
Federal Reserve’s Recent Interest Rate Decision: Economic Impact
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July 12, 2023: On Tuesday, Apple launched a store on Tencent’s WeChat texting app in China, as the iPhone giant steps up to expand its retail channels in one of its numerous important markets.
WeChat is China’s largest messaging platform, with over 1.2 billion users. It is often known as a “super app” because it goes beyond instant messaging. Users can access so-called “Mini Programs,” effective apps within WeChat. That suggests users don’t need to download many different apps but can instead access all the services they require from within WeChat.
Apple’s WeChat shop is in the form of a Mini Program. Users can purchase the full line of Apple products, including the latest iPhone 14 range, through the Mini Program, Tencent said in a statement. Orders via WeChat are eligible for free shipping, and some users can pay for three-hour delivery.
Tencent said customers can also access other Apple services, like the trade-in program.
Apple tightly controls its retail channels but has ramped up its presence on China’s biggest internet platforms over the past few years. Apple has an official store on Tmall, the e-commerce site operated by Alibaba. Meanwhile, JD.com, China’s second-largest online retailer, is an official reseller of Apple products.
IPhone sales have remained fairly resilient in China despite a challenging market overall. Counterpoint Research shows smartphone sales declined 5% year-on-year in the first quarter of 2023, matching the lowest first-quarter sales figure since 2014. Apple’s iPhone sales grew 6% every year, Counterpoint said.
Still, Apple is looking to reach more customers. WeChat is ubiquitous in Chinese culture, with people using it for everything from messaging to booking flights and paying bills.
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