Ecomerce has show significant growth during the Covid-19 pandemic. Businesses have realised that online presence is key to sales. Revenue in the eCommerce market is projected to reach US$4,057m in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 8.3%, resulting in a projected market volume of US$5,581m by 2024. The market’s largest segment is Fashion with a projected market volume of US$1,258m in 2020. User penetration will be 37.0% in 2020 and is expected to hit 50.8% by 2024. The average revenue per user (ARPU) is expected to amount to US$185.05.
The impact of Covid-19 has forced businesses to act swiftly and radically to safeguard business survival and long-term success. Nobody knows for sure how it would eventually pan out. What we do know from our experience is that we need to provide solutions to help keep clients financially enabled and relevant in this new business environment.
For the foreseeable future social distancing will be the norm, but this does not have to be at the expense of customer connectivity and trading relationships.
At Domino E-commerce, we know that success in business is often about strong partnerships. Through our bigger-picture banking approach, we immerse ourselves in your business and your industry so that we can become an extension of your management team, with a full understanding of your business requirements. Thus, our primary focus is to ensure uninterrupted service to mitigate the impact of Covid-19 and support every aspect of your business.
The lockdown has highlighted the importance of providing digital solutions for clients, so included in our transactional banking package is a range of remote, digital and mobile payment solutions to ensure that your business can continue to operate effectively. This includes progressive e-commerce solutions to enable online payment capabilities and to provide our clients with innovative merchant payment data insights on a deeper understanding of their customers’ buying patterns, typical demographics and other valuable market information. Domino E-commerce makes customer convenience, ease of transacting and peace of mind a reality through solutions such as StorePay– a payment solution for the digital era that is fully integrated into your business’s website without you having to redirect your customer to another site to make payment.
We are particularly proud of our latest innovation, StorePay, a super app that brings customers and businesses together, accurately matching customers’ lifestyle needs to product and service offerings through powerful artificial intelligence, safe and secure payments, and bank-grade security. We have learnt during lockdown that StorePay also serves as a key platform to assist businesses with resuscitating their cashflow in these trying times.
Offering something for everyone, StorePay’s bold statement is to serve the African continent, with the first release enabling the home ecosystem within a South African context. This is done by delivering relevant customer experiences to help South Africans find relevant solutions to their home needs. The highly curated platform allows individuals and businesses alike to transact securely within a single platform for their daily needs. Whether users require home services, shop online for groceries, take-aways or great tech deals, or search for the next family holiday, entertainment options or security solutions, StorePay offers these and much more.
The app is available for download on iOS, Android or PWA (Progressive Web Application), enabling customers to place orders from the catalogue seamlessly. If you are a merchant banking with Storepay, the StorePay platform can be downloaded. Please contact us.
In addition to its suite of ecommerce solutions for instore and online purchases, StorePay offers specialist expertise in agriculture, franchising, BBBEE, leveraged finance and the public sector, as well as the provision of a suite of domestic and global transactional solutions to help your business continue to trade effectively in the ‘new normal’.
If you would like to know more about our ecommerce solutions please feel free to contact us. Our ecommerce solutions will assist you in automating your processes.