People using WeChat, Weibo and other online platforms to do business are facing numerous challenges posed by rapid growth, according to participants at the 2018 We-media Expo, a part of the 20th China International Fair for Investment and Trade, held in Xiamen, Fujian province taking place through Monday.
"We-Media" is a general term for internet platforms that deliver business information to the people in an electronic format, and according to the statistics released at the expo, business is booming.
A total of 500,000 WeChat official accounts are updated every day, with 5 billion WeChat page views.
There were 700 We-media platforms selling products online in the end of 2016 and the number increased to 10,000 by 2017.
This year, the number of content e-commerce accounts, which sell goods and services to consumers through words, pictures and videos, increased 68 percent.
Liang Chunrong, director of foreign investment promotion affairs bureau at the Ministry of Commerce, and director of the CIFIT office, said that everyone is the audience of legacy media and We-media.
Based on internet technology, We-media breaks the limitations of legacy media and becomes a new gateway for promotion and consumption of high-quality products.
In fact, because of e-commerce, "for the first time, communication and consumption are directly integrated to make a new powerful business force," Liang said.
We-media has high engagement with fans, as e-commerce users tend to understand fans’ pain spots, habits and excitement very well and their e-commerce products can grab fans' hearts quickly.
China's investors also gave suggestions to the We-media operators on financing at the expo.
Cao Yue, president of Partner Capital Group, said that We-media operators should ask for help from professional financial advisors, who will choose suitable investment institutions and business partners.
Gao Hongqing, CEO and managing partner of New Margin Capital Co, said that personalization and high-quality content is the key to a valuable We-media, which should consistently produce high-quality content through continuous learning.
Huang Yantao, executive director of SAIF Partners, said that We-media should focus on integrating online and offline channels to improve effective average revenue per user.
The operators of We-media said that the expo helps them find more products that fit the tone of their platform and get in touch with new sakes channels for their products.
China announced and implemented on May 15 a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.
China and Georgia are set to waive visa requirements for travelers starting May 28.
