Worldpay reports huge leap in spending on Singles Day
Worldpay saw the number of online transactions it processed during China Singles Day soar by a huge 455% compared to the same day the week before. 11/11 has become the biggest shopping day in the global retail calendar with online merchants selling to Chinese customers offering discounts of up to 90%.
Spending peaked at midnight CST as Chinese shoppers stayed awake to snap up bargains at the first opportunity on the busiest online shopping day of the year so far. Cardholders who took advantage of the sales made an average of 5.3 purchases, spending an average of £95 in total (up from two purchases totalling £65 the previous week).
“China Singles Day continues to grow in popularity as other retailers, alongside Alibaba, have begun to offer similar discounts on a variety of products and services, from electronics to holidays,” said Tang Kok San, VP Business Development China at Worldpay. “With smartphone penetration increasing in China, shopping on the go has become easier, driving even more sales for retailers on 11/11. And with the Chinese Government continuing to back the day sales will only continue to increase.”
“China Singles Day is a huge opportunity for online retailers, whether they are based in China or selling in to the Chinese market, to significantly boost sales. But retailers need to be prepared to meet the needs of Chinese shoppers, from offering them the payment options they want, the delivery costs they expect and the aggressive promotions, to ensure they turn browsers into buyers.”