Business Change

In: Business and Management

Submitted By ez6bk
Words 762
Pages 4

Emerging solutions enabling consumers to finish group-buying using mobile phones are disrupting established payment models. Group-buying, started from the U.S, was one of the biggest web trends of 2010 in China and is now entering the stage of adjustment. The ‘mobile payment era’ is building on the success of e-commerce and the rising adoption of smartphones has become a significant force among customers.

Define the change brought by mobile payment in group-buying

Online group-buying is a new business model refers to a certain number of consumers join together as a group via Internet to buy a certain product or service with a discount. Before mobile payment was introduced in group-buying, customers can only browse the sites every day and buy the deals through online banking in advance. While after mobile payment became possible, customers can use the apps on smartphones buy movie tickets deals minutes before the movie start. According to the Apple stores’ statistic, more than 10 group-buying apps ranked top 50 under “lifestyle” category. Computer is no longer the only carrier in group-buying industry.

Explain why mobile payment changed group-buying

The concept of cnQianBao (China wallet) for group-buying was first raised by Lashou in 2011. Technology, rapid adoption of smartphones and customer’s increasing demand are the reasons. First of all, the mobile phone has been one of the fasted developing technologies ever seen. In little more than a decade it has evolved from a simple voice and text messaging device into a mini-computer. Today’s devices incorporate a wide range of security technologies that are typically available on a PC. This evolution has overcome doubts from both the customers and the financial industry about the security of mobile transactions.

Secondly, the rapid adoption of smartphones has accelerated the combination of…...

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