebook, of course. There are also crypto-related regulations that cannot be ignored.

In addition, several global competitors like New Telegram are hot on the heels of Facebook. Not to mention that TikTak and Toutiao are currently eroding Facebook’s global app grip.

Is this a crypto revolution or just a blip? Time will tell.     

 

Image courtesy of Freepik
The post Is Facebook about to Change the Face of Cryptocurrency? first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/06/04/is-facebook-about-to-change-the-face-of-cryptocurrency/feed/ 0 The Unique Appeal of Asian E-commerce Markets https://www.bm2pay.com/2019/04/23/the-unique-appeal-of-asian-e-commerce-markets/ https://www.bm2pay.com/2019/04/23/the-unique-appeal-of-asian-e-commerce-markets/#respond Tue, 23 Apr 2019 05:00:53 +0000 https://www.bm2pay.com/?p=2639 The Asian e-commerce market is booming, and it is projected to grow to $1.6t by 2021. China’s online sales are expected to increase annually by 16.1% to $1.122t in 2021.South Korea’s e-commerce sales are predicted to rise by 11.9% annually to $50.7b in 2021. India is also an important market to watch out for as it is projected to leap from $35.62m in e-commerce sales to $82.7b in 2021, enabling it to claim the third place in Asia in terms of market share. All this data sounds very enticing, and the opportunities appear to be endless. However, before entering these promising markets, make sure to study each of them carefully. Despite their geographic proximity, local purchasing habits and payment mentalities vary widely in Asian countries: South Korea There are 30.5 million e-commerce users in South Korea, and an additional 1.33 million users are predicted to shop online by 2021. Four years down the road, these e-commerce users are expected to spend an average of $1023 on online purchases. Today, over a third of South Koreans spend more than half of their monthly income on online shopping. Due to the popularity of mobile phones and social media, online retailers would do well to reach out to potential customers there. South Korean payment preferences Electronic payments are very popular in South Korea. Social media payment methods are widespread, with 34% of shoppers using them for mobile online shopping. Bank payment apps are also a preferred payment method among 29% of the population. South Koreans favor alternative payment methods, wire transfers and electronic fund transfers. Native Samsung Pay is popular as well. South Koreans of all ages use the Internet constantly. According to eshopworld, 96% of 16-24 year-olds, 100% of 25-34 year-olds, and 98% of 35-44 year-olds log on daily. Favorite online purchasing categories include fashion, toys, hobbies, DIY, online travel and home appliances. China China scored third in Fitch Solutions’ Global E-commerce Index. Its e-commerce sales are projected to grow annually by 16.1% to $1.122t in 2021. The e-commerce market is led by the Alibaba Group and its online commerce subsidiaries: Taobao, Alibaba, Tmail, Fliggy Corporate, 11 Main and AliExpress. In 2017, e-commerce represented $672 billion in terms of sales and 15.9% of the country’s share of total retail sales. Internet penetration in China currently stands at 53%, and it is expected to expand to 68% by 2021. Smartphone penetration is 44% and it is projected to grow to 53% by 2021. Today there are 589 million e-commerce users in China. By 2021, an additional 254 million users will join these online shoppers. E-commerce users are expected to constitute 74% of the total population. The average user currently spends $799 online, and this sum is expected to rise to $995 by 2021. Interestingly, South Korea is the leading exporter to China with $131 billion in merchandise. Next come the US ($128 billion), Japan ($116 billion), Germany ($78.6 billion) and other Asian countries ($73.4 billion). Chinese payment preferences As opposed to India, for example, the Chinese are not very worried by data privacy issues when paying online. They are used to the government’s involvement in their personal lives. China leads the world when it comes to the use of alternative payments. E-wallets like Alipay or WeChat Pay account for 62% of the market share in China. Union Pay covers nearly 24% of the market. Lagging behind are credit cards (10%), bank transfers (8%), and cash on delivery (8%). Bank transfers are expected to replace credit cards as China’s second most popular payment method by 2021. Debit cards are predicted to rise from 4.5% to 7.1%. India India is the fastest growing market in the e-commerce sector. Revenue from online sales is expected to reach $120 billion by 2020, constituting a staggering annual growth rate of 51%. E-commerce growth is being spurred by a combination of rising smartphone penetration and the launch of 4G networks. Some 40% of the population used the Internet last year, with an estimated 48% shopping online. In practical terms, this means there are 224 million online shoppers in India. By expanding into new sectors, e-commerce market leaders Flipkart, Amazon and Paytm Mall have given online sales a major boost. When buying domestically and even cross-border, online shoppers in India generally buy inexpensive items such as clothing and shoes, mobile phones and toys. 66% of online shoppers only purchase items domestically, while 27% shop online both domestically and cross-border. Indian payment preferences Indian purchasers have privacy concerns and they lack trust in online payment security. Nor do they trust consumer reviews or product ratings. Outlying rural areas suffer from poor logistics and delivery, and large parts of the population in those regions are unbanked. A significant section of the population (45%) prefers cash on delivery as a preferred method of payment. Debit cards claim some 17% of the market, followed by credit cards (12%) and online banking (9%). Mobile wallets are becoming increasingly popular and are expected to claim 15% of the market by 2020.   Photo courtesy of lifeforstock

The post The Unique Appeal of Asian E-commerce Markets first appeared on Bm2Pay.]]> South Korea There are 30.5 million e-commerce users in South Korea, and an additional 1.33 million users are predicted to shop online by 2021. Four years down the road, these e-commerce users are expected to spend an average of $1023 on online purchases. Today, over a third of South Koreans spend more than half of their monthly income on online shopping. Due to the popularity of mobile phones and social media, online retailers would do well to reach out to potential customers there.
South Korean payment preferences
Electronic payments are very popular in South Korea. Social media payment methods are widespread, with 34% of shoppers using them for mobile online shopping. Bank payment apps are also a preferred payment method among 29% of the population. South Koreans favor alternative payment methods, wire transfers and electronic fund transfers. Native Samsung Pay is popular as well. South Koreans of all ages use the Internet constantly. According to eshopworld, 96% of 16-24 year-olds, 100% of 25-34 year-olds, and 98% of 35-44 year-olds log on daily. Favorite online purchasing categories include fashion, toys, hobbies, DIY, online travel and home appliances.

China

China scored third in Fitch Solutions’ Global E-commerce Index. Its e-commerce sales are projected to grow annually by 16.1% to $1.122t in 2021. The e-commerce market is led by the Alibaba Group and its online commerce subsidiaries: Taobao, Alibaba, Tmail, Fliggy Corporate, 11 Main and AliExpress. In 2017, e-commerce represented $672 billion in terms of sales and 15.9% of the country’s share of total retail sales. Internet penetration in China currently stands at 53%, and it is expected to expand to 68% by 2021. Smartphone penetration is 44% and it is projected to grow to 53% by 2021. Today there are 589 million e-commerce users in China. By 2021, an additional 254 million users will join these online shoppers. E-commerce users are expected to constitute 74% of the total population. The average user currently spends $799 online, and this sum is expected to rise to $995 by 2021. Interestingly, South Korea is the leading exporter to China with $131 billion in merchandise. Next come the US ($128 billion), Japan ($116 billion), Germany ($78.6 billion) and other Asian countries ($73.4 billion).
Chinese payment preferences
As opposed to India, for example, the Chinese are not very worried by data privacy issues when paying online. They are used to the government’s involvement in their personal lives. China leads the world when it comes to the use of alternative payments. E-wallets like Alipay or WeChat Pay account for 62% of the market share in China. Union Pay covers nearly 24% of the market. Lagging behind are credit cards (10%), bank transfers (8%), and cash on delivery (8%). Bank transfers are expected to replace credit cards as China’s second most popular payment method by 2021. Debit cards are predicted to rise from 4.5% to 7.1%.

India

India is the fastest growing market in the e-commerce sector. Revenue from online sales is expected to reach $120 billion by 2020, constituting a staggering annual growth rate of 51%. E-commerce growth is being spurred by a combination of rising smartphone penetration and the launch of 4G networks. Some 40% of the population used the Internet last year, with an estimated 48% shopping online. In practical terms, this means there are 224 million online shoppers in India. By expanding into new sectors, e-commerce market leaders Flipkart, Amazon and Paytm Mall have given online sales a major boost. When buying domestically and even cross-border, online shoppers in India generally buy inexpensive items such as clothing and shoes, mobile phones and toys. 66% of online shoppers only purchase items domestically, while 27% shop online both domestically and cross-border.
Indian payment preferences
Indian purchasers have privacy concerns and they lack trust in online payment security. Nor do they trust consumer reviews or product ratings. Outlying rural areas suffer from poor logistics and delivery, and large parts of the population in those regions are unbanked. A significant section of the population (45%) prefers cash on delivery as a preferred method of payment. Debit cards claim some 17% of the market, followed by credit cards (12%) and online banking (9%). Mobile wallets are becoming increasingly popular and are expected to claim 15% of the market by 2020.  
Photo courtesy of lifeforstock
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