Worldpay, a global leader in payments, is predicting a bumper China Singles’ Day for British businesses, as the e-commerce extravaganza goes global.
New data from Worldpay reveals that last year’s event grew by 39% globally, generating more than double the total online sales from Black Friday (137%).Online shopping activities peaked at 17.24 GMT, at which point Worldpay processed 44,505 payments per minute.
UK businesses alone enjoyed a 19% uplift in China Singles’ Day sales, and Worldpay is predicting the 11 November to be even bigger this year, as the weak pound attracts an influx of “Brexit” bargain hunters.
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 Western eCommerce sites, as more Chinese shoppers than ever before seek genuine products from cherished global brands.
Maria Prados, VP global retail at Worldpay, said: “For UK businesses looking to break into the huge Chinese eCommerce market, Singles’ Day should be an important landmark in the calendar year. The current economic climate means international shoppers get more for their money when buying British. Combined with the rising purchasing power of the Chinese consumer, the pound’s performance could mean big bucks for UK brands on 11 November, but only if they are well prepared.
“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.”