IT Industry News. Daily.
The South African retail landscape is contending with a range of challenges, such as high unemployment, severe inflation, shrinkflation, and the lingering effects of Covid-19.
The unemployment rate in South Africa has reached concerning levels, standing at approximately 33%, reported by Stats SA as of Q1 2024. This widespread unemployment has led to reduced financial freedom for many households, resulting in diminished disposable income. Additionally, inflation has eroded consumers’ spending power.
Covid-19 has had a profound impact on trading activity and the overall financial wellbeing of consumers affecting how and what they buy. Rising prices have forced many to consider alternative options to the products they were previously accustomed to, seeking the right balance between quality and cost. South African consumers now prioritise value for money, requiring them to evaluate product information to determine if these alternatives still meet their needs.
Accenture reports that 72% of retailers are planning to leverage Gen AI for operation reinvention – and capitalising on these opportunities can offer great rewards for both consumers and retailers, as seen in the following examples: Dynamic promotion planning and optimised communication, as well as timing – Classical AI, when combined with Gen AI, can play a key role by developing models and algorithms for dynamic promotion planning, allowing retailers to adjust promotions based on real-time data, inventory levels, and consumer behaviour patterns.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Data Center Operations Technician at NetOps Africa - Western Cape Cape Town CBDIT Industry News. Daily.
Read more »
Senior Data Engineer (Remote) - Gauteng JohannesburgIT Industry News. Daily.
Read more »
Data Analyst - Gauteng RandjesparkIT Industry News. Daily.
Read more »
Project Manager at Parvana Recruitment - Western Cape Cape TownIT Industry News. Daily.
Read more »
Senior Data Engineer (Remote)IT Industry News. Daily.
Read more »
Project Manager at Parvana RecruitmentIT Industry News. Daily.
Read more »