騰訊今年8月要求微信小商店、視頻號小商店等微信生態內的電商載體統一升級為微信小店，並為甚接入微信全域流量，為了吸引更多商家進駐，微信今年9月大幅降低商家的准入門檻和保證金，甚至支持足一定條件的微信小店商家0元保證金試營運；視頻號小店還調低了家具、個人護理等21個三級類目的技術服務費，由5%調低至2%。該行認為，此次微信依靠自身流量和政策發力電商，有望在微信端吸引更多商家入駐，「搶紅包」或加速電商消費落地，助力騰訊深度佈局電商領域。The concept stocks of WeChat small stores continued to rise this morning, with WEIMOB INC (02013.HK) soaring 22% to 3.03 yuan, and EAST BUY (01797.HK) bouncing 4.5% to 18.1 yuan, while Tencent (00700.HK) fell nearly 0.2%.
Mainland brokerage AVIC Securities published a report indicating that on December 17, Tencent's WeChat will publicly display the 'Support Gift' entry on the product detail page during the grey test of the 'Send Gift' feature. The category restrictions are, except for jewelry and Education, commodities priced no more than 0.01 million yuan, and those that meet the rules will automatically have the 'Support Gift' entry activated upon ordering, without the need to ask for the recipient's address in advance. After the recipient clicks on the gift message, they will fill in the delivery address, and after clicking 'Accept Gift,' they will officially accept and have order management rights.
The brokerage noted that referencing the experience of launching 'Grab Red Packet,' the timing coincides with the end of the year, which boosts the demand for gifts. As of the third quarter of this year, the combined monthly active users of WeChat and Wechat had reached 1.382 billion, and the mini-program trading ecology is active, with quarterly transaction amounts surpassing 2 trillion yuan in multiple online services such as Dining retail, Transportation, and daily utility payments, growing by 10% year-on-year. AVIC Securities believes that with frequent holidays like Christmas, New Year's Day, and Spring Festival approaching the end of the year, the demand for 'gift' is expected to surge; using the experience from 'Grab Red Packet,' sending gifts is anticipated to boost traffic and order volumes for WeChat small stores.
In August of this year, Tencent required WeChat small shops and video number small shops within the WeChat ecosystem to unify and upgrade to WeChat small stores, allowing for access to WeChat's overall traffic. To attract more merchants, WeChat significantly lowered the entry barriers and guarantees for merchants in September, even supporting some qualified WeChat small store merchants to conduct trial operations with a 0 yuan deposit; video number small shops also reduced the technical service fees for 21 tertiary categories, such as furniture and Personal Care, from 5% to 2%. The brokerage believes that WeChat's reliance on its own traffic and policy strength in e-commerce is expected to attract more merchants to join the WeChat platform, with 'Grab Red Packet' potentially accelerating the realization of e-commerce consumption, aiding Tencent in deepening its layout in the e-commerce sector.
AVIC Securities pointed out that referencing prior experience from WeChat's 'Grab Red Packet,' the demand for 'gifts' is relatively inelastic, and completing the process on social platforms is much more convenient. Relying on WeChat's inherent large traffic, players in the WeChat e-commerce ecosystem are expected to welcome a new period of development dividends. Additionally, combined with Tencent's continuous layout in AI, the AI e-commerce scenarios in the WeChat ecosystem are likely to activate greater consumer demand, realizing a 'surprise moment' in the e-commerce competition. The brokerage is optimistic about three types of companies that may benefit directly: first, e-commerce Saas companies/operating institutions; second, advertising agencies within the WeChat domain; third, brands that have opened WeChat small stores and possess gift-giving functionality.