05 Sep 2023
The rise of hybrid retail
The South African retail sector is undergoing a transformative shift towards omnichannel retail, driven by accelerated digitization. Jason Sive, CEO of Mobicred, highlights the rise of a hybrid retail model, where physical stores are seamlessly integrated with digital technology, enhancing the shopping experience. Recent developments, such as Game's myVirtual Credit offering and Hirsch's integration of Mobicred, demonstrate how retailers are adapting to the evolving landscape. Despite initial concerns that digital would overshadow brick-and-mortar retail, footfall volumes in shopping malls are rebounding. The introduction of 'Payshap,' a digital payment system, is expected to further boost online shopping accessibility. These changes aim to democratize digital payments, promote financial inclusion, and usher in a new and improved era for South African retail, combining the strengths of physical and digital commerce.
