Will digital yuan be a game-changer for China ecommerce?
While major marketplaces have recently started accepting digital yuan as a form of payment, the brands I work with are dying to know HOW this will change China ecommerce.
Although it’s still too early to really tell, my answer to them so far is “not much.”
Let me explain…
Right now the major marketplaces like Tmall and JD control most of the commerce online. And I believe this will continue with the introduction of digital currency.
The major platforms make it irresistibly CONVENIENT to stay in their ecosystem every step of the way… from product discovery and research through payment. They own the entire process.
Ultimately, I see the digital yuan as just another form of payment… an additional tool versus a major improvement or game changer when it comes to China ecommerce.
Unless the Chinese government was to crack down on the major platforms and disrupt their handling of payments (let’s hope not), I don’t see the digital yuan making HUGE changes to China ecommerce anytime soon.