November 20, 2017
Monday 20 November 2017 – Beijing – Worldpay, a global leader in payments, has predicted that Chinese shoppers will continue to spend big on Black Friday, hot on the heels of a record-breaking Singles Day earlier this month.
New data from the payments processor reveals online merchants saw a 37% year-on-year growth for Black Friday spending in China, as the shopping event becomes increasingly popular with consumers.
While online retailers are expected to win big this year, having experienced a 19%2 year-on-year growth in spending, they are not the only ones. Businesses across multiple sectors are starting to get in on the action as well. Last year, the travel and airline industry saw Black Friday online spending grow by 43%3 compared to the year before, with savvy travellers jumping online for great deals on hotels and flights.
Shoppers are also increasingly seeking out bargains for digital content such as subscriptions, e-books, and on-demand box sets, with data revealing a 37%4 increase in payments for Chinese businesses in this sector in 2016, compared to the year before.
Tang Kok San, Country Manager for China at Worldpay, said based on the data; it seems that Chinese shoppers still have an appetite for new bargains, despite a record breaking Single’s Day:
“While Black Friday has typically been a US-focussed shopping event, as well as the realm of retailers, we’re seeing a more diverse range of Chinese and global businesses taking advantage of this unique online opportunity. Shoppers during this time are highly engaged, proactive, and looking for a wide range of deals, so the potential to reach new customers and strengthen brand loyalty is huge, no matter what sector or corner of the world 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 their 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 total volume of transactions on Black Friday in 2016 vs 2015
2Figure refers to YoY comparison of retail sales on Black Friday in 2015 vs 2016
3Figure refers to YoY comparison of travel & airline sales on Black Friday in 2016 vs 2015
4Figure refers to YoY comparison of digital sales on Black Friday in 2016 vs 2015