Online retail giant Takealot faces a reckoning as competition heats up and big names start breathing down its neck.
World Wide Worx and Mastercard’s online retail study revealed that South Africa reached R55 billion in 2022, a 35% year-on-year increase.
“It is interesting to note that online retail will exceed 5% of total retail in South Africa. It is a magic mark which many people will pay attention to,” he said. The significantly lower growth rate and rising operational costs resulted in a much higher loss over the last reporting period. Massmart’s eCommerce sales, which include Makro, Game, and Builders, rose by 50%, and Woolworths Food’s online sales grew 45.4% in South Africa.
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