Posts Tagged ‘alipay’
You read in my last post about last Monday’s “Cyber Monday” tidings according to the IBM Digital Benchmark.
Well, TechCrunch is reporting from comScore data that the holiday shopping juggernaut continues well beyond Cyber Monday.
comScore’s data found that e-commerce spending for the first 30 days of this November-December 2012 holiday season has amounted to a respectable $20.4 billion, a 15 percent increase over the same time period last year.
During the past week alone, comScore reported three individual days surpassing $1 billion in spending, according to the TechCrunch post by Leena Rao, with the peak, of course, coming on Cyber Monday at $1.46 billion.
Of course, all that might seem like chump change when you hold it up against some e-commerce numbers coming out of China, via a post on VentureBeat.
China’s e-commerce giant Alibaba alone has sold an estimated $157 billion U.S. in gross merchandise volume this year, which VentureBeat observes surpasses Amazon and eBay combined.
In fact, Alibaba is believed to have garnered a $3 billion single sales day earlier this year.
But the real story here may be Jack Ma’s “Alipay,” Alibaba’s payments processing unit, which now has over 700 million registered users.
According to a recent report from the folks at eMarketer, China’s antiquated banking system and low usage by consumers of credit cards is benefiting the e-commerce industry there.
Alipay, now China’s largest third-party online payment solution, essentially provides escrow payment services that not only facilitate e-commerce transactions in China, but also reduces risk to consumers, because with Alipay, they have the ability to verify whether or not they are satisfied with their purchases before releasing funds to the seller.
And Alipay isn’t just limited to the Chinese marketplace. It now handles transactions in 12 foreign currencies, including in U.S. dollars, Japanese yen, and the euro.
According to the eMarketer report, Alibaba is also upgrading its COD payment infrastructure, investing some $79 million U.S. in a portable device that Alibaba says will consolidate logistics records with credit/debit card payment information in a single terminal.
It’s Alipay’s intent to install thousands such devices across China’s first- and second-tier cities (think Beijing, Shanghai, etc.) by the end of this year, which will help with China’s broader goals of fomenting increased internal consumer consumption.
Of course, if you’re News Corporation, and you’re in the iPad publishing business, no amount of Chinese e-commerce facilitatin’ payment devices are going to help a fledgling business model.
Earlier today, News Corp. finally bifurcated its publishing and entertainment businesses, and seemingly as a minor sidebar, also conceded defeat of its The Daily iPad app effective December 15.
The Daily had been News Corp’s digital pride and joy, a valiant attempt at delivering a daily news publication via the iPad only 100,000 people wanted.
At 99 cents a week, that apparently was not revenue enough even close to maintaining a viable business, so The Daily will now be put to bed.
Ever-reliable media critic website Poynter noted The Daily had two key lessons of failure from which we could all learn. One, they had no clarity on its intended audience (I thought that was supposed to be iPad users!), and two, one platform, the iPad, just wasn’t enough in a multi-device world.
Perhaps they should have instigated a Chinese edition? Surely they could have drummed up a few more hundred thousand from a population of 1.3 billion!