November 07, 2017
Tuesday 7th November 2017 – London — Worldpay, a global leader in payments, is predicting a bumper China Singles’ Day for British businesses, as the eCommerce extravaganza goes global.
New data from Worldpay reveals that last year’s event grew by 39% globally1 , generating more than double the total online sales from Black Friday (137%).2 Online shopping activities peaked at 17.24 GMT, at which point Worldpay processed 44,505 payments per minute.
UK businesses alone enjoyed a 19 per cent3 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 brands4 .
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.”
Figures quoted are according to Worldpay’s Global eCom transaction data for online retailers in the UK on China Singles Day (11 November). Worldpay processed a total of 14.9bn transactions at a value of £451.1bn in 2016.
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
Emily Lahey, +44 (0) 203 664 5663
Nitesh Khetani, +44 (0) 207 067 0836
1Figures refer to YoY comparison of global retail sales on 11/11/16 vs 11/11/15
2Comparison of volume of sales on China Singles Day 2016 vs Black Friday 2016
3Figures refer to YoY comparison of UK retail sales on 11/11/16 vs 11/11/15
4Catching the China eCommerce Wave: A Global Ecommerce Leaders Forum Study, November 2017