SA’s online retail experiences remarkable growth, surpasses 6% of total spend
A landmark study released by World Wide Worx, in collaboration with Mastercard , Peach Payments, and Ask Afrika, reveals significant growth in South Africa 's online retail sector, which surged to R71-billion in 2023. This remarkable growth represents a 29% increase from 2022, positioning the sector to break the R100 billion mark by 2026.
Rahul Jain, CEO of Peach Payments, stressed the importance of payment solutions in this expansion:"The findings underscore how Peach Payments enabled the proliferation of new payment methods such as Buy Now Pay Later that meet the evolving demands of the consumer. The study also points out the success of Shoprite Checkers’ Sixty60 service, which saw a 63.1% increase in the latter half of 2023, while Pick n Pay grew online sales by 76% and Woolworths reported a 47% online sales increases. By contrast, the country’s largest online retailer, Takealot, grew sales by only 6%.
The most significant operational challenges for the industry were payment failures and managing customer queries and complaints .
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