On a continent still struggling for economic balance, Africa’s boasts a middle class that is steadily growing, with ample money to spend. These constitute about 30% of the continent, spending between $4 to $20 a day – the middle class is expected to grow to 42% by 2040 taking it to more than a billion people providing a big enough market for merchants.
Africa’s internet penetration and usage continues to grow as well, the expanding numbers are embracing the internet fast, which in turn has influenced businesses to have an online presence which is the “in thing” on how to transact currently.
The impact of the internet so far shows that online shopping accounts for 10% of retail sales equivalent to $75 billion, according to a McKinsey report survey. Google identifies a significant jump in online searches on the continent arising from commercial queries showing the demand for such innovations to take flight as soon as now.
The demand has pushed for various businesses to sell online which has also inspired the emergence of e-commerce platforms trying to cash in on Africa’s new-found wealth.
Online retail Platforms such as Jumia and KiliMall are leading the new class of e-commerce businesses on the continent, further playing a big role in ensuring that online transactions take centre stage. Recording up to 150,000 visitors a day and generating $28 million in revenue as of 2015.
Most of these online platforms work Africa wide and have to attain some of the products they sell from beyond Africa which means they encounter very different payment modes in various countries – incorporating with all these payment modes is quite frankly time consuming and strenuous to manage yet these platforms still need to reach out to all clients on the continent.
What solution is in place to suit Online retailers and help them better their service provision
Online retail platforms can now appeal to more customers through the services of Dusupay. Dusupay eliminates the struggle of integrating with all payment modes across the continent and worldwide. https://www.dusupay.com/
When the online retail platform is integrated with Dusupay, they are guaranteed a host of payment options since Dusupay avails a variety of mobile money services, bank card payments and other forms of payment under one platform.
The aim is to streamline payment and allow the online retailer to accept funds through one avenue courtesy of Dusupay. This innovation saves them time and money while ensuring that their finances are moved through safe means.
As well, the online retailer can transact with their suppliers outside Africa, easily paying them despite difference in pay modes due to the help Dusupay provides.