Online retailers are set for their biggest ever China Singles' Day this year as record sales are predicted, payments company Worldpay said in a press statement on 7 November 2016.
Last year's Singles' Day processed three times more retail transactions on 11/11 than on Black Friday and Cyber Monday combined.
Spendings more than doubled between 2014 and 2015, with the total volume of Singles' Day transactions rising by 136 percent. Compared to the previous week, Worldpay recording a 956 percent uplift in transactions on Singles' Day.
According to Criteo, there was a rise of 44 percent in average online traffic on key retail companies' websites and an increase of 167 percent in overall sales between 9 and 12 November 2015.
In addition, 64 percent of users make the final purchase on a different device than the one they initially browsed with, said Criteo.
Mobile commerce to dominate e-commerce market
Criteo also predicted that mobile commerce will dominate e-commerce in driving sales this year. Thirty-four percent of online transactions on major retail companies were generated by mobile phones. A further 33 percent was done via mobile applications.
"Most Southeast Asian countries are 'mobile-first,' so it's unsurprising that mobile has become the preferred device for online shopping during this season," said Alban Villani, Commercial Director, Criteo, Southeast Asia, Hong Kong and Taiwan.
"To drive increased sales, retailers must respond and leverage technologies like dynamic retargeting and exact matching to deliver personalised and seamless consumer engagement across multiple platforms," he added.
As technological enhancements have facilitated shopping on mobile, marketers have to target consumers across every environment along the path to purchase. Brands can no longer ignore mobile platforms as a primary means to drive e-commerce sales.
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