Being aware of current market trends is essential when you want to achieve success with your business. To increase your profitability and plan strategically, keep these trends in mind and define your goals, determine your actions and mobilise your resources around these tips.
- Value addition
Value addition is essential for economic development in South Africa. Creating manufacturing processes, developing transport infrastructure and adding value to raw produce will help you tap into the the African market gap.
- Fast-moving consumer products
South Africa has an exploding population and an increasing middle class with spending power. There is a high need for consumer products, such as clothes, cosmetics, food, and electronics. Focusing on distributing locally made products to fill these needs, will not only be profitable but will also create jobs.
- Think Africa
When South Africans think of expanding their businesses, they often think of breaking into the European market. However, intra-African trade has shown rapid growth, much more than exports to Europe and America. If you are a manufacturer, producer or service provider, your expansion strategy should be regional. The growth in intra-African trade also bodes well for the transport and logistics sectors.
The improved accessibility of national and international payment methods has given e-commerce in South Africa a boost. South Africa’s middle class is using online commerce far more than 3 years ago. As the mobile phone and internet movement continues to grow, this is a good time to position your South African e-commerce business.
- Customer retention and employee engagement
Probably the biggest trend that businesses need to follow, is to pay extra attention the most important people in their business: employees and customers. Predictions for 2016 show that employee happiness and customer satisfaction will determine the ultimate success of a company. successful from unsuccessful businesses. Employees’ quality of work determines the service quality and the quality of the product offering.
There is a growing trend by leading companies to develop specific products and services for women. As women are becoming more actively engaged in economic development in South Africa, this is trend not to be overlooked. Choose women as your target consumer group, or focus on employing women, and tap into a powerful segment of the market.