Walmart and Tencent Signs Strategic Partnership to Create Digital Retail Benchmark in China
On June 7, Walmart China and Tencent jointly an in-depth strategic partnership in future digital retail.
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It is reported that they will cooperate in the areas of shopping experience optimization, payment innovation, marketing, membership system and collaborations with WeChat Work.
As for payment innovations, they will continue to optimize the mini-program “Walmart Scan and Pay” and create new payment scenarios including facial recognition payment. Marketing, internet-based tools including WeChat payment, mini-programs and social advertisements will be used to ensure more targeted distribution.
According to Ben Hassing, Walmart’s VP of e-commerce and technology in China, the strategic cooperation between Walmart and Tencent can integrate resources and jointly provide customers with a more convenient and reliable online-to-offline shopping experience.
Walmart entered the Chinese market 22 years ago, and in recent years, the world’s largest retail company has been striving to provide e-commerce through cooperations with Internet companies.
In March of this year, Walmart opened smart stores and partnered with Tencent to create the WeChat mini-program “Walmart Scan and Pay” where customers could scan the barcodes of the products to pay. Walmart Scan and Pay has been under trial operations for two months in selective Walmart stores in Shenzhen, and has penetrated Walmart stores in 28 cities in China. The service is expected to gradually cover more than 400 stores across China by the end of the year.
