Economy

Between 12- and 24-million ecommerce sites exist across the globe, according to Shopify's 2022 Future of Commerce Trend Report. Unpacking how local entrepreneurs can grow and scale their own ecommerce businesses amid increasing competition, the PayFast eCommerce Virtual Summit will take place from 26 to 29 May 2022.

The scramble for businesses to digitalise for better customer reach or to improve internal process efficiencies, is creating a new set of cyber security risks that many companies are not prepared for - or even aware that they exist in some cases. 

Gartner defines the concept of finance-first as one that allows for the organisation to transform its enterprise resource planning (ERP) platform with purpose. With a focus on improving how the business manages its insights and strategises its overall modernisation.

The combined effects of the pandemic, a weak economy, rising inflation and interest rates are resulting in more financial stress for many South Africans, which is taking an associated toll on their mental well-being.

There’s a lot to think about when you start your first job, from performing well in an environment that’s new and unfamiliar to the complexities of the work you’re assigned.

Digital talent in Africa leads the pack in looking to change jobs in the near future for better career opportunities: 73 percent will switch roles to advance their careers, compared to 63 percent globally. Career advancement is the main driver for technology employees to move jobs, according to the findings of a Decoding the Digital Talent Challenge report by Boston Consulting Group (BCG) and The Network, a global alliance of recruitment websites.

From till-packer to owner of a supermarket in one of South Africa’s biggest retail networks, Shadreck Siziba’s business journey has taken him to the top of the class in the Small Business Academy (SBA) development programme for township entrepreneurs run by the University of Stellenbosch School (USB).

As the world shifts towards cashless payment methods, South Africa is gradually moving away from cash against a social and economic backdrop of inequality and slow economic growth.

Nedbank has launched the Nedbank DigiSkills online platform, in partnership with Microsoft and Afrika Tikkun, to help South Africans acquire the in-demand skills needed in a more digital post COVID-19 economy. The initiative initially aims to upskill and create sustainable income opportunities for 1 000 South Africans by the end of 2021, with plans to grow this number to 5 000 in the longer term.

The past year has been tough. People are struggling. Organisations are battling. And tensions are high. In July 2021 this boiling pot of frustration, stress and anxiety exploded, and South Africa faced extensive damage as looters swept across the country.

The impact of technology on the world over the past two decades has been unsurpassed, with countless industries being disrupted by technological advances and developments. Over the past five years, this impact has become prevalent in the established financial sector, with emerging technologies increasingly affecting incumbent businesses and their clients.
 

We have had report after report revealing disheartening information regarding job losses and economic downturns following the pandemic and subsequent lockdown. Over 1.4 million jobs were lost in 2020, and only a fraction of this was expected to be recovered in 2021. Similar events have occurred on a global scale. Is there any good news? Read on and see how you should be pivoting your career, and adjusting expectations with regards to work and studies.

After announcing that South Africans will be able to withdraw their retirement funds, the National Treasury has left many wondering just how soon this will happen. 

Everyone wants a savvy solution that will make the most of their money and in this regard, one of the most popular topics is a Tax-Free Savings Account (TFSA). While a TFSA sounds great in principle, according to Oliver Balcomb (CFP®), a Director at the Consolidated Group, it is important to understand the mechanics of this investment vehicle before adding a TFSA to your financial portfolio.

With a record high unemployment rate of 43.2% recorded in the first quarter of 2021[1], and lockdown destroying 42.7%[2] of small businesses in South Africa, it is a clear signal that the backbone of our country’s frail economy is weakening.

The COVID-19 pandemic is having a devastating impact, destabilising the economy and putting pressure on already fragile livelihoods and communities. Restrictions on trade haveled to reduced imports and price hikes impacting both industry and consumers. Businesses have suffered further through loss of trade caused by the restrictions on movement andlimits on gatherings. Rising costs and declining revenue have forced many businesses to close or scale down, leading to job losses and declining household incomes. Unsurprisingly,the fourth quarter of 2020 saw a steep increase in the unemployment rate, with the youth being the most affected.

The Department of Tourism is working on an initiative to give entrepreneurs access to more funding. 

Sassa recently made changes to its grant system and some have been spreading news about it.  There have been posts circulating about Sassa continuing with grant top-ups.