South Africa’s e-commerce sector is growing and contributed to the worldwide growth rate of 29% in 2020. Per Statista Digital Market Outlook, this upward trend is expected to continue at a compound annual growth rate (CAGR) of 11% from 2020 to 2024. As with other markets, this growth has been spurred by the pandemic as well as technological advances and innovation in e-commerce.
While the South African e-commerce market presents promising business opportunities, tapping into the industry is not without challenges. Overcoming these challenges means learning about and understanding the region’s diverse landscape and culture. Here are some tips when entering the market and how you can sustain business success in the region.
1. Conduct market analysis. Not every market is suitable for every small and medium-sized enterprise (SME). This is where intensive market analysis is crucial. It shows the viability and how much potential a market has.
2. Identify challenges in market entry. Apart from having a good understanding of the market, it’s important to know the barriers to a successful entry such as import bans or product registrations. It’s also vital to build and maintain a network to generate sales.
3. Respect cultural differences. There’s no general formula for dealing with African business partners.
The region is too large and diverse, so it’s important to take into consideration its different cultures.
Register for the MATCH webinar to know more about eCommerce in South Africa
Reserve your Spot Now
Even before the COVID-19 outbreak, many small and medium-sized enterprises (SMEs) cited access to financing as the main barrier to their businesses’ growth. This is made even worse by the slowdown in economic activity and trade brought about by the pandemic – which resulted in the drastic reduction of their revenues.
In the upcoming webinar, Yolanda Haripersad from Financially Fabulous Females will give an overview of South Africa’s e-commerce landscape and the various financing options in South Africa. This will be followed by Andrew Maren, Chief Executive Officer of ProfitShare Partners, who will talk about what the government is driving for the finance sector and the differences between traditional financial institutions and the innovations of fintech.
Don’t miss this insightful panel discussion on September 23
Hong Kong / Singapore: 4:30pm
Sydney / Melbourne: 6:30pm
South Africa: 10:30am
United Kingdom: 9:30am
Reserve your Spot Now
About our speakers
Property Investor and Wealth Advisor,
Financially Fabulous Females
After spending over a decade in the Middle East,Durban-based entrepreneur, property investor and Wealth Advisor, Yolanda Haripersad returned to South Africa to coach small business owners in Digital Marketing and advise South Africans in Wealth Creation and Protection.
Chief Executive Officer,
ProfitShare Partners Pty Ltd
Andrew Maren is the CEO and founder of ProfitShare Partners, an innovative short-term funding company that is disrupting the market and enabling growth for SMEs. As a serial entrepreneur and financial professional, Andrew has a history of starting or acquiring strategic stakes in companies and growing them. His extensive experience in corporate, retail and private banking at Standard Corporate and Merchant Bank and RMB Private Bank, together with a series of business successes in the fuel, property, IT industries and financial services sector have inspired him to create revolutionary financial solutions that would enable the market for small and medium enterprises.