Apple launches store on Tencent's WeChat messaging app
Investing.com — Apple Apple (NASDAQ:AAPL) will begin to sell its products on Tencent's (HK:0700) megapopular messaging app WeChat as the tech giant looks to grow its retail presence in China.
WeChat said on Tuesday that products, including its ubiquitous iPhone, will be available for purchase via the store.
With more than 1.2 billion users, WeChat is one of the most dominant platforms in China, with features that go beyond instant messaging and into a variety of so-called «Mini Programs,» small-sized apps that offer a broad range of services. This has made WeChat an increasingly popular place for Chinese consumers to do everything from shopping to paying bills and booking holidays.
Apple, which also has an official store on Alibaba's (HK:9988) (NYSE:BABA) online retailer Tmall, managed to secure market share of 19.9% in China's smartphone market during the first quarter, according to data from Counterpoint Research. However, smartphone sales have been flagging in the country, slipping by 5% annually in the opening three months of 2023.
The announcement comes after Apple Chief Executive Tim Cook visited China earlier this year following the lifting of strict COVID-19 rules in the country.
Shares in Apple were slightly higher in U.S. premarket trade Tuesday.
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