Here’s what you need to know today.

1. Vietnam’s ‘NextTech’ aims to bring retailers online

NextTech is becoming a gateway in Vietnam to digitize traditional business into ecommerce.

Small business owners installing the online payment is still not easy. On the other hand, ecommerce companies are not connected to traditional businesses. NextTech, formerly PeaceSoft, provides information technology to traditional businesses to help them go online.

NextTech invests and partners with startups across their three main verticals: payment, logistics and sourcing.

The company shares similarities to Alibaba, as it tries to improve Vietnam’s ecommerce ecosystem.

Read the rest of the story here.

2. Alipay extends reach to big spenders in Italy

Italian bank UniCredit announced that it has opened up Alibaba Group’s payment solution to its network of 120,000 merchants in Italy, allowing visitors from China to pay for services and products in Italy by simply scanning a barcode with their phones.

According to Euromonitor, the growth of Italian luxury businesses in 2016 greatly benefited from the influx of luxury shopping tourism, where Chinese travelers’ contribution was notably significant.

The Alipay app also supports a geo-location feature that offers a marketing opportunity for niche and local brands in Italy that are less known to Chinese consumers.

Read the rest of the story here.


3. Recommended Reading: The new meaning of fast fashion

The fashion resale market is currently worth $18 billion and is expected to grow to $33 billion by 2021, and the average American woman does not wear 60% of the pieces in her closet.

A handbag is not a bottle of milk for a baby. It’s not a staple. And it’s not necessarily a good idea to create a situation in which it is equated to one.

It may not be sustainable, in any sense of the word. How can fast fashion in this age be defined?

Read the rest of the story here.


4. Recommended Reading: How WeChat Pay became Alipay’s largest rival

“Because of WeChat’s traffic and social advantage, in these past two years, WeChat Pay has become Alipay’s biggest competitor,” Wang Pengbo, finance analyst at research firm Analysys.

Last month, Analysys published a report on China’s mobile payment market for the fourth quarter of 2016. Alipay had a market share of 54.7%; Tenpay – which includes WeChat Pay – came in second with about 37%.

So how did WeChat Pay catch up? By doubling down on two key areas: social payments and offline retail.

Read the rest of the story here.

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