Worldpay, a global leader in payments, is predicting another record-breaking China Singles’ Day for businesses around the world, as the eCommerce extravaganza goes global.
New data from Worldpay reveals that last year’s event grew by 39% globally1, with sales outstripping Black Friday by 137%.2 Online shopping activities peaked at 17.24 GMT3, at which point Worldpay was processing 44,505 payments per minute.
The payments processor is expecting 11 November to make history again this year, as more and more international brands opt to participate in the shopping festival.
According to Worldpay, retailers in Australia and Hong Kong are seeing the fastest growth, with sales rising by 105% and 71% respectively year-on-year.4
Although the volume of sales has plateaued in mainland China, the average spend per purchase continues to rise, at a rate of 9%,5 as more and more shoppers tend to splurge on big ticket-items.
Worldpay’s transaction data supports recent findings from the Global eCommerce Leaders Forum (GELF), which revealed the rise in consumer spending power in China is translating into growing sales on international eCommerce sites, as more Chinese shoppers than ever before are seeking genuine products from cherished global brands.
Phil Pomford, General Manager for Asia Pacific at Worldpay said: “Since its inception as a local celebration of singledom, Singles’ Day has risen to become the world’s top grossing-online shopping holiday, and the event knows no boundaries. Our data reveals how fast Singles’ Day is growing internationally, so for international businesses looking to break into the huge Chinese eCommerce market, 11 November should be an important landmark in the calendar year.
“To turn browsers into buyers, it is essential to tailor the online shopping experience to local tastes. For Chinese consumers, this means focusing on your mobile proposition. Shoppers expect to use their preferred payment option – increasingly e-wallets like Alipay and WeChat Pay – and merchants should offer a cutting edge checkout experience to attract tech savvy consumers.”
