KudiGO – mobile-first complete retail business based in Lagos, Nigeria has released a roundup of its major sales activities in the year 2019. The highlight of the annual report is that most people spend most cash on Mondays than any other day of the week.
The startup which is also has operations in Ghana, has garnered that Monday accounts for 15.4 percent of weekly sales averagely. A possible reason is that most people like to gear up for the rest of the week, and as such purchase all that is needed in the bulk.
Understanding the 21st-century work lifestyle helps this finding make sense, as people make way for other time-costing revenue for Tuesdays till Sundays.
The roundup also says that most of these Monday transactions occurs in the hours between 6 and 7 PM, a large portion of which is still cash-based. This is despite the rate of smartphone penetration and adoption of mobile money on the continent.
“According to our StoreFront stats for 2019, a whopping 95% of all sales activities on the system were cash transactions. This could be a testament to the relatively low concentration of e-cash transactions, as compared to the countries in the global north (Canada USA, UK),” the report says.
Another interesting finding is that pharmacies on storefronts accounted for 67 percent of all sales transactions. While boutiques, provision stores, supermarkets and cosmetic stores had good numbers, pharmacies transacted the most sales orders on average in 2019.
The single most purchased product on KudiGO’s storefronts for 2019 is Vitamin C. Ranging from 41 cents to USD 6, the pill recorded an average sales margin of 41 percent on StoreFront.
However, Augmentin 625 -an antibiotic – emerged as the most-bought pharmaceutical item when it comes to value. In 2019, the product grossed USD 194 K with a 17 percent average sales margin.
Total numbers for the year 2019 showed Africa’s retail sector is gradually shifting to a software solutions that are capable of handling invention, customer info, receipting and non-cash transactions, the KudiGO report finds.
Total sales for 2019 amounted to USD 2.6 Mn. In Q3 and Q4, sales orders on the storefronts accumulated to 21,845, rising steadily each month.
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