Written by: Cai Ruhan Producer: Liu Peixiu
This year, the most important retail battle
Quanlian’s own electronic payment “Quanpay” will be launched on 9/1. Once it opens, it will bring together 140 brands and 100,000 payment points. It is expected to reach 1 million members by the end of the year, which is equal to the fifth place in the airborne electricity market. As a supermarket leader who is a latecomer in electricity, why can it be a sensation before it is performed? Not only the physical retail industry, but also the e-commerce and financial industries are also in awe?
With 8 million mother-in-law users to attack the battlefield of full payment, from firewood, rice, oil and salt to fund insurance, what advantages does it have? “I can’t see anything (where I can) make money yet. It’s regarding a loss of 500 million yuan a year…” Lin Minxiong, chairman of the All-China Federation of Trade Unions, said frankly at the press conference. Why do you want to do a business you know will lose money? What is his plan? Lin Hongbin, a member of the full-join team who has never been exposed before the media, also made his first public appearance this time. What does it mean behind it?
At a press conference, the directors of 13 banks and hundreds of retail brand executives who usually do not see Wang came here. This rare cross-industry strong lineup is all directed at an app.
It is the father and son of Lin Minxiong, chairman of Quanlian, who pushed Quanlian to the retail king’s secret weapon – the full payment app, that is, they have stepped out of their own stores for the first time, focusing on consumers “checkout/collection at all cooperative channels” point” new business.
Before August next year, it is expected to exceed 3 million members, which is equivalent to rushing to the third throne in the e-commerce market, second only to Jiekou Payment and All-in-One Card. The next step is to challenge the king of mobile payment Line Pay!
When giving a speech on the stage, Lin Minxiong made a domineering declaration: “Logically speaking, One Card and EasyCard should take the lead and be the leader, but I think it probably didn’t do well… So we rushed ahead. We will definitely do it very seriously and become the leader in payment in Taiwan!”
Why does Lin Minxiong dare to shout in such a high-profile manner? How can he endure?
“(Quanlian’s) PX Pay can do such a good job, it is unprecedented, and it is very strong!” Mei Hua, chairman of Jiekou Payment, admitted frankly in an exclusive interview with Shangzhou.
It turns out that, in the past three years, PX Pay has won 8 million members only by relying on one channel of Quanlian, which is equivalent to regarding one-third of Taiwan’s population, and the annual payment amount is as high as 60 billion yuan (Editor’s note: Mobile payment leader Line Pay The payment amount in the first half of this year was regarding 70 billion yuan). In other words, as long as it throws out enough incentives to attract PX Pay members to upgrade to full payment, it can quickly increase the number of members.
If the number of members is simply high, it is not enough to make the industry feel threatened. The key point is that these members, nicknamed “mother-in-law” by Quanlian, are like hidden treasures to the electronic payment market.
They are mainly female, ranging in age from 40 to 54 years old. They are in charge of the food, clothing, housing and transportation of a family, and they are the main households. However, they are also generally less sensitive to technology, and many are the only ones in their lives. The used payment software is PX Pay, which is taught and installed by Quanlian store staff. The threshold for operating them is extremely high, but it is not easy to change jobs. This group of large, relatively wealthy and loyal members makes all e-commerce operators jealous.
In the process of spending a lot of time and subsidizing the education market, the forerunners such as Jiekou and Yikatong have made it clear that the most important thing is to “make members feel that they can use it anywhere”. In other words, depending on your payment ecosystem, how strong a brand can be found!
As a result, FullPay began to sprint brands to join, including large chain stores such as Wangpin Group, Watsons, etc. to Yongkang, the night market in the East District or small stores in the business district; as for the stores, they carried out the vocabulary training of “leading consumers to upgrade”, and then used a handful of onions, A string of toilet paper is used as an incentive, and there is a chance to master your 24-hour life data!
“Payment and shopping are just our first steps!” You Jinrong, general manager of FullPay, admitted that more detailed services such as reservation system and membership system will be added in the future. In other words, it will move towards a “super app”, creating a platform that connects various internal and external services, with the goal of becoming a must-have app for everyone’s mobile phone.
But how likely is such an ambition to come true? Looking at the global electronic payment platforms, almost all of them are still losing money. Can Lin Minxiong’s retail logic of “losing money first and expanding the scale” in the past be applicable to the electricity payment industry? What is his most advantageous weapon? What challenges do you face? How will the young master play this game? How will it collide with small businesses, major channels, e-commerce and banks in the future? There will be an in-depth analysis in this issue.
※For the wonderful full text, please refer to the 1816th issue of “Business Week”.
※This article is published with permission from Business Weekly, and reprinting is prohibited without consent.
More BusinessWeek Articles
FT Featured: 3 bad things happen at the same time! The hegemony of the US dollar reserve currency is regarding to collapse?
Can a Chinese 100-yuan grocery store be sold in the United States? The key to MINISO’s success: Rich people who are greedy for cheap
It’s too slow to wait for the boss to ask regarding the progress of the work!Zhou Pinjun: Do this well, and there is a high probability of a salary increase
The United States may increase by 3 yards!Taiwan’s central bank is difficult, scholars sigh: it is not appropriate to follow up
Only 1 of these 7 questions: You are wearing the wrong clothes at work!
