Digital First
E-Commerce Stores
Naspers reports that Takealot Group Revenue grew by 65% to $606 million in 2020.
"Few topics are worth your precious time. Choose what you pay attention to with great care" - James Clear
There is no doubt that there have been massive shifts in consumer behaviour in the last two years. CoVid induced online shopping has taken away 6,5 billion Rand from brick and mortar shops
Online retail growth has been nothing short of spectacular. Naspers reports in their March 2021 Takealot Group Annual Results that revenue grew by 65% to $606 million. Yes thats US dollars. (9,6 billion Rand).
Now this mainly reflects a shift in consumer spending rather than growth. So that means based on Takealot’s revenue growth alone, some 6,4 billion Rand spending has shifted from brick and mortar traders to Takealot’s online store.
That’s before we look at other online retail stores such as Checkers Sixty60 and Pick n Pay’s asap to name a few. Consumers have moved beyond their fear of online ordering.
The genie is out of the bottle.
This trend will continue.
The ramifications are huge. I’m sure you see dozens of empty shops in your local malls.
So what are you doing about this in your retail business?
This trend is certainly worth allocating your precious time to and you should be choosing to pay attention to it.
You may be surprised how little a fully fledged eCommerce site may cost.
Digitally First But Physically Enhanced
The swing to digital businesses should be supported by a physical presence. Even if that physical presence takes a new form.