Group discussion 1 Group6

Wechat

Group6

Zhu, Can

Li, Heyi

Hu, Jiayi

Zheng, Haixiang

Changes:

WeChat has evolved from its initial role as an instant messaging tool to incorporate a variety of features such as Moments, Subscription Account , WeChat Pay, Mini Programs, Enterprise WeChat, and WeChat Games, forming a comprehensive ecosystem.

In terms of lifestyle services, the introduction and widespread adoption of WeChat Pay have positioned WeChat as a significant player in the mobile payment sector. Regarding content consumption, the launch of WeChat Subscription Accounts and Mini Programs has attracted a multitude of content creators and developers, enriching WeChat's content ecosystem and enhancing user engagement and retention.

• 10 years ago
• Merely chat
• Import contacts from QQ
• Shake your phone

  Ten years ago WeChat focused on online chatting, importing users from qq, and also shaking the phone to find friends, etc.

• Now
• Instant voice message
• Moments 朋友圈
• Mini programs 小程序
• Subscription account 公众号
• Channels 视频号
• WeChat Pay
• A whole system

  In the past ten years, WeChat has had multiple changes. In daily life, people can voice chat online and share wonderful moments,for spare time people can learn diversified knowledge from subscription accounts, sometimes killing time by video channels.In some specific situations,people also make payments through it.

 

3Cs Model:

• Business Model

  WeChat's business model is diversified, primarily generating revenue from advertising, WeChat Pay, mini-programs, and games in its consumer-facing model. It creates profits through in-app advertising, transaction fees from WeChat Pay, and commissions from sales of mini-programs and games. Additionally, WeChat offers value-added services to businesses, such as Enterprise WeChat for commercial solutions.

• 2C
• Online and Offline Consumption: Online shopping platform channeling e-commerce and local life Consumption.
• Content Payment: Subscription account, mini program games, etc.
• Financial products: Derivatives of WeChat Payment, e.g. WeChat Red Packets.
• 2B
• Traffic resources: Moments, subscription account and mini programme advertisement.
• Business Resources: Subscription account marketing, mini programme transaction, WeChat payment and enterprise WeChat, the whole chain to attract merchants to form the digital transformation.
• Major Clients
• Multiple business model
• 2C
• Mostly people use wechat just want to keep in touch with families and friends.
• 2B
• Celebrities use Wechat Ads for promotional purposes
• WeChat channel producers,Subscription Account owners produce content for their audience.
• Businesses use mini programs to provide customer service for buying tickets or making an order in restaurants.
• Official Accounts（企業微信）
• Emoji\Sticker Artists
• Key Competitor
• As a social media: Tiktok, Ins, Facebook... v.s.
• Pay: Alipay

    Overall, we consider WeChat to be in a monopolistic position in the domestic market. However, in some refined sectors, such as the payment direction, WeChat Pay faces competitors like Alipay. In the short video domain, WeChat's Video Account competes with platforms like Douyin and Kuaishou.