E-Commerce in South Africa and African markets
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This past week, Mastercard released its first South African SpendingPulse report.
The report, which is published worldwide, is based on transactions across every payment medium – including cash, wire transfers and credit cards.
This equates to over 80 billion transactions processed annually in 210 countries, and provides an accurate representation of consumer spending habits.
Speaking at the report’s launch event, Sarah Quinlan, senior vice president and head of market insights for Mastercard, indicated that one of the biggest changes in shopping trends came after the 2008 recession.
She said that it was no longer “chic” for consumers to flaunt their wealth with flashy purchases, and those who had previously spent money on big-ticket items have now cracked down on the “appearance of being wealthy”.
This has coincided with the rise of millennials’ purchasing power, who have typically lived up to their stereotype of buying “experiences” instead of products, she said.
South Africa is no different, and following the recent uptick in consumer spending in the country, more South Africans are looking to buy “time” as opposed to “things”, she said.
“MasterCard has already seen this change in data as more South Africans go to McDonald’s on a Tuesday or Thursday night as opposed to the weekend, as well as an increase in in-country travelling.”
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