State-owned China National Cereals, Oils and Foodstuffs Corp recently launched an online store on WeChat to tap into the booming mobile shopping market in China. According to a public account called COFCO Healthy Life on WeChat, the online store mainly sells dietary supplement and healthcare products. The WeChat-based online store is COFCO’s latest move in riding China’s rapidly growing online food sector. Womai.com, a business-to-customer e-commerce site launched by COFCO, is one of China’s largest online food shopping sites…Full Article: China Daily Feb 2016
- WeChat (aka WeiXin) is mobile text and voice messaging communication service that has 650 million users. COFCO is incentivizing users to purchase products on COFCO Healthy Life by giving them with “cash back” rewards.
- In 2017, COFCO’s Womai e-commerce food website hopes to launch an initial public offering (i.e. listed on a stock exchange).
- In October 2015, Chinese search engine company, Baidu, invested US$20 million in COFCO’s Womai e-commerce site.