Africa’s high mobile penetration rates as well as its young population have contributed to the continent’s positive response to digital markets and on-demand services.
Several notable marketplaces that have grown exponentially on the continent include Nigeria’s Jumia, South Africa’s Takealot and international e-hailing service Uber. This year, the continent is seeing the arrival of new multinational markets, including the latest Temu.
However, there is room for growth in the maturation, service offering and operational efficiency of markets in other industries, including insurance, hospitality, transportation, financial services and others.
Both businesses and consumers need to familiarize themselves with the continent’s growing relationship with markets and assess what this means for entrepreneurship, innovation and meeting growing consumer demands on the continent.
Real shopping
Consumers want a real market in every way. There are a few digital platforms that allow you to see an actual price you can buy for insurance, such as with Checkers60, but these are generally from a single product supplier. Imagine if you could get Woolworths, Checkers, Pick n Pay and Spar prices for an item in one place and buy instantly in one Super App.
Innovation in the face of growing consumer demand
The African continent’s embrace of digital markets marks a major shift in its business landscape, fostering innovation and meeting growing consumer demands.
“It’s all about meeting consumer needs and evolving the market – a trend that comes with opportunities and challenges,” says Ayanda Mvandaba, CEO of online soft drinks retailer Drink Nil.
“It extends the reach of a product or service and enhances accessibility to consumers, yet it is challenging as it requires constant innovation and strategic adaptation to stand out among a growing array of options.”
The power of contextual data for shopping
One of the most effective steps to take involves dismantling data silos within an organization. The same is true with the development of any market.
βIt is critical to recognize that information feeds every department within an organization. Ensuring access to contextual data enables customer-facing teams to effectively engage with customers, thereby improving the experience they can deliver,β comments Zoho Regional Director, Africa, Andrew Bourne.
In addition, it enables the delivery of personalized experiences to each customer, further enhancing their perception of the organization. In this regard, the implementation of a customer experience platform takes on significant importance. Ideally, such a platform should offer seamless and contextual data flow between disparate systems, single sign on (SSO) and granular access control.
Priority is given to market potential
The Salesforce State of e-Commerce Report found that one-third of commerce professionals β across all industries and business sizes β are prioritizing adding purchasing capabilities to their existing e-commerce experience.
Marketplaces make it easy (and fast) to diversify revenue streams, reduce inventory risk, and gain customer loyalty. Joint innovations enhance data management, improve customer experiences and enable AI-powered applications.
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