The Chinese sure do like to use phones to spend money.
People swiping their Alipay code to pay in stores or markets is a common sight around the nation. If that wasn't enough to signify its sweeping success, Alibaba posted its latest quarter earnings report recently, showing that a record-high of 73 percent of Chinese consumers’ spending on its Taobao and Tmall stores comes from personal phones and tablets.
The fourth fiscal quarter revenue was RMB24.184 billion (approximately USD3.751 billion), indicating a 39 percent increase. Domestic market revenue has increased 41 percent, hitting RMB18.34 billion. The increase is largely due to the 149 percent revenue increase on the mobile front, according to Tech.Sina.
The increase is largely due to the uptick of consumers using mobile devices to visit Alibaba’s various platforms. Now Alibaba boasts approximately 423 million active users per year, which means that for every 3.2 Chinese individuals, one buys on Tmall or Taobao. Soon, foreigners might be contributing to that impressive statistic as well, with websites like Baopals now on the market.
Need some retail therapy? Better get to swiping, tapping, scanning and whatever else the kids are doing these days.
[Image via Tech.qq]
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