The Shift towards Online Shopping
The trends observed in recent years indicate a substantial shift towards online shopping in South Africa. Deloitte’s recent study revealed that over 70% of South Africans now shop online at least once a month, with two out of three anticipating an increase in their online shopping in the coming year. The COVID-19 pandemic accelerated this trend, with South Africa’s eCommerce growing by 66% in 2020. However, it’s important to note that South Africa’s online spending still lags behind the global average, offering ample room for growth.
In the ever-evolving world of retail, the convergence of technology and payments is reshaping how we shop, pay, and interact with merchants. As we approach Black Friday and beyond, it becomes increasingly crucial to understand the current state of retail payments, the expectations for this shopping extravaganza, and the exciting innovations that promise to redefine the shopping experience. Johan Gellatly, the MD of Altron FinTech, shares valuable insights that shed light on transformative developments within the industry.
Innovations Enhancing the Retail Experience
The Rise of Streamlined Checkout
Payments Aligned with the Supply Chain
The Tug of War
Building Trust and Efficiency
As a FinTech entity, we are committed to driving innovation and positive change within the financial industry. Through our focus on technology solutions and the extensive data at our disposal, we aim to bridge the gap between the formal and informal sectors, gaining a holistic understanding of our economy. By fostering trust and enhancing efficiency, we can forge a path towards a more resilient and inclusive financial infrastructure that benefits all stakeholders involved.