Africa is growing …
- Africa’s GDP grew faster than any other region except East Asia over the last decade, and in 2015, 7 of 10 fastest growing countries will be in Africa.
- By 2035, Africa will have more workers than China or India
… and this growth is creating a new consumer middle class.
- By 2020, 128 million African households will have discretionary income, versus 59 million in 2000
- Of Africans in key markets, 84% expect their households to be better off in the next two years
Internet access is growing, especially on mobile phones …
- 52% of urban Africans have accessed the Internet in the last month, similar to China and Brazil and ahead of India
- The number of mobile phone connections in Sub-Saharan Africa has grown 44% a year over 2000-2012, with 475m mobile phone connections for a population of 854.
… but even in South Africa, e-commerce has captured little of the market.
- Only 0.9% of South African retail is online, versus 11% in USA
Africans are hungry for innovative, quality offerings
- M-PESA, a mobile money offering that launched in 2007 in Kenya, is used by 70% of Kenyan adults, and has volumes equivalent to around a third of Kenyan GDP
- South African fashion e-comerce retailer Zando recorded 10m visitors in the first year of operation
Sources: Euromonitor International, GSM Association, IMF, McKinsey & Company, McKinsey Global Institute, Safaricom