Businesses looking to grow their online sales into new areas have a lot of opportunities in South Africa. Here are a few examples among many others:
● Today, already 49% of the local population shops online regularly. South Africa’s huge e-commerce market is expected to grow even further – at 12.5% YoY, reaching 11.58 billion USD by 2027 .
● South Africa has a well-developed digital infrastructure: more than 70% of the population have access to the Internet, estimated almost 95% of the users are connected via mobile phones.
● While Cards are a popular way to pay online, Local Payment Methods like Bank Transfer LPMs and Wallets are gaining market share. Initiatives by the South African Reserve Bank (SARB) – like the start of the new real-time payment system “Rapid Payments Programme (RPP)” announced to be launched during 2023 – further modernize the nation’s payments infrastructure and will increase attractiveness of LPM.
South Africa – with its middle-upper class income population and its already well established e-commerce market (and still rapidly growing) – is one of the most attractive markets for international merchants.