Tencent Holdings– property WeChatthe best app called Weixin in China, burning hers e-commerce credentials on the mainland, thanks to him contribution factor that has boosted sales for online retailers on the platform, according to local media reports and industry analysts.
Chinese live streaming an e-commerce company Buy East Sales at its online store on WeChat crossed the 1 million yuan (US$136,586) mark on Monday, with more than 80 percent of transactions made through the app's gift feature, according to a media report local National Business Daily, citing company sources.
Beijing-based East Buy took the feature earlier this month, weeks later rolled out by WeChat in December. East Buy did not immediately respond to a request for comment Wednesday.
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This feature allows customers to search for products on WeChat with keywords. After the sender completes the payment, the recipient must accept the gift and enter a mailing address within 24 hours or the order will be canceled, and the return the money to the sender. Users can only send one gift to one WeChat friend per order.
According to WeChat's official guidelines, the prices of products available through this feature are capped at 10,000 yuan, and do not exclude jewelry and tutorial classes.
East Buy president and chief executive officer Michael Yu Minhong seen in the middle of a live show, with former main stage host Dong Yuhui on his left. Photo: Sohu alt=East Buy chairman and chief executive Michael Yu Minhong, seen in the middle of a live show, with former main stage host Dong Yuhui on his left. Photo: Sohu>
East Buy's latest sales results on WeChat bode well for the Tencent super app – with nearly 1.4 billion monthly active users – as shopping heats up around China Happy new year holiday, which lasts from January 29 to February 12.
This gifting feature uses the large social network WeChat, which is expected to attract more quality sellers to join and consumers to shop on the platform, according to a research note by China Merchants Securities .
In a separate report, analysts at Citic Securities expected WeChat's total e-commerce product value to reach 1 trillion yuan by 2027.
ShenzhenTencent is not set to release business data about WeChat's gift feature.
