Chief Enablement Officer at ABSA Bank, Ghana, Ebo Richardson, has outlined the steps that businesses within the E-commerce space must take and sustain consistently to thrive within the space.
According to him, the COVID-19 pandemic has emphasized the need for Ghanaians to begin to realize the possibilities and opportunities within the e-commerce industry.
Speaking on the 2nd Citi Business Festival Virtual Forum on E-Commerce on Citi TV, on the theme, “exploring new ways of engaging customers” he highlighted four key drivers for the growth of online activities.
Mr. Richardson explained that technology is the backbone of e-commerce, as it enables enhanced search, customization, and personalization, which are fast becoming “must-have” capabilities for e-commerce success.
As technology becomes more advanced and sophisticated over time, its role reaches critical levels of importance in the e-commerce value chain, thus “with the right technology which includes information communication, having the right bandwith, devices and channels amongst others, we will see positive growth within the industry,” he said.
He said the political aspect is also important as it offers the framework required for an effective e-commerce community.
“This will involve the presence of a supporting legislature, that is what the government is doing to enable growth, and the regulatory framework set to enable growth.”
He cited initiatives such as the Government of Ghana’s cash lite and financial inclusion agenda.
“We need to have the right literacy levels and knowhow to access things within the e-commerce space and understand if the interaction is positive,” he said.
He further stated that the economic aspect which includes affordability and purchasing power is also critical.
“It determines whether people can afford to engage with these things in the right way,” he said.
The 2020 edition of the Citi Business Festival started on Monday, June 1, 2020, with a line-up of radio and TV programs. It will feature virtual business forums and will be live on Citi TV.
This year’s edition of the Citi Business Festival is sponsored by Absa Bank, GIPC, Citi 97.3FM and powered by the most comprehensive business news website; citibusinessnews.com.