Internet giants Baidu, Tencent and Alibaba increasingly buy into innovative companies to stay ahead of the competition. They have become dominant investment vehicles, says business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order, to the South China Morning Post.
Category Archives: internet
China’s deep Confucian roots do influence the way the internet has developed, says marketing veteran Tom Doctoroff, author of What Chinese Want: Culture, Communism, and China’s Modern Consumer, to the South Morning Post. “I call it pride commerce, where there is the idea that you are what you buy … and that sharing your interests is a way to make your identity stronger,” Doctoroff said.
Social connectivity has become crucial for life and business in China. “If you want to do well as an internet company today, you need to be strong on the social aspect, otherwise you won’t be able to gain any traction,” tells business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order, to the South China Morning Post.
Private companies in China can only survive when they team up with Tencent or Alibaba, creating a business scene that is unprecedented, says business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order to the South China Morning Post. “They basically have a gun to your head and you have to choose which of the two companies you want to work with.”
William Bao Bean, managing director of the Shanghai-based Chinaccelarator, tells about his busy week, trying to help foreign startups to enter China and helping Chinese companies to go global. The main problem of his international operation? “You never have a holiday.”
Much attention goes to the epic battle between China’s internet giants Alibaba and Tencent. But WeChat expert Matthew Brennan does not see why one of their payment systems, Alipay and WeChat Pay, should defeat the other. He sees room enough for both, he tells That’s Magazine.
China’s internet authorities have strengthened the rules on VPN’s – popular tools to jump the country’s online censorship. Nevertheless, getting online with a VPN is still relatively easy, says internet expert Matthew Brennan to The News Lens, but he is not giving a guarantee that will still be the case in one year time.
If at any place the switch from brick-and-mortar is going fast, it is China. Permanent online consumers comment, exchange information, and buy 24/7. When you sit down in a restaurant, you first ask the code for the free wifi, before the menu. When you travel abroad, you constantly discuss with friends and family back how, what to buy, or what not to buy.
From a cash country, where transactions were done by moving plastic bags with money between bank branches, China has turned into a leading force in fintech or financiel technology. Mobile payment are standard. Bitcoins and blockchain technology found in China early adopters. Social media have – more than anywhere in the world – adopted payment systems to facilitate online trade.
Startups are mostly at the mercy of quasi-monopolies like Facebook, Google, Tencent or Alibaba. William Bao Bean, managing director of Shanghai-based SOSV tells in this elevator talk how his no.1 accelerator helps them to avoid spending money on those giants to get access to an audience, creating a win-win situation.