EcoStore set to launch in Nigeria, Kenya & DRC , says Pascal Mukadi – Executive Chairman, MFM
“Nigeria, Kenya & the DRC are each poised for tremendous economic growth over the next decade” said Pascal Mukadi, Executive Chairman of the MFM group of companies. “We’re looking forward to establishing our footprint in these markets.”
Mukadi was speaking at the recent launch of EcoStore, MFM’s lifestyle division, at the company’s headquarters in Johannesburg.
“We’re about to see a massive surge in consumer spending & awareness in these countries” noted Mukadi, an entrepreneur & philanthropist with more than 2 decades of experience in African trade. “EcoStore is going to be one of the leading consumer channels in each one of these markets.”
“Watch this space.”
EcoStore is an online shopping app connecting African consumers to over 200 stores in North America & the UK. Through a service agreement with DHL, the company delivers a range of premium luxury brands across the continent.
As economic hubs of their respective regions, Nigeria & Kenya have both witnessed an explosion in consumer demand over the last decade. Both have experienced not only a burgeoning growth in their economies, but in their middle-class – the sector now driving Africa’s boom in online sales.
According to the Nielsen Global Connected Survey, Nigerians are now outpacing global purchasing rates across several categories in online retail shopping. Notably, more than half of all respondents to the survey said they had purchased goods from out of the country or from a foreign retailer.
Kenya has also seen surging online sales volumes, with total ecommerce revenue expected to reach US $1.097 billion in 2020. With an expected annual growth rate of 32.3%, observers predict the online sales market in Kenya to reach US $1.961 billion by 2025.
And while ecommerce in the DRC is still in its relative infancy, it shows astounding potential. With a population of 84 million people & natural resources valued at an estimated US$ 24 trillion, massive investment is expected in the country over the next decade – with projected large-scale spending in telecommunications infrastructure. As internet usage & incomes surge over the coming years, so too will online shopping.
Above and beyond regional economic growth, Mukadi sees a renaissance taking place within the African retail space – one which he believes EcoStore will not only benefit from – but help to drive.
“Africans are becoming more assertive in our mentality,” noted Mukadi. “As our educations & incomes grow, we’re demanding more from life. We want the very best – not just the best that Africa has to offer, but the best from around the world.”
“EcoStore will help to fulfill that desire within the consumer space.”
Author: Thomas Mabande
Published by: MFM Media