Recent news headlines about China's economy have heavily utilized words and phrases like “booming,” “explosion,” “whopping,” and “exponential growth.” A piece published in December of 2017 even went so far as to say that Chinese consumers (who number 1.5 billion) now “Rule the World.” China has become the largest and most developed global retail eCommerce market and, as a result, the total addressable market for the payments industry alone is now projected to be a “whopping” $27 trillion. But this “boom” hasn't been an overnight phenomenon. A steady shift has taken place where the country's gross domestic product (GDP) growth has been increasingly driven by domestic consumption, which accounted for 35% in 2003 but has grown to be 62% of their GDP in 2018. What was once a nation of businesses focused on export has become a land of global consumer opportunity--where the buyers have money to spend and want more options for how and where to spend it. Now is most certainly the time to get your products, goods and services to Chinese consumers--but you're going to need our help. We've been preparing for this for a while.
It's sales strategy 101: Know your customer. If you don't understand your target customer, you can't build a relationship with them. If you can't build a relationship, you can't establish trust. In today's market, if you can't establish trust, you can't transact. And, well, if you can't transact, you can't grow. If you're an international business, one of the biggest opportunities for growth lies in China. Acquiring customers in China is key to success, but it doesn't come without challenges.China is a complex market full of identity and privacy barriers that have made it difficult for businesses outside the country to properly verify and engage consumers. The inability to get access to verifiable identity data has increased the risks of Chinese customer engagement (fraud is prevalent) and hindered efforts to provide enhanced user experiences that lead to brand loyalty and, ultimately, revenue. Luckily for our customers, we can now offer trusted identity data on Chinese customers – and all it requires is their phone number.
Having recognized the growing market opportunity in China, our team set to building out our data coverage by optimizing our status as a Mobile Network Operator (MNO) and getting access to authoritative, consent-based insights from the big three carriers in China for our customers. The result is that our leading data-intelligence API, PhoneID, now provides trusted identity insights on end-users in China, based on the input of their phone numbers at account registration or during a high-value transaction.Available data includes:
These data insights strengthen and validate the user verification process, reduce fake accounts, inform risk models, and improve conversions and accuracy of collected information for instant acquisitions, real-time authentications and ongoing fraud prevention. Simply put, with this data you can now block bad users and protect and engage good users in China throughout their customer lifecycles.
At TeleSign, we've solved the market challenges in China by providing customers with the trusted identity data needed to securely expand their businesses into a market that was once hard to enter confidently. Verify identities, reduce fraud, increase conversions and glean know your customer (KYC) insights by leveraging a resource that can provide privileged access to subscriber and phone number data along with expert guidance on how to use it. And, China data isn't all we can offer.The addition of China data gives us an unrivaled level of coverage for global trusted identity data. Today PhoneID Standard offers data in more than 230 countries and territories, while add-ons Contact Plus, Contact Match and Subscriber Status offer essential contact and phone-intelligence data on consumers in the United States, Canada, and China. Additional countries such as Brazil, Australia, Switzerland, India, France, UK Spain, South Africa, South Korea and others will be coming soon.
Contact our team to learn more about this expanded coverage opportunity and how our PhoneID API can be integrated into your product experience. As the leading provider of single-platform global communications and trusted identity data, we're here to help your businesses connect, protect and engage your customers.Learn more about PhoneID's data attributes and contact us today.