Singles Day sales to hit $20b this year

Retail market analysts predicted that November's big shopping frenzy - the China-inspired Singles Day - will see a year-on-year sales increase of 40 percent, as Alibaba Group Holding Ltd and major international brands use virtual and augmented reality to woo online shoppers.

Similar to the UK and US shopping day Black Friday, Chinese online retailers will offer a slew of promotions on Nov 11, and could generate up to $20 billion sales this year, a 40 percent increase on last year's gross merchandise volume of $14.3 billion, according to Fung Global Retail & Technology. The 2015 figure represented a year-on-year increase of 54 percent.

This year, more British online retailers are joining in with specific offers targeted at China.