The retail sector in Africa has seen tremendous growth in the past decade. This growth has been driven by a number of factors, including the increasing number of middle-class consumers, an expanding urban population, the rapid growth of e-commerce, and the rise of modern shopping malls. As a result, retail sales in Africa are projected to exceed $1.2 trillion by 2020.
In terms of individual countries, South Africa is the largest retail market in Africa, with sales reach more $113.9 billion in 2020. Nigeria is the second largest retail market, with sales estimated sales reach $64.3 billion in 2020. Egypt, Morocco, and Kenya are also among the top five retail markets in Africa, with estimated sales of $49.2 billion, $41.2 billion, and $35.9 billion, respectively.
The African retail sector is highly fragmented and is dominated by small, independent retailers. However, multinational corporations such as Tesco, Walmart, and Carrefour have entered the market in recent years and are gradually expanding their presence. As a result, the share of organized retail is expected to increase in the coming years.
In terms of sales, the food and beverage sector is the largest retail sector in Africa
accounting for approximately 35% of total retail sales. The apparel and footwear sector is the second largest retail sector, accounting for approximately 24% of total retail sales. The home and furniture sector is the third largest retail sector, accounting for approximately 13% of total retail sales.
The growth of the African retail sector has been driven by a number of factors. The increasing number of middle-class consumers and the expanding urban population have contributed significantly to the growth of the retail sector. Additionally, the rise of modern shopping malls, particularly in South Africa, has also contributed to the growth of the retail sector. Furthermore, the rapid growth of e-commerce in Africa has also had a positive impact on the retail sector.
As the African retail sector continues to grow, it is important for retailers to understand the needs and preferences of African consumers. African consumers are price conscious and value-oriented, and they are increasingly looking for convenience and quality. As such, retailers should focus on providing competitive prices and quality products to meet the needs and preferences of African consumers. Additionally, retailers should also focus on leveraging technology in order to enhance customer experience and improve efficiency.
In order to keep up with the changing dynamics of the African retail sector, a number of retailers have adopted new technologies such as point-of-sale (POS) systems and e-commerce platforms. POS systems are becoming increasingly popular in Africa as they enable retailers to track and manage inventory more effectively. Additionally, e-commerce platforms are enabling retailers to reach a larger number of customers and expand their customer base.
One such technology that is revolutionizing the African retail sector is the EMA Retail App. The EMA Retail App is an innovative point-of-sale (POS) system that is available on both the web and Google Play Store. It enables retailers to generate sales, manage inventory, manage expenses with it's unique professional accounting package and track customer data in real-time.
The App offers an integrated suite of features to streamline and automate the checkout process, including inventory management, loyalty programs, employee management, and reporting. It also includes an accounting package that can be tailored to meet the needs of any retail business. This accounting package provides a comprehensive view of the business’ financials, including sales, profits, expenses, and taxes. It allows for easy tracking of inventory, customer loyalty programs, and employee performance. It also includes automated reports and analytics to help identify trends and opportunities for improvement. The system can be used on multiple devices, including tablets, smartphones, computers and POS terminals.