The World’s Largest Online Market Uses UnionPay


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The World’s Largest Online Market Uses UnionPay!

China Online: Double the US and Japan COMBINED!

  • 485 million Internet User market is projected to grow 69% to 700 million by 2015 (almost double the combined number of Japan and the U.S.) 1
  • 185 Million Online Shoppers today (already more than in the U.S.) 1
  • Online spending projected to increase 15% annually through 2015 (2X the rate of consumer spending increase) 1
  • 44% of Chinese online consumers shop overseas websites1
  • 2203.8bn RMB ($348 billion USD) online payment transactions in 20112
  • 50bn RMB ($7.9 billion USD) conservative overseas online spend estimate for 20123

China UnionPay also known as UP, is the domestic bank card organization in the People’s Republic of China (PRC). Founded in March 2002, China UnionPay is an association for China’s banking card industry, operating under the approval of the People’s Bank of China. It is also the only interbank network in China excluding Hong Kong and Macau, linking the ATMs of fourteen major banks and many smaller banks throughout mainland China.

Be creative to maximize your marketing impact

Traditional marketing may not always be effective in China, and companies must find new ways to make an impact.

Given the growing popularity of social media, mobile technology, and celebrity endorsers, some travel providers have started to use the concept of advocacy marketing to their advantage.

Critical influencers who can be used for advocacy marketing can include celebrity endorsers, credentialed experts, or current customers.

For example, New Zealand hosted a Chinese celebrity wedding in Queenstown for a famous Chinese actress, Yao Chen, who, alongside Lady Gaga and Justin Bieber, is among the most followed social-media personalities globally with 37 million followers on Weibo.

News of the wedding spread quickly on Weibo, which registered 40 million discussion items with New Zealand as a key topic. Tourism New Zealand estimated that close to 7,000 media articles were written about the wedding, and Queenstown was portrayed as the ultimate destination for romance and honeymoons—exposure worth tens of millions of marketing and advertising dollars.

Follow the money

China is too big and diverse to be approached with a one-size-fits-all solution. By segmenting different groups of travelers and monitoring their behaviors and spending habits, companies gain insights that can help them prioritize target markets, guide investment decisions, and deliver their services more effectively.

By 2030, outbound trips will account for about 40% of China’s total market value (up from 30% in 2012), and Chinese travelers will be spending about $700 billion on these trips. As it is today, most of this travel will be for leisure.

From 2012 to 2030, three segments of the outbound leisure market will grow the fastest: Young affluents (ages 18 to 30), senior professionals (ages 45 to 55, traveling without an organized tour group), and small groups of families and friends (ages 30 to 45, also traveling without an organized tour group).

Combined, by 2030, these segments will account for an incremental 100 million annual trips and $340 billion in annual spending.

- See more at: http://www.tnooz.com/article/china-travel-nine-strategies#sthash.oEborgff.dpuf

References:

  1. The Boston Consulting Group (BCG). “China’s Digital Generations 3.0: The Online Empire.” April 11, 2012. BCG Perspectives.
  2. China Internet Watch. “Third Party Payment in 2011 Exceeded 2 Trillion Yuan.” January 12, 2012.
  3. WorldPay Chief Commercial Officer, Shane Happach “Direct Response Forum, Payments in China.” August 6, 2012.

Contact TPD  at info@travelpaymentsdirect.com or (800) 261-7346