Leading fashion and lifestyle retailer TFG shared its strategy to revolutionise the omnichannel experience and transform into Africa's leading high-tech omnichannel retailer. "We are laying the foundations to become the largest, most reliable and most profitable e-commerce destination on the continent; via a simplified, customer-centric approach, aimed at maximising group scale, minimising duplication and cost, and leveraging our incredible assets," shared newly appointed co-chief omni officer Claude Hanan. The announcement came as part of the retailer's 2021 financial year-end presentation.Issued byTFG (The Foschini Group)
Last night, 8 June, The Hospitality Counsel hosted their 3rd annual Luxe Restaurant Awards, celebrating the finest contributions to the South African restaurant industry, at AURUM restaurant within The Leonardo, Africa's tallest skyscraper.
By 2025, e-commerce will expand by an additional $1.4tn, and account for half the growth in the global retail sector, according to global market research company Euromonitor International.
In a new webinar, Retail in Transition: Capitalising on Future E-Commerce Opportunities, Euromonitor delves into how the e-commerce market has transformed due to Covid-19, future tech investment areas and countries with unmet e-commerce potential.
According to the webinar, 16% of goods were bought online last year, double the ratio of 2015, with the growth expected to continue to accelerate in the next five years. The US, China and Mexico are forecast to achieve the highest absolute value growth between 2020 and 2025 at $386bn, $361bn and $77bn respectively.
Michelle Evans, senior head of the digital consumer research, at Euromonitor International, comments, “One of the most pronounced impacts from the global pandemic is the expanding influence of tech. Retailers and brands are prioritising tech investments, which range from optimising supply chain operations to improving user experience.
"Companies in Latin America, for example, have been making bigger digital investments, and the region is forecast to reach the highest growth of retail value of all regions by 2025.
“However, the rapid digital transformation has brought challenges towards traditional business models and physical stores into greater focus, and it is vital to re-evaluate strategy for businesses to stay competitive in the ever-growing digital sphere,” concludes Evans.
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