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TikTok moves to add ‘in-app’ wallet TikTok’s eCommerce push is about to be squashed in Indonesia, a key growth market for its in-stream sales push, due to concerns around the impact of TikTok’s shopping tools on the local market. So it seems like the perfect time to be launching a new in-app wallet, as a centralized payments tracking platform, which also includes TikTok’s own in-app currency. That won’t spook local regulators at all, right? Broader context aside, TikTok is indeed now testing a new in-app wallet in some regions. As you can see in this example, shared by social media expert Matt Navarra, the new TikTok “Balance” element is a centralized account tracking platform, where you’ll able to get info on all of your in-app transactions, Coins, rewards, etc. TikTok Coins are the platform’s own in-app currency, which you can exchange for virtual items that you can then award to your favorite creators in the app. At present, you can’t do a lot else with them (aside from boosting your own clips), but like Meta’s Stars, TikTok could look to build on this as an alternative currency, which would enable users to make purchases with Coins in its new shopping elements. As such, adding a centralized tracking element for all of your TikTok money and purchases makes sense. However, the framing of it, including the TikTok credit card visual, will likely raise concerns among some groups who are already worried about TikTok providing a gateway for Chinese businesses to eat into the local economy. Which, as noted, is the chief concern among Indonesian officials. TikTok’s live-stream shopping elements have quickly gained momentum with Indonesian users, but some Indonesian regulators believe that the rise of TikTok could hurt local businesses, through predatory pricing, which could also flood the market with Chinese products. So it’s now moving to ban all social apps from enabling in-stream commerce, which further underlines the challenges the big platforms have had in integrating commerce elements. Though clearly, TikTok is still pushing in this direction. The biggest driver of TikTok’s revenue growth in China (where the app is called “Douyin”), has been in-stream commerce, with live-stream shopping, in particular, seeing big success. TikTok’s parent company ByteDance has been using that as a template for its expansion into other markets, but thus far, Western consumers haven’t warmed to its shopping options, while regulators in developing markets, like Indonesia, are carefully monitoring the app’s progress. Source Paymentsdive #fintech #digitalwallet #payments #tiktok

Uzbekistan’s e-commerce market leader Uzum Market the most downloaded app in 2023 #bne #bneEditorsPicks #Uzbekistan #bneTech #ecommerce Uzbekistan’s Uzum Market has emerged as the top local app in the country for 2023, coming close to the likes of Telegram and Instagram with over 13.5mn downloads in the past year, the company said in a press release on February 1. The success of the national e-commerce platform underscores Uzbekistan's status as the fastest-growing e-commerce market in Central Asia.

The Potential of Mobile Commerce Development The three prominent sectors with significant growth potential are online shopping services, messaging services, and online payment services 1. Online Shopping Services According to a report in 2022, over 51 million Vietnamese people engaged in online shopping, marking a 13.5% increase from the previous year, with a total spending of 12.42 billion USD. Among these, 73% of consumers frequently shopped on e-commerce platforms and 59% placed orders on international websites In terms of user numbers, three popular online shopping platforms are Shopee, Lazada, and Tiki. They have become e-commerce hubs with diverse campaigns designed to attract consumers - Shopee: Shopee introduced programs such as Super Coin Shake, Shopee Farm, and Shopee Air, along with features like live streaming for online sales. They developed a culture of monthly sales and clearly defined the strategy "Mobile-first - Prioritize Mobile Platforms" since 2018 - Lazada: Ranking second in the market, Lazada adopted several strategies from its competitors, launching effective campaigns like "Chém giá" (Slash Prices) and "Shake shake" in November 2019, along with the "Gamification" strategy to engage users - Tiki: With successful funding from both domestic (VNG) and international (Sumitomo Investment Fund and Japan's CyberAgent Ventures) sources, Tiki has become a powerful e-commerce platform with high potential for future growth 2. Messaging Services The need for user connectivity in the digital environment continues to rise, leading many businesses to develop chat applications integrated with various innovative and intelligent features. Notable platforms in Vietnam include Zalo, Facebook Messenger and Viber. The development of Mobile Commerce within these applications optimizes individual and business needs. Some potential trends in messaging services within M-commerce in the future might include: - Enhancing User Experience: New features will be developed to help users search, order, pay, and receive products more conveniently - Integration of Artificial Intelligence (AI): AI technology will analyze searches and provide smart product suggestions automatically - Chatbot Development: Chatbots will assist customers in searching for and ordering products 3. Online Payment Services As of March 2019, over 20 online payment services were active in Vietnam. The three most widely used digital wallets in Vietnam are Momo, Moca, and ZaloPay These digital wallets not only enable users to make online payments but also support users with various other purposes, such as: - Offering Discounts: Through programs like (Share Momo) and purchasing movie tickets - Providing Deals for Food Orders via ZaloPay This article has provided a clear understanding of what Mobile Commerce is, including its characteristics and distinctions from E-Commerce. Understanding Mobile Commerce's substantial potential will undoubtedly bring significant benefits to businesses.

Digital payment usage has skyrocketed as more and more consumers participate in social commerce. Despite this uptick, trust is still a hurdle for many consumers. Don’t miss this article I found from Discover Global Network sharing tips for developers looking to strengthen consumer confidence in the social commerce space.    #DiscoverEmployee #Payments #SocialCommerce #Digital #Trust #Developer 

Digital payment usage has skyrocketed as more and more consumers participate in social commerce. Despite this uptick, trust is still a hurdle for many consumers. Don’t miss this article I found from Discover Global Network sharing tips for developers looking to strengthen consumer confidence in the social commerce space.    #DiscoverEmployee #Payments #SocialCommerce #Digital #Trust #Developer 

Missing the Potential of Mobile Commerce: A Comprehensive Guide for Small-Medium Businesses -A BIG LOSS M commerce, mobile technology has emerged as a powerhouse, reshaping consumer behavior and revolutionizing business operations. With the mobile commerce market skyrocketing, it's essential for small-medium business owners to navigate this digital landscape strategically. Let's delve into the realm of M-commerce and unlock its vast potential. 📈 Riding the Wave of Growth: Key Market Insights Did you know that the Mobile Commerce market surged to a staggering USD 611.6 Billion in 2023 alone? And brace yourself for the forecast: a jaw-dropping Compound Annual Growth Rate (CAGR) of 25.8% from 2024 to 2032, projecting a colossal valuation of USD 4.66 Trillion by 2032. The numbers speak volumes about the unprecedented opportunities M-commerce presents. Understanding the Transaction Trio: M-Retailing, M-Ticketing, and M-Billing M-commerce transcends conventional notions of buying and selling; it's a multifaceted domain comprising three distinct transaction models: 1.- M-Retailing: Think beyond brick-and-mortar stores. M-Retailing extends the storefront to consumers' fingertips, offering seamless shopping experiences anytime, anywhere. 2.- M-Ticketing: From concerts to flights, M-Ticketing streamlines ticket purchases, eliminating the hassle of physical tickets and empowering users with digital convenience. 3.- M-Billing: Say goodbye to traditional invoices. M-Billing digitizes billing processes, facilitating swift and secure transactions for both businesses and customers. --Unveiling the Market Dynamics: Competition, Gap Analysis, and More Each transaction model boasts its own market share, competition landscape, and untapped opportunities. Conducting a comprehensive gap analysis is pivotal in identifying your niche and crafting a winning strategy. Remember, understanding the market dynamics is the cornerstone of success in M-commerce. --Avoiding the Pitfalls: Why 90% of Products Fail Here's a sobering truth: around 90% of products fail due to the lack of market need. Don't fall into the trap of investing resources in a product without assessing its market viability. Let data-driven insights be your compass, steering clear of pitfalls and steering towards profitability. --Empowering Your Business: Making Informed Decisions Before embarking on the journey of mobile app development, pause and reflect: does your business truly need a mobile app? Stay tuned for our next post, where we'll unravel the intricacies of evaluating your business's mobile readiness. --Finding Your Fit: Choosing the Right Model for Your Business Once you've determined the necessity of a mobile app, the next step is to identify the most suitable transaction model. Whether it's M-Retailing, M-Ticketing, or M-Billing, aligning the model with your business's unique needs is paramount. https://lnkd.in/fmh7SXP ( mrMAd)

Mobile optimization is increasingly important for e-commerce website, as more and more and consumers are using their mobiles devices to shop online. In fact in 2023 it was estimated that over 50% of all e-commerce sales were made through mobile devices. This trend is only set to continue, as the number of mobile users continue to grow worldwide. Here are four example of why mobile optimization is imported for e-commerce websites. # Improved users experience:- A mobile optimized website will load faster and be easier to nevigate on a small screen, which leads to abetter overall user experience for mobile shopper. This can lead to increased customer satisfaction and loyality. # Increased conversion rates:- A well-desigined mobile website can help increase conversion rates by making it easy for user to find and purchase products. for example, a mobile website that has a clear call-to-action and a streamlined checkout porcess will be more effective at converting mobile user be more effective at converting mobile user into paying customers. # Greate reach:- A mobile-optimized website can be accessed from any devices with an internat connection, which means that it has the potential to reach a wider audience. This is especially important for e-commerce website that want to attract international customers. # Success story of Amazon:- One real-life example of a company using mobile optimization to its advantage of amazon. Amazon's mobile website and app are both highly optimized for mobile devices, which has contributed to the company's success as the world's largest online retails. Amazon's mobile website and app are fast, easy to use and provide a wide range of feature such as personalized recommendations and one click purchasing, which makes it easy for mobile user to shop and make purchase on the go.

Digital payment usage has skyrocketed as more and more consumers participate in social commerce. Despite this uptick, trust is still a hurdle for many consumers. Don’t miss this article I found from Discover Global Network sharing tips for developers looking to strengthen consumer confidence in the social commerce space.    #DiscoverEmployee #Payments #SocialCommerce #Digital #Trust #Developer 

Digital payment usage has skyrocketed as more and more consumers participate in social commerce. Despite this uptick, trust is still a hurdle for many consumers. Don’t miss this article I found from Discover Global Network sharing tips for developers looking to strengthen consumer confidence in the social commerce space.    #DiscoverEmployee #Payments #SocialCommerce #Digital #Trust #Developer 

Digital payment usage has skyrocketed as more and more consumers participate in social commerce. Despite this uptick, trust is still a hurdle for many consumers. Don’t miss this article I found from Discover Global Network sharing tips for developers looking to strengthen consumer confidence in the social commerce space.    #DiscoverEmployee #Payments #SocialCommerce #Digital #Trust #Developer