360Buy launched an all-out price war on Weibo
360Buy, Suning and Gome all announced that they will sell their home appliances for the lowest price – so the all-out price war started. 360Buy CEO Liu Qiangdong declared on his weibo that the company would he hiring spies to check Gome and Suning to ensure 360Buy’s prices are the lowest. Understandably consumers are pretty happy with the apparent race to the buttom. Suning and Gome may be able to compete with 360Buy in the short run, but not for longer term. Surprisingly the pricing comparison site Etao.com announced that on August 15 360buy raised the price of many large household appliances.
Ushi is looking to be profitable by 2013
The China-based professional social network is going to provide human resources solution to HR managers. The core members are white collar workers, investors, HR managers and entrepreneurs. Ushi believes that the “do it yourself” model of LinkedIn would not work in China because it hasn't been popular there. They also think about working together with AngelList - a community of high-quality startups raising money and investors who invest in them.
Source: Tech in Asia
Sina Weibos' New Strategy To Monetize Their Platform
Sina will launch a new experiment by the end of August: The social credit card. The company offers their verified users to get their Weibo unique URL printed on their China Merchants Bank credit card. If you choose to do so, you get bonus points for shopping, but also for being active on Sina Weibo. The user benefits from this model, because he gets discounts in selected stores.
Q2 Financial Reports: Tencent Still the Biggest Tech Player in China
Chinas biggest web company, Tencent, has released their Q2 financial report, which states that their revenue for this period is $16.6 billion. This is an increase of 56.2% compared to the same period last year. The revenue comes mainly from their value-added services and advertising. NetEase Q2 revenue amounts to $3.15 billion, which is an increase of 11%. A main part of their revenue comes from their gaming services. Sinas' Q2 net revenues is $1.30 billion (11% increase), which comes mainly from advertising.
Electrical Appliance Supplier Haier Moves Away From E-Commerce Shop 360buy
Because of the price war that is happening in the e-commerce industry right now, Haier has decided to move away from online shop 360buy, to their competitors Gome and Suning. Haier is an important company in Chinas' electrical appliance industry, and therefore this decision could really have an impact on the sector, so that maybe also smaller companies choose to move away from 360buy. The CEO of 360buy said during a media conference, that only about a third of the brands selling on their platform are against the price war and the other two thirds support it.
[Infographic] Impact Of The Price War on Traffic To E-Commerce Websites
It is reported that compared with August 14th,the traffic of 360Buy, Suning's Egou and Gome continued to show significant growth on August 15th due to the price war. The traffic of Suning Egou jumped by 837%, 360Buy's traffic increased by 144%. However 360Buy was serving 45.9% of the e-commerce B2C customers on that day, which makes them ranking on the first place. Suning Egou and Tmall follow on second and third position.
App Annie are getting funds to get more presence in China
App Annie ist the industry leader in the field of app store statistics. They offer insights from Apples' App Store and also Google Play. Moreover you can use their analytics software to track the revenues that are generated with your app. The company announced, that they've received $6 million in Series B funding. The company will use the money, among other things, to get more present in China. They're also planning to get more employees for their Beijing office.