Singles Day Rivaling Cyber Monday, Making the Case for China
Nov. 20, 2014
Black Friday and Cyber Monday have stiff competition for the biggest day in online shopping. China Singles Day achieved banner growth this year and needs to be on the radar for e-commerce merchants around the world, according to e-commerce acquirer and processor Worldpay. London-based Worldpay saw the number of transactions it processed on November 11 this year surge 455 percent compared to the same day a week earlier.
The day, which has become a sort of anti-Valentine’s Day has become a very popular day for gift giving in China with young people. Like its American counterparts kicking off our holiday shopping season, Chinese online retailers began using Singles Day to offer big discounts. This year, global e-commerce retailers began to participate in a big way, said Kevin Dallas, chief product officer for the global e-commerce business at Worldpay, and China is looking outward as well.
“Black Friday will still be bigger for Worldpay, but China Singles Day has become the bigger global shopping event,” Dallas said. “One of the biggest things it says is Chinese merchants are going global. It’s not just about Jack Ma (CEO of Alibaba Group) but an overall opening up of Chinese e-commerce merchants to the rest of the world.”
In 24 hours during this year’s China Singles Day, Dallas said, Worldpay reported 3,057,018 online transactions or 2,123 every minute.