In 2019, South Africa’s eCommerce market was worth R90 billion. In 2020, that figure rose to R142 billion.
That spike is staggering, but it makes sense. Without being able to go out to traditional brick-and-mortar stores due to lockdowns, South Africans found a way to shop. Now, with Covid-19 slowly becoming more manageable, and the ever-looming possibility of another lockdown diminishing, the question is: will eCommerce’s success continue?
Here’s another number for you: R200 billion per annum.
That’s how much South Africa’s eCommerce market is estimated to be worth as of April 2022, give or take. In 2025, that number is predicated to rise to R400 billion. It seems like the market is on the road to success.
The first ever eCommerce store was launched in 1982 by Boston Computer Exchange as an online marketplace for people to buy and sell used computers.
Since then, eCommerce has evolved into the powerhouse it is today, with companies like Amazon and South Africa’s Takealot dominating the space. The world has also come full circle, with the introduction of marketplaces on social media platforms becoming essentially what Boston Computer Exchange was – a place for people to buy and sell used goods.
But this rise to prominence didn’t happen overnight. Back when these sites were first introduced, the general public was pretty apprehensive, and understandably so – after all, you can’t physically see or touch what you’re buying, so how do you know it’s the real deal?
Then there’s the long and tedious payment processes.
But as the world became more comfortable with shopping online, so too did fraudsters. So it became essential for payment solutions to bridge the gap between efficiency and safety.
Easy. Fast. Trusted.
That’s the Ozow way, and it’s the model we apply to what we offer eCommerce customers, like those who shop on Takealot. Our payment flow lets customers who bank with any of South Africa’s 10 major banks pay for their goods with a seamless automated EFT.
And we do it safely too – our safety and security protocols are of the highest standard, and we leave no stone unturned when it comes to keeping payments and banking information safe. You can read more about it in our blog on safety and security.
There’s something for merchants as well. Ozow can be integrated with 13 eCommerce platforms, including Shopify. So any merchants who make use of Shopify, for example, for their online store have easy access to Ozow. For more information, check out our page on Ozow’s Shopify integration.