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Media Alert: Black Friday bargain hunting to benefit more than just retailersBusinesses in Asia Pacific see 27%1 growth
November 20, 2017
Monday 20th November 2017 – Hong Kong – 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 27% in Asia Pacific last year.
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. While retail sales on Black Friday grew by only 2%2 in Singapore last year, compared to 2015, spending with travel & airlines was up 20%3 . In Hong Kong, retail spending increased by 16%, compared to a 30% increase for the travel & airlines sector, 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%4 in Hong Kong and 14%5 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.”
About the data
Figures quoted are according to Worldpay’s Global eCom transaction data for online businesses on Black Friday and Cyber Monday in 2016 and 2015. Last year Worldpay processed a total of 14.9bn transactions at a value of £451.1bn.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
For more information, visit http://www.worldpay.com/global
1Figure refers to YoY comparison of overall Black Friday
2Figure refers to YoY comparison of retail sales in 2016 vs 2015, Singapore
3Figure refers to YoY comparison of travel & airline sales in 2016 vs 2015, Singapore
4Figure refers to YoY comparison of digital sales in 2016 vs 2015, Hong Kong
5Figure refers to YoY comparison of digital sales in 2016 vs 2015, Singapore