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Online retail is perfectly positioned to grow market share by between 5 percent and 10 percent in the near term as consumers more eagerly embrace online shopping and look for more diverse e-commerce experiences.
This is according to insights shared by merchant-and-consumer-focused company Bob Group, which also predicts that 2024 will be the year South Africa’s own offerings start accelerating.
Bob Group, which owns Bob Shop (formerly Bidorbuy), says a review of historical data proves there has been a shift in consumer buying patterns, with online sales in recent years surpassing the growth of traditional retail sales.
“Analysts are seeing emerging consumer needs and expectations that go beyond being able to shop online,” says Bob Group MD Andy Higgins in a statement.
“The result is that growth in online retail comes not from increasing demand but from consumers shifting existing purchase behaviour from physical shops to online stores and apps. Buyers are embracing online shopping and using their mobile devices more and more.”
Amazon.co.za’s much-anticipated arrival in South Africa this year, which will see it compete with local giant Takealot, adds weight to the Bob Group’s forecast of growth in the sector.
Amazon, which made the announcement last year, has already started registering the interest of independent sellers looking to trade on the platform with the start of a registration process late last year. — Moneyweb.
Online Reporter