Picture: 123RF/KITTAYA MANGRUAN
Picture: 123RF/KITTAYA MANGRUAN

In this edition of the Business Day Spotlight, we look at online shopping and e-commerce trends. The coronavirus outbreak has resulted in more people working and staying at home in an age of social distancing, leading to more people turning to online shopping channels as a substitute to entering physical shops to buy everyday items and goods.

Host Mudiwa Gavaza is joined in studio by Derek Cikes, commercial director at fintech company Payflex, to talk about the issues.

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Payflex is a fintech platform that allows people shopping online to pay a smaller amount upfront for goods, with the rest over a fixed period at no interest cost. Cikes says they are a “buy now, pay later” business.

He starts by saying that the coronavirus has definitely had an effect on online shopping, as more people are forced to stay at home, and are avoiding physical shops. He says since President Cyril Ramaphosa announced the travel ban on Sunday, there’s been a marked increase in people shopping for groceries in particular, online.

With only 2% of retail business happening online in SA, compared to about 10% in more developed countries, Cikes says brick-and-mortar stores are not going away any time soon.

The discussion ends around the issue of cart abandonment, where online shoppers give up on a purchase decision, leaving items meant for check out unpurchased. Cikes says this is the number one pain point for every e-commerce site of any kind, with the average documented cart abandonment rate at 69.57%.

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Business Day Spotlight is a MultimediaLIVE production.

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