Research firm eMarketer estimate that global eCommerce will rise by 20.7% in 2019 to $3.535 trillion. The firm notes that Africa will experience identical year-over-year growth rates of 21.3%, slightly outpacing the global average.
Africa has been described as one of the fastest-growing eCommerce markets but with lots of challenges. It is estimated that about 264 e-commerce startups are operational across Africa, active in at least 23 countries. But even with these startups, the continent is still lagging behind in eCommerce for many reasons including lack of internet access, logistical efficiency, poverty and high rate of illiteracy levels.
Most of these problems are still there but advances in technology, especially smartphones is giving millions of Africans access to the internet and mobile payments systems and technologies.
These advancements now present a good opportunity for eCommerce companies in Kenya and across Africa to integrate new digital payment methods. Digital payments methods offer massive benefits beyond just improved security.
By working with a trusted digital payments service provider like SwitchLink Africa, you will be able to provide your customers with different payment options. This, in the end, helps improve trust as well as increase revenues.
Why is working with a payment service provider to accept online payments crucial for the success of eCommerce in Africa? We have listed some key reasons below:
- Increased customer base
Technology is advancing across most African countries. By adding online payment methods, retailers will be taking advantage of this increased adoption of technology to expand their customer base which in turn increases their revenues.
- Customer loyalty
By integrating a simple and secure online payment system, you are building customer loyalty. This also increases customer satisfaction.
- Increased sales
Most customers want simple and secure payments methods. By integrating online payments methods on your eCommerce platform, your customers are guaranteed of the security of their credit cards or e-wallets. Offering the right payment method increases sales.
Financial technology service providers like SwitchLink Africa are offering business value in the areas of electronic payment, financial transaction processing solution and services. The solutions range from wallets, technology integration among others.