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South African Retail Industry Forecast (2007-2011)
Online retail sale in South Africa in third quarter of 2006 reached US$ 23.1 Billion, a 23% increase over US$ 18.8 Billion in third quarter of 2005.
By: Sunil Nair
They are searching for means of bringing them nearer to latest and existing consumers, and searching points of demarcation in a progressively maturing online market, reports All Africa.Com on June 29,2007.
An additional factor inspiring e-commerce in the country is totally negligent rate of fake online purchases. Customers have themselves matured over the years. They have turned more technology savvy, are looking for ways to save themselves time in making purchasing decisions, as well as are open to the use of online dealings to purchase goods. These transactions are generally educated buying decisions owing to the availability of product and pricing information on the web.
"Powerful new search services are driving greater spending activity, and improved personalisation technology is allowing retailers to think more like their customers. Mobile phones and new wireless devices all support e-commerce, and we have to cater to this market," says Bacher.
RNCOS’ recent report “South African Retail Industry Forecast (2007-2011)”, also expected an increase in South African online retail sale. As per the report cash rich-time poor consumers would increase the South African online retail sale in the near future, as they would prefer shopping online in order to save time.
The report further states that the total money spent on online retail goods in South Africa in 2005 was US$ 73.43 Million (R 524.5 Million), up from US$ 61.14 Million (R 436.7 Million) in 2004.
The research report also takes into account other interesting issues and facts that are critical to success of South Africa retail industry, like, the market size and scope of growth of the retail industry in South Africa, the growth prospects and issues related to the industry, the factors driving growth this sector as well as the emerging trends in the South African retail industry.
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