This Week in Business
Welcome to another edition of "This Week in Business," your exclusive source for the latest updates and insights from the dynamic world of global commerce. As the week comes to a close, we bring you a comprehensive roundup of the most significant developments that have shaped the business landscape both on a global scale and within the vibrant markets of the world.
In a world where innovation, resilience, and adaptability reign supreme, we delve into the stories that have captured headlines, ignited discussions, and set the stage for future trends. And, within the African continent, where opportunities abound and entrepreneurs flourish, we shine a spotlight on the successes and challenges that define the business landscape. We explore the progress of the African Continental Free Trade Area, celebrate the ingenuity of tech startups driving change, and delve into the rich tapestry of sectors such as mining, tourism, and infrastructure development.
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Highlights of Major Tech Companies
Apple
In a harmonious collaboration with MLB, Apple unveiled a pitch-perfect treat for sports enthusiasts. The announcement of the September "Friday Night Baseball" schedule on Apple TV+ adds another layer of engagement, intertwining the worlds of technology and sports entertainment. As the digital canvas expands, Apple's brushstrokes create captivating moments for viewers to savor.
Amazon: On August 3, 2023, Amazon’s stock surged as Q2 earnings showed a profit and sales jump. Sales grew 11% to $134.4 billion, an increase from $121.2 billion in the second quarter of 2022. The stock surged nearly 10% in after-hours trading. On August 7, 2023, it was reported that Amazon’s grocery business needs a massive makeover. The company’s physical retail segment revenue — predominantly sales at Whole Foods — have grown by just 10% since 2018.
The financial crescendo of Amazon reverberates as its Q2 earnings burst into the spotlight. With sales surging 11% to an impressive $134.4 billion, Amazon showcases its prowess in shaping the digital marketplace. However, a subplot unfolds as the narrative of Amazon's grocery business seeks a transformative twist. Amidst a 10% growth in physical retail revenue since 2018, Amazon's grocery segment stands poised for a makeover, a testament to the ceaseless evolution within the commerce giant's empire.
Google (Alphabet)
Alphabet, the guardian of Google's empire, embarks on a quest for optimization. Reports emerge of a meticulous endeavor, aiming to identify 10,000 underperforming Googlers. This strategic endeavor resonates against the backdrop of an activist investor's call for a leaner operation. The intricate interplay of efficiency and innovation forms the backbone of Google's narrative, a storyline with ripples felt throughout the tech cosmos.
Microsoft
On August 8, 2023, Microsoft released its August security updates. However, on August 11, 2023, Microsoft warned of Exchange Server failures and pulled its August security update.
August security updates are gracefully unveiled, a testament to Microsoft's vigilance in safeguarding its digital realm. However, a twist awaits as Exchange Server failures cast a shadow, prompting a swift withdrawal of the very updates designed to bolster security. This tale of vigilance and adaptation underscores the delicate balance between innovation and protection.
Global Supply Chains
During this week, global supply chains continued to face ongoing challenges such as semiconductor shortages and shipping delays. These disruptions have had a significant impact on various industries.
Semiconductor shortages have been a persistent issue in the aftermath of the COVID-19 pandemic. Producers of intermediate inputs, such as semiconductors, have struggled to keep up with demand for their goods, either because of the direct impact of COVID-19 or because of the sluggish adjustment of supply. This has led to significant disruptions in industries that rely on semiconductors, such as the automobile industry. Shortages of semiconductors have led to an unprecedented persistent decline in car production in the U.S. and other countries.
Shipping delays have also been a major issue for global supply chains. For instance, on August 10, 2023, FedEx announced that severe weather had substantially disrupted its Express operations at the Memphis hub, creating potentially hazardous operating conditions and causing potential delays for package deliveries across the U.S. Port congestion has also been an ongoing issue, with ports around the world experiencing delays of varying lengths.
The global supply chain has faced significant challenges in recent times, including semiconductor shortages and shipping delays. These disruptions have had a far-reaching impact on various industries and have highlighted the need for companies to be more resilient and adaptable in the face of unexpected events.
One way that companies can improve their supply chain performance is by investing in technology and automation. This can help to increase efficiency, reduce costs, and improve the speed and accuracy of deliveries. For instance, companies can use advanced analytics and machine learning algorithms to optimize their supply chain operations, predict demand, and manage inventory levels more effectively.
Another way that companies can improve their supply chain performance is by diversifying their supplier base. This can help to reduce the risk of disruptions and ensure that companies have access to a wider range of suppliers in the event of unexpected events. Such that, companies can work with suppliers in different geographic locations or source materials from multiple suppliers to reduce their reliance on any single supplier.
In terms of the future outlook for the global supply chain, it is likely that companies will continue to face challenges in the short term as they work to overcome the disruptions caused by the COVID-19 pandemic. However, in the longer term, there is reason for optimism as companies invest in technology and automation, diversify their supplier base, and adopt more resilient and adaptable supply chain practices. These efforts should help to improve the performance of the global supply chain and enable companies to better navigate future challenges.
These supply chain disruptions have had far-reaching consequences for various industries. For instance, firms that rely on holding inventories of key inputs as a strategy to buffer against supply chain shocks may have been significantly affected by these disruptions. The costs of storage, upfront payments, and potential depreciation associated with inventory holdings can also pose challenges for firms trying to balance the benefits of insuring against supply chain disruptions against the costs of maintaining inventories.
Overall, global supply chains continue to face ongoing challenges such as semiconductor shortages and shipping delays. These disruptions have had a significant impact on various industries and are likely to continue to pose challenges in the future.
ESG Investments on the Rise
There was a continued trend of increasing interest in Environmental, Social, and Governance (ESG) investments. ESG funds are exploding in popularity and have even become a feature of political debates in Washington, D.C. For example, President Joe Biden recently vetoed a Congressional proposal to bar 401 (k) plans and other workplace retirement plans from offering ESG funds.
Leading consultancy PwC forecasts that total investment in U.S. ESG funds should more than double to $10.5 trillion by 2026. Forbes Advisor has selected what they believe to be the best ESG funds available in the market today, including both mutual funds and exchange-traded funds in a range of equity and fixed-income centric options.
ESG issues are key to business resilience and many of the top risks facing businesses are ESG issues, according to the World Economic Forum’s Global Risks Report 2023. For example, climate change, biodiversity loss, cost of living and social cohesion.
According to a report by PwC, asset managers globally are expected to increase their ESG-related assets under management (AuM) to US$33.9tn by 2026, from US$18.4tn in 2021. This represents a dramatic and continuing shift in the asset and wealth management (AWM) industry. ESG-oriented AuM is set to grow at a much faster pace than the AWM market as a whole.
PwC’s Global Investor Survey 2022 found that investors see sustainability as a priority for companies and one that calls for financial discipline and greater transparency. Their views point to actions that business leaders can take to guide their ESG initiatives. Economic uncertainty, political upheaval, and environmental and social concerns have left a deep mark on today’s business landscape, affecting consumers and companies alike.
The survey also found that investors want companies to keep a sharp focus on innovation and financial performance. They ranked those as their two highest priorities for business, with reduction in greenhouse gas emissions coming lower. Over the next five years, however, investors expect the threats stemming from climate change and cyber (including hacking and disinformation) to rise considerably. They also see room for companies to become more effective both at managing climate change and innovation and at reporting on these efforts.
Overall, the trend towards ESG investments is likely to continue as investors increasingly seek out investments that align with their values and as companies recognize the importance of addressing ESG issues in their operations. The increasing focus on actively supporting green transition will create opportunities for new and creative strategies, and companies that are able to effectively integrate ESG principles into their operations are likely to be well-positioned for future growth.
Developments in the Area of Cryptocurrency
One notable development was the increasing interest in stablecoins, a branch of cryptocurrencies that aims to replicate the dependability of traditional currencies. Stablecoins have become crucial to the functioning of crypto markets, with about $125 billion in circulation in early August. However, they have also drawn increasing scrutiny from regulators, with high-profile attempts by companies such as Meta Platforms Inc. facing backlash.
In Europe, the European Parliament and Council passed Regulation (EU) 2023/1114 on markets in crypto-assets on May 31, 2023. This regulation aims to ensure that Union legislative acts on financial services are fit for the digital age and contribute to a future-proof economy that works for people. It is expected that many applications of distributed ledger technology, including blockchain technology, will continue to result in new types of business activity and business models that will lead to economic growth and new employment opportunities for Union citizens.
In terms of mainstream acceptance of digital assets, there is growing evidence that digital assets are becoming mainstream products in the financial world. Despite setbacks like the collapse of crypto exchange FTX, the underlying blockchain technology is here to stay. Many developing countries are looking at central bank-backed digital currencies, with a similar product being rolled out by the Reserve Bank of India (RBI).
The BiG Picture
Cryptocurrency is a rapidly evolving field that has the potential to revolutionize the way we think about money and financial transactions. While there are still many challenges and uncertainties surrounding the use and regulation of cryptocurrencies, there is no doubt that they are becoming an increasingly mainstream form of investment.
One of the key drivers of this trend is the growing interest in blockchain technology, which underlies many cryptocurrencies. Blockchain technology allows for secure, decentralized, and transparent record-keeping, making it an attractive option for a wide range of applications. Many companies and governments are exploring the use of blockchain technology for everything from supply chain management to voting systems.
Another factor contributing to the growing mainstream acceptance of cryptocurrencies is their potential to provide financial services to underserved populations. In many parts of the world, access to traditional banking services is limited, and cryptocurrencies offer a way for people to participate in the global economy without needing a bank account.
However, there are also significant challenges and risks associated with cryptocurrencies. The lack of clear regulation and oversight can make it difficult for investors to assess the risks associated with investing in cryptocurrencies. There have also been instances of fraud and hacking in the cryptocurrency space, highlighting the need for strong security measures.
Generally, while there are still many uncertainties surrounding cryptocurrencies, it is clear that they are becoming an increasingly important part of the global financial landscape. As regulations evolve and mainstream acceptance grows, it will be interesting to see how this field continues to develop in the coming years.
Renewable Energy Push
This week, we have witnessed several major investments and advancements in renewable energy, including new solar and wind projects, as well as global efforts to combat climate change.
In China, the country is shoring up its position as the world leader in renewable power and potentially outpacing its own ambitious energy targets. According to a report by Global Energy Monitor, China is set to double its capacity and produce 1,200 gigawatts of energy through wind and solar power by 2025, reaching its 2030 goal five years ahead of time.
In the US, utility-scale solar and wind provided over half of new US generating capacity added in the first half of 2023. According to data from the Federal Energy Regulatory Commission (FERC), of the 17,017 megawatts (MW) of new generating capacity placed in service through June 30, 2023, 5,867 MW (34.48%) came from solar, and 2,750 MW (16.16%) came from wind for a combined total of 50.64%.
In New Zealand, the government has successfully expedited the approval process for nine solar panel projects and three wind farm projects as part of its effort to transition to clean renewable energy. Under the Covid-19 Recovery (Fast-track Consenting) Act, the government has referred 1.9 million solar panels for consent since August 7, 2023.
What we Think!
Investments and advancements in renewable energy are crucial for the transition to a more sustainable future. Renewable energy sources such as solar and wind power have the potential to significantly reduce greenhouse gas emissions and mitigate the impacts of climate change. In addition, renewable energy can provide a reliable and cost-effective source of electricity, particularly in remote or off-grid areas.
The increasing trend towards renewable energy investments is a positive development, as it indicates that businesses and governments are recognizing the importance of transitioning to cleaner and more sustainable energy sources. These investments can help to drive innovation and technological advancements in the renewable energy sector, making it more competitive with traditional fossil fuel-based energy sources.
Prospectively, we believe that investments and advancements in renewable energy are worth it, as they can help to create a more sustainable future for all. By supporting the growth of the renewable energy sector, we can reduce our reliance on fossil fuels, mitigate the impacts of climate change, and create new economic opportunities in the process.
Africa Business Insights
Continental Free Trade Area (AfCFTA)
African Continental Free Trade Area (AfCFTA) and its impact on intra-African trade- The AfCFTA is a flagship project of Agenda 2063 aimed at creating a single African market for goods and services facilitated by free movement of persons, capital, and investment to deepen economic integration, promote and attain sustainable and inclusive socio-economic development, gender equality, industrialization, agricultural development, food security, and structural transformation.
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs). The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion. As part of its mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa trade.
However, there are still challenges that need to be addressed in order to fully realize the potential of the AfCFTA. For instance, although 44 out of 45 African countries have signed the pact, and 36 African Union member states deposited their instrument of ratification, only Ghana, South Africa, and Egypt have met the custom requirements on infrastructure for trading. This means only these three countries can trade effectively under the AfCFTA agreement.
The African Continental Free Trade Area (AfCFTA) is a major step towards sustainable economic development in Africa. If fully implemented, it could raise incomes by 9 percent by 2035 and lift 50 million people out of extreme poverty. The agreement aims to create a single continental market for goods and services, facilitated by the free movement of persons, capital, and investment. This could help to deepen economic integration, promote sustainable and inclusive socio-economic development, gender equality, industrialization, agricultural development, food security, and structural transformation.
However, the success of the AfCFTA will depend on its ability to overcome several challenges. For instance, although 44 out of 45 African countries have signed the pact, and 36 African Union member states deposited their instrument of ratification, only Ghana, South Africa, and Egypt have met the custom requirements on infrastructure for trading. This means only these three countries can trade effectively under the AfCFTA agreement.
In order to fully realize its potential benefits, the agreement must accomplish its most ambitious goals, which include harmonizing policies on e-commerce, investment, and intellectual property. With productivity-boosting measures, the AfCFTA agreement could reduce poverty and inequality while spurring sustainable and inclusive growth.
Overall, the future of the AfCFTA looks promising. If implemented effectively, it has the potential to transform the continent’s economic prospects and spur sustainable growth. However, there are still challenges that need to be addressed in order to fully realize its potential.
Tech Innovations
Innovate Nairobi, Africa’s Leading Tech Frontier, held its annual Nairobi Innovation Tech Week from 7th - 11th August 2023. The event was fully owned by Nairobi City County and was set to showcase innovations taking place within county sectors, county incubation centers, and the annual Innovate Nairobi Tech week.
In addition to events and conferences, there were also several notable developments in the African tech sector. For instance, Nigerian-born mobility fintech company Moove raised $76 million in new funding to build the largest tech-driven financial services platform for mobility entrepreneurs.
Nigerian-born mobility fintech company Moove raised $76 million in new funding to build the largest tech-driven financial services platform for mobility entrepreneurs. Moove is a mobility fintech company that provides vehicle financing and other financial services to ride-hailing drivers in Africa. The company’s goal is to empower mobility entrepreneurs by providing them with access to affordable financing and other financial services. The new funding will help Moove expand its operations and reach more customers across the continent.
This is a testament to the growth and potential of the fintech industry in Africa.
Investment in Infrastructure
In the transportation sector, there were several notable developments. For instance, the African Development Bank Group extended a €80 million loan for the upgrading of the Port of Cotonou in Benin. This project is expected to improve the port’s competitiveness and support Benin’s economic growth.
In the energy sector, there were several events and conferences showcasing the latest developments in renewable energy. For instance, the African Energy Week (AEW) 2023 Technical Program showcased $1.475 billion in green and renewable energy deals at the African Development Bank 2023 Annual Meetings.
In the telecommunications sector, there were several notable developments as well. For instance, Accenture’s Vision for Africa: Leading Global Excellence in Telecommunications was showcased at Connected Africa 2023. This event discussed Accenture’s involvement in Africa’s telecommunications industry, challenges and strategies for African telcos in adopting digital transformation.
In-Depth Features
The Future of Remote Work
Zoom, the video communications company whose name became synonymous with remote work during the pandemic, has ordered staff back to the office. The firm said it believed a “structured hybrid approach” was most effective and people living within 50 miles (80km) of an office should work in person at least twice a week1. This news was reported on August 7, 2023.
The new return-to-office (RTO) mandate is a full 180-degree change on what Zoom had previously said, implying that only a small minority of workers would need to be office-based. A company spokesperson confirmed: “We believe that a structured hybrid approach - meaning a set number of days employees that live near an office need to be onsite- is most effective for Zoom. As a company, we are in a better position to use our own technologies, continue to innovate, and support our global customers. We’ll continue to leverage the entire Zoom platform to keep our employees and dispersed teams connected and working efficiently."
For many, it may seem peculiar that Zoom has asked its workers not to rely on the app, and instead work in-person. Others will draw a likeness between Zoom and other companies that have enacted similar policies, including Microsoft, Google, and Meta, who all cite improved productivity in office-based environments, likely due to ad-hoc encounters and the social aspect.
The future of remote work is a topic that has been widely discussed and analyzed, especially in light of the COVID-19 pandemic. According to an analysis by McKinsey, the potential for remote work is highly concentrated among highly skilled, highly educated workers in a handful of industries, occupations, and geographies. More than 20 percent of the workforce could work remotely three to five days a week as effectively as they could if working from an office. If remote work took hold at that level, that would mean three to four times as many people working from home than before the pandemic and would have a profound impact on urban economies, transportation, and consumer spending, among other things.
However, more than half the workforce has little or no opportunity for remote work. Some jobs require collaborating with others or using specialized machinery; other jobs must be done on location; and some are performed while out and about. Many of such jobs are low wage and more at risk from broad trends such as automation and digitization. Remote work thus risks accentuating inequalities at a social level.
Remote work raises a vast array of issues and challenges for employees and employers. Companies are pondering how best to deliver coaching remotely and how to configure workspaces to enhance employee safety, among a host of other thorny questions raised by COVID-19. For their part, employees are struggling to find the best home-work balance and equip themselves for working and collaborating remotely.
Emerging Markets' Resilience
Emerging markets, including African economies, have demonstrated resilience and adaptability in the face of global uncertainties. Consumer sentiment remains surprisingly resilient across emerging markets, even as consumers endure their second or third wave of the pandemic. Emerging markets look unusually resilient, defying gravity and departing from previous rounds of tightening.
In Africa, initiatives to empower poor people, girls and women are essential to progress. Growth in Sub-Saharan Africa remained slow through 2019, hampered by persistent uncertainty in the global economy and the slow pace of domestic reforms. However, the African Center for Economic Transformation (ACET) has been working on transforming and building resilient economies in Africa by resetting priorities for the policy agenda in the post-COVID-19 era
According to Deloitte Insights, the outlook for emerging market economies in 2023 will largely be dictated by inflation. Eastern Europe, Latin America, and much of Africa have faced a more pronounced inflationary cycle over the last year. Higher interest rates amid the spike in cost of living is expected to weaken domestic demand in these regions. However, Middle Eastern and Asian economies are expected to fare better as inflationary pressures have been more benign, and their central banks have been able to keep interest rates relatively low.
The war in Ukraine, China ending its zero-tolerance COVID-19 policy, and the growth trajectory for the United States and European Union pose risks to this outlook. Pandemic-related supply chain disruptions and changes to consumer preferences caused global inflation to surge in 2021. Eastern Europe, Latin America, and parts of Africa experienced some of the worst inflation in 2022. Chile, Brazil, Poland, Czechia, and Nigeria had all started 2022 with core inflation above 7% on a year-ago basis.
Then came Russia’s invasion of Ukraine in early 2022, which exacerbated inflation further as the supply of food, energy, and other commodities coming from the region was cut off. In addition, the Fed began hiking interest rates, which weakened emerging market currencies. Many emerging market central banks implemented their own rate hikes to prevent further currency depreciation and restrain inflation.
Although central banks in many emerging market countries responded relatively early to inflationary pressures, price growth continued to accelerate over much of 2022. Fortunately, some of those price pressures have eased more recently, particularly in Brazil, Chile, and Czechia. As a result, the central banks in these three countries were able to keep rates on hold in Q4 2022.
Disinflation in Latin America and Eastern Europe has been a welcome development. However, excessive government spending and a flare-up in the Ukraine war or energy markets could easily exacerbate price pressures again. New government administrations in both Chile and Brazil have large social-spending ambitions that could reverse progress on inflation. In Eastern Europe, the biggest risk stems from the war in Ukraine and the possibility that energy prices will rise again. By contrast, emerging Asian economies had faced more limited inflationary pressure last year.
Our Take On this Week’s Global Business Performance
A Week of Inflation Focus and Investment Growth
Looking back at the week's developments in the global business arena, a couple of noteworthy trends come to the forefront. One prominent theme has been the heightened attention on inflation, which has prompted a closer examination of potential changes in the Federal Reserve's interest rate policies. This has led to a sense of cautious anticipation among investors and business stakeholders, as they await more clarity on how these decisions might impact various sectors and industries.
Amid these considerations, another positive aspect has been the growth seen in business fixed investment. The second quarter has shown a significant increase of 7.7% when compared on an annual basis. This points to a strong willingness among businesses to invest in their operations and future expansion, even amidst the uncertainties brought about by inflation discussions and potential policy shifts.
Breaking down this growth further, we see encouraging trends across different areas. Investment in structures, such as buildings and facilities, has surged by 9.7%, indicating a commitment to establishing a solid physical foundation. Equipment investment, especially in transport-related equipment, has risen by a noteworthy 10.8%, underscoring a strong push to enhance operational capabilities. Intellectual property investment, a marker of innovation and creativity, has contributed a solid 3.9%, reflecting ongoing efforts to develop and protect new ideas.
What emerges is a narrative of resilience and adaptability. Despite the challenges posed by inflation-related uncertainties, businesses have remained proactive in their pursuit of growth and development. This week’s developments underscore the strategic decisions being made across sectors, reflecting a continuous drive to evolve and succeed.
In summary, the week's global business performance demonstrates a dual focus: an attentive eye on inflation dynamics and a resolute commitment to investment-driven growth. The balance between these factors, as well as the pragmatic approach businesses are taking, illustrates the multifaceted nature of our interconnected global economy.
UNPOPULAR BUSINESS SEGMENTS
New Founders on the Block
Navigating Resilience Amid Limited Support
In this week's segment of "New Founders on the Block," we delve into a topic that resonates deeply with aspiring entrepreneurs and burgeoning business leaders: the art of resilience in the face of limited support. While the journey of entrepreneurship is exhilarating, it often demands an unwavering spirit and the ability to navigate challenges, even when external assistance is scarce. Here are some valuable insights to help you steer your ship when the winds of support are not blowing in your favor:
1. Embrace Your Inner Champion
When the going gets tough and the support you anticipated seems elusive, remember that you are your greatest advocate. Believe wholeheartedly in your vision and capabilities. Self-confidence is a powerful tool that can help you weather the storms of uncertainty.
2. Seek Mentorship Beyond Borders
While local support may be limited, the digital age has opened up a world of possibilities. Reach out to mentors and advisors beyond your immediate network. Virtual mentorship from experienced entrepreneurs, industry experts, or business communities can provide invaluable guidance, insights, and fresh perspectives.
3. Build a Supportive Tribe
Although direct support may be scarce, never underestimate the power of a like-minded community. Connect with fellow entrepreneurs, join online forums, attend networking events, and engage in discussions. A supportive tribe can provide emotional support, share experiences, and offer creative solutions to your challenges.
4. Leverage Online Learning Resources
In today's information-rich world, you have access to a wealth of online resources. Platforms like webinars, podcasts, and educational websites can offer practical advice on various aspects of business management, from marketing strategies to financial planning.
5. Bootstrap and Prioritize
Limited support often calls for a resourceful approach. Embrace the art of bootstrapping – making the most of what you have. Prioritize your spending, focus on essential tasks, and explore cost-effective solutions. Scrappy beginnings can lead to remarkable outcomes.
6. Celebrate Small Wins
Amid the challenges, take time to acknowledge and celebrate your achievements, no matter how modest they may seem. Celebrating small wins boosts morale and reminds you of the progress you're making, fueling your determination to press forward.
7. Adapt and Pivot Strategically
When support is not forthcoming, flexibility becomes your ally. Be prepared to adapt your business model, pivot your strategies, or explore new markets. The ability to evolve in response to changing circumstances can set you on a path to success.
8. Stay Resilient and Persistent
Building a business is a marathon, not a sprint. Embrace setbacks as learning opportunities and setbacks as stepping stones. Resilience and persistence are the cornerstones of entrepreneurship, and your unwavering dedication will inspire others and open doors to unforeseen opportunities.
As you navigate the intricate path of entrepreneurship with determination and resilience, remember that the absence of immediate support can be the catalyst for your own innovation and self-reliance. The journey may be challenging, but the rewards are immeasurable.
Industry Spotlight
Spotlight on E-Commerce
Step into the dynamic world of e-commerce, where clicks and transactions shape the modern marketplace. As we navigate through 2023, one industry stands tall, driven by a surge of digital momentum that shows no signs of slowing down.
In the heart of the e-commerce revolution, the United States has witnessed a remarkable 15% growth in its e-commerce and online auction workforce between 2017 and 2022, a testament to the industry's unwavering ascent. But it's not just the U.S. that's riding this wave; it's a global phenomenon with far-reaching implications.
According to the insightful minds at Morgan Stanley, the e-commerce realm is poised for even greater heights. Picture this: by 2026, e-commerce could command an impressive 27% share of the global retail stage, a significant leap from its already substantial 22% presence today. This surge is underpinned by a pivotal factor – the allure of international expansion.
While the e-commerce tide has swept mightily across North America and Asia, it's still building momentum in other regions. The landscapes of Africa, Latin America, and Western Europe are ripe with potential, awaiting the digital transformation that has reshaped shopping habits elsewhere. This new era of global commerce, international companies find themselves standing on the precipice of expansive growth, a landscape uncharted and bursting with opportunities.
But, behind the algorithms and virtual storefronts lie the real heroes of this tale – the workers. As companies unfurl their digital sails to catch the winds of global expansion, they beckon for skilled and passionate individuals to join their ranks. This isn't just about sales figures; it's about building bridges between cultures, connecting buyers and sellers from every corner of the world.
The e-commerce story of 2023 is one of potential and possibilities, where the boundaries of geography blur and the marketplace becomes a digital agora. With each click, with every package dispatched, a new chapter is written, weaving together the stories of people, products, and progress.
So, whether you're a shopper exploring a digital mall or a professional shaping the e-commerce landscape, know that you're part of a global narrative, painting the canvas of modern trade with every transaction.
"When the roots are deep, there is no reason to fear the wind." - African Proverb
This proverb signifies that a strong foundation and deep roots provide the necessary stability to overcome adversities. It reflects the idea that when you have a strong base, you can withstand challenges without succumbing to fear.
… Do well out there!
Join Us in Shaping Business Insights! Become a Sponsor for our Weekly Roundup or Special Features. Contact our Team at: theunpopularbusiness@gmail.com