$TENCENT(00700.HK) WeChat Mini Stores make gift-giving convenient, coupled with 1.3 billion monthly active users, it is indeed imaginative. However, as early as 2010, $TENCENT(00700.HK) ventured into e-commerce but ultimately failed, eventually choosing to invest in $JD.com(JD.US), $PDD(PDD.US), and $Vipshops(VIPS.US) to indirectly compete with $BABA-W(09988.HK).

Regarding Tencent's failure in e-commerce, Zhang Lei, founder of Hillhouse Capital, believes that Tencent, which deals in virtual goods, lacks inventory management capabilities, which is a significant factor in its failure.

Let's discuss a bit. The WeChat public account and video account serve as a "selling shovels" platform, primarily distributing traffic to merchants. Compared to Alibaba, which has 20 years of accumulated merchant experience, WeChat's product categories are too singular and offer too few choices.

Additionally, Tencent lacks logistics and after-sales experience; for the goods in mini-programs, Tencent cannot control the delivery and after-sales processes.

Some say that using WeChat to receive gifts is precisely the awkward part. Given the current economic environment, how many people are still giving gifts? Gift-giving events are not held every month. A soul-searching question: How often do you give gifts?