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The World Wide Worx Online Retail Report: Everything SMEs should know

Get key insights from the latest World Wide Worx report, sponsored by Peach Payments and Mastercard

The 2023 World Wide Worx Online Retail report, sponsored by Peach Payments and Mastercard, was launched earlier in May.

It covers a wide variety of topics in online retail from payment methods to marketing, and it’s packed with some great insights for small businesses in South Africa. Here are some of the key takeaways:

E-commerce is growing in South Africa. Online retail in South Africa reached R71-billion in 2023, shooting past 5% of total retail. The majority of businesses surveyed reported that at least 25% of their revenue comes from online sales.

Mobile phone usage now accounts for over 50% of online shopping. If your website still isn’t mobile-friendly, this is a sign to update it.

Customer service was rated as the most important factor for successful online retail activities. Check out our article on The Small Business Site, which covers easy ways to improve your customer service. 

The most popular payment method remains credit or debit cards, followed closely by EFT. Payment links, vouchers, and buy now, pay later options are gaining in popularity, however. Offering multiple payment options makes your product more accessible to a variety of customers.

Cart abandonment is most often caused by credit cards being declined or customers not trusting the site with their credit info. A reliable, secure payment gateway is therefore a great way to avoid cart abandonment.

Want to learn more? Download the full report here.

Peach Payment is a proud NSBC National Partner.

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