Alipay Teams Up with U.S. Retailers, Will Offer $10 Million in Black Friday Coupons
Michael A. Katz | | Nov 25, 2014 02:25 PM EST |
(Photo : Reuters) A giant electronic board show online transaction value on Alipay, which has teamed up U.S. retailers to allow Chinese shoppers to make purchases using their Alipay accounts.
Alipay, the online payment platform of Alibaba, has teamed up with major U.S. department stores and retailers to allow Chinese shoppers to make purchases using their Alipay accounts, reports Shanghai Daily.
China's biggest online payment said its users can use cash coupons and discounts for overseas payments at participating retailers' websites, which include Bloomingdale, Macy's, Nieman Marcus and Saks Fifth Avenue.
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Shoppers will have access to 60 million yuan ($9.8 million) worth of shopping coupons in the week through December 1. The coupons can be used on November 28, also known as Black Friday, both online and in person at the stores.
The move is an attempt by Alipay to make Black Friday a seamless shopping experience as on Taobao for domestic consumers, and to make it easy for shoppers to buy from foreign sites, reports Shanghai Daily.
According to Analysys International, which conducts research on the Chinese Internet industry, Chinese online shopping of imported goods will increase to 120 billion yuan ($19.6 billion) in 2014, a 50 percent increase from the previous year.
China's Ministry of Commerce reported that in 2013, China's cross-border e-commerce trade rose 31.3 percent from 2012 to 3.1 trillion yuan, and may more than double to 6.5 trillion yuan by 2016.
Providers of online advertising services in the China market generated revenues of 43.55 billion yuan ($7.06 billion) in the third quarter of 2014, a 51.4% on year, according to Analysys International.
Just last week, Alipay announced a similar arrangement with retailers in Australia to sell their goods to Chinese customers.
"With increasing concerns for food safety and higher levels of disposable income, Chinese consumers are keen on purchasing healthy, safe food and beverages from overseas," the company said in a press release. The products will be sourced by Melbourne-based Zoyu Digital.
Alipay Australia will work with a joint venture partner called Paybang to continue serving local businesses targeting China's consumer base, and facilitating cross-border trade between the two countries.
TagsAlipay Teams Up with U.S. Retailers Will Offer $10 Million in Black Friday CouponsAlipay, Black Friday, Black Friday coupons, Macy’s, Nieman Marcus, Bloomingdale, Saks Fifth Avenue
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