American consumer electronics giant Apple (AAPL) has opened a new store on the popular Chinese social media app WeChat.
Chinese multimedia company Tencent, which owns and operates WeChat, said that it is helping Apple to expand its reach within China, the world’s second biggest economy after the U.S.
WeChat is China’s dominant social media app, providing consumers with e-commerce, livestreaming, and payment services.
Going forward, people in China, which has a population of 1.4 billion citizens, will be able to buy Apple products ranging from iPhones to MacBook computers on WeChat.
Apple’s new online store comes as Chinese consumers increasingly turn to social media platforms such as WeChat to shop for everyday products.
Apple already operates a store on Alibaba Group’s (BABA) online marketplace in China.
China’s smartphone sales in the first quarter of this year declined 5% year-over-year, marking the lowest first-quarter sales since 2014, according to industry data.
The Chinese economy has been struggling coming out of Covid-19 lockdown measures, with consumer spending showing signs of weakening in recent months.
Apple currently has a 20% share of China’s smartphone market, according to industry figures.
The stock of Apple has risen 30% in the last 12 months to trade at $188.61 U.S. per share.
Apple recently became the first publicly traded company to achieve a $3 trillion U.S. market capitalization.
