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"if you have coupons, you can still buy it!" "hurry up and get on board, use ious or bank cards to pay!" it is neither "6.18" nor "double 11", but consumers have been unable to stop adding purchases in recent days, only because jd.com launched a 50% off payment coupon for clothing a few days ago, and many users were attracted.

in fact, in addition to the 50% off payment coupons, beijing business daily reporters noticed that jd baitiao has also frequently launched promotional activities recently, including discounts on purchases over a certain amount and interest-free installments. such activities are not only common on jd.com, but also on platforms such as meituan, ant, and douyin. behind the seemingly product promotions, there is actually a hidden financial contest.

in the industry's view, the fierce competition among large companies in consumer finance is conducive to the linkage and advancement of e-commerce business on the one hand, and is also a good way to monetize conventional traffic on the other hand. in the future, they will need to clarify the rights and responsibilities of all parties with their partners and jointly build a good ecological order.

jd.com pushes payment coupons

"buy clothes on jd.com and get 50% off coupons for all items." i wonder if you have been flooded with the 50% off clothing promotion on jd.com forwarded by major wechat groups recently. behind this seemingly big clothing promotion, jd.com is secretly building up its financial business.

beijing business daily reporters noticed that the 50% off coupons include three categories: "100-50", "200-100" and "300-150". the promotion type is jd pay coupons. users can receive coupons from 0:00 on september 17 to 24:00 on september 25. the available products include men's and women's clothing, underwear, shoes and boots, children's clothing, sports shoes and clothing, etc.

it is reported that this "50% off clothing" event will give out 300 million jd payment coupons. according to the usage rules, users can use jd payment - bank card or jd baitiao payment when settling accounts.

the 50% discount coupon is a big deal for consumers. "jd pay is really a winner this time!" just two days ago, many consumers told beijing business daily that they found that many wechat groups and moments were forwarding this event. "50% discount coupon, and interest-free installment payment", many consumers even opened jd baitiao accounts.

a beijing business daily reporter learned from a relevant person in charge of jd finance that jd baitiao has successfully connected more than 2 million merchants with 250 million consumers. every year, jd baitiao's services save consumers billions of yuan in interest and fees, while merchants have also achieved a substantial increase in sales with the help of this platform, and their smart business operations have been significantly improved.

beijing business daily reporter noticed that not long ago, jd finance also launched the jd baitiao "10 billion interest-free plan", which will be implemented from september and is expected to provide nearly 10 billion interest-free discounts to consumers, covering tens of millions of goods. many consumers also said that in the recent home appliance trade-in, the combination of national subsidies and jd baitiao interest-free installments and the first-new-then-recycling service made everyone feel the real benefits and convenience.

"the discount campaign launched by the bai tiao product this time relies on the e-commerce platform. its main purpose is to attract new e-commerce consumers through e-commerce scenarios." su xiaorui, a senior researcher at suxi zhiyan, pointed out that compared with its peers, jd pay has been relatively low-key in attracting new customers and promoting activation. this effort shows that jd is trying to focus on payment and its ambition to make a mark in the consumer finance field.

"at present, this activity is aimed at all registered users, especially those customers who do not open jd pay or baitiao and hope to reactivate the relevant accounts." wang shiqiang, a senior researcher at bingjian technology research institute, further said that it can be seen that jd's activities of this type have two main purposes. on the one hand, it can acquire new customers for financial services such as payment and baitiao. on the other hand, it can also use this method to offer discounts and promotions, promote user transactions, and empower e-commerce business.

competition in consumer finance intensifies

in fact, it is not just jd.com. beijing business daily reporters found that many internet giants are secretly developing their own financial businesses, including various consumer financial products.

for example, not long ago, the iphone 16 series of mobile phones was released, and many platforms including ant, douyin, jd.com, and meituan launched activities such as booking new phones and interest-free installments. some launched benefits of up to 24 interest-free installments, and others issued large instant discount coupons.

in addition, unlike the financial marketing launched by platform companies at special time points such as "6.18" and "double 11", these promotions have become more normalized. for example, in addition to launching interest-free installment activities for big brands, meituan monthly payment also has regular meituan monthly payment consumption activities, which not only allow users to win cash for every payment, but also give them the chance to win a lottery. the main methods are rewards and discounts to strengthen users' stickiness to consumer financial products.

at present, the major giants mainly rely on their main business scenarios and their own resources to expand their customer base. for example, jd.com is based on e-commerce, meituan is based on local life, and ctrip is based on travel accommodation. some products are highly homogeneous. su xiaorui told the beijing business daily reporter that the expansion of consumer finance scenarios has already seen internal competition. it has been observed that some giants have made efforts in product account periods, and consumers can open account periods through self-booking. however, su xiaorui also pointed out that when the platform provides relevant services, in loan marketing, it is necessary to first inform which institutions provide the credit consumption service, and secondly, to clearly indicate key information such as the repayment period and rate.

"the current competition in the consumer finance market is indeed more intense than ever before." the person in charge of jd finance told the beijing business daily reporter that with the advancement of technology and the diversification of consumer demand, market participants are constantly innovating and launching products and services that better meet user needs. this competition is not only reflected in prices and interest rates, but also in multiple dimensions such as service quality, product innovation, user experience and technology applications.

for example, since its launch in 2014, jd baitiao has evolved from an initial single credit consumption product to a variety of service products such as interest-free installments, enjoy first and pay later, trade-in, buy one and try three, and credit-free rental.

in addition to promoting growth at the merchant level, interest-free installment payments also stimulate consumption at the user level. "with the addition of various payment coupons and payment discount coupons, plus interest-free installments, it is indeed much easier for me to buy large items, and i don't have so much financial pressure," the aforementioned consumer told the beijing business daily reporter.

however, pan helin, a well-known economist, also told the beijing business daily reporter that there is no free lunch in the world. the purpose of various payment coupons and discount coupons issued by institutions is actually to use small discounts to attract users to use consumer finance products, thereby diverting financial business.

"consumer finance products are nothing more than promoting consumption through financial credit, such as installment payments, or realizing user traffic monetization through financial profits. consumption scenarios are bound to be tied to payment transactions, so it is natural for e-commerce. however, the shortcoming is that the payment functions of various internet giants are different in strength, which affects the monetization ability. for example, the main payment tools are still alipay and wechat pay." pan helin said.

financial war beyond price war

in order to develop new users and retain old users, various platform companies have tried their best. the industry believes that for platforms, on the one hand, they can enter scenarios based on current consumer hotspots and policy encouragement, such as old-for-new + consumer finance, and on the other hand, they also need to pay attention to financial consumer protection, especially in scenario cooperation, they need to clarify the rights and responsibilities of all parties with partners.

pan helin believes that e-commerce monetization mainly relies on advertising marketing and financial monetization, and this trend will not change in the future. financial innovation in consumer scenarios has actually been fully explored. there are small innovations, but no major changes. in fact, financial supervision also requires platforms to maintain a prudent attitude towards financial innovation. therefore, it is more reasonable to combine existing consumer scenarios to carry out financial innovation.

in fact, in order to avoid pure price wars, financial services such as buy now pay later, interest-free installments, and payment vouchers have been continuously infiltrating major online and offline consumption scenarios, and have also become the main means for major e-commerce platforms to promote sales or deal with competition. wang shiqiang believes that when e-commerce platforms are unable to reduce prices, they often use interest-free installments and other means to deal with competition and attract customers. in particular, when buying mobile phones on major credit card apps, there is a high probability that you can enjoy interest-free installment services. in recent years, interest-free installments have gradually become one of the means for e-commerce platforms to deal with price wars. many young customers tend to choose this payment method when they have limited payment capabilities.

in addition, many industry insiders also reminded that in the scenario of the integration of financial products and e-commerce, institutions must also pay attention to multiple challenges such as compliance, risk control, rational consumption guidance, and user information security.

beijing business daily reporter liu sihong