Worldpay, a global leader in payments, has predicted that Black Friday and Cyber Monday mania will continue this year, but with a wider range of businesses expected to get in on the online action. Although the shopping event has traditionally been the realm of US retailers, the shopping event grew by 29% in Asia Pacific last year.
Despite forking out $17.8bn on China Singles Day, Chinese consumers were still hunting Black Friday bargains, with overall spending on the day up by 37% compared to the previous year. The event is also growing fast in Singapore and Hong Kong, at a rate of 21% and 32% respectively.
While retailers are among the biggest Black Friday winners, new data from the payments processor suggests this year could also be a great opportunity for savvy APAC businesses in the travel and digital sectors. In Singapore, spending with travel & airlines was up 20%3 compared to 2015. And in Hong Kong, travel and airlines saw a 30%4 surge, with eager travellers jumping online to search for great flight and hotel deals.
Shoppers are also increasingly seeking out bargains for digital content such as subscriptions, e-books, and on-demand box sets, with Black Friday spending in this sector experiencing year on year growth of 62%5 in Hong Kong and 14%6 in Singapore.
Phil Pomford, General Manager for Asia Pacific at Worldpay said based on the data, 2017 seems set to be another solid year for the shopping event and a fantastic opportunity for a variety of e-commerce businesses, not just retailers.
“While Black Friday and Cyber Monday have typically been the realm of retailers, a more diverse range of businesses are now recognising that they too can take can take advantage of this unique online opportunity. Shoppers during this time are highly engaged, proactive, and looking for a wide range of online deals, so the potential to reach new customers and strengthen brand loyalty is huge, no matter what sector you operate in.
“E-commerce businesses should ensure they set themselves up for success by making sure their websites are prepared for heavy traffic and offer simple payment options to drive shopping cart conversions online. They might also consider following the example of US retail giant Amazon and kickstart Black Friday deals a week early in order to generate excitement early on.”