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TABLE OF CONTENTS

What Data is Available? 03

At a Glance 04
Executive Summary 06
Market Overview 08
Methodology 11
Trends Shaping the Future of the Retail Landscape 13
Comparing Offline and Online Consumer Spending 20
Drivers and Inhibitors 24
Consumer Behaviour 28
Product Categories 33
Customer Satisfaction with Retail Outlets 36
Demographics 40
Implications and Opportunities 42
Conclusion 44
Endnotes 45
Appendix 46
Contacts 47

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WHAT DATA IS AVAILABLE?
The Ghana Retail Map consists of data from respondents of 2500 households
in Ghana. Users can view graphs and tables for analysis. The data available in
this report covers the following:

By location — Accra, Takoradi, Kumasi

By consumption segment — Generation Z (17-24), Millennials (25 -39),

Generation X (40 - 59) and Baby Boomers (60+)

By product category — Food and Beverages, Health and Personal Care

and Fashion.

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AT A GLANCE

WHAT YOU NEED TO KNOW ABOUT THE REGIONS WE SURVEYED

ACCRA
CHALLENGE OPPORTUNITY

Online is gradually penetrating the Seamless Service - customers are

market and retailers are unable to expecting seamless experience
keep up with the ever-changing across both offline and online outlets
customer expectations. when shopping.

KUMASI
CHALLENGE OPPORTUNITY

The retail industry has become highly Cultural change demands a

competitive with an increasing fundamental shift in focus. This opens
number of foreign and local players the door for retailers to focus on
in the market. delivering end-to-end experiences
that put the customer first.

TAKORADI
CHALLENGE OPPORTUNITY

The economy is cyclical - periodically Retailers can invest in digital

the industry goes through low times technology to enable automation of
and retailers are caught off-guard some of their tasks. This can lead to
financially. improved operations and substantial
cost savings.

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 EXECUTIVE SUMMARY

T
he retail industry in Ghana has experienced a paradigm
shift because of increasing global trends, consumers
shopping across both online and offline, and a need for
retailers to deliver seamless shopping experiences.

It has emerged as one of the most dynamic and fast-paced

industries with international players such as Game, Shoprite,
Citydia, etc. entering the market. Therefore, understanding
the consumer and what they want from retail is imperative in a
rapidly growing sector. Firmus Advisory surveyed 2500 consumers
across three locations in Ghana to produce this flagship report,
The Ghana Retail Map 2019. It provides retail stakeholders with
a go-to guide to understand consumer sentiments, customers’
appetite for retail, how they want to shop and what they want
to buy.

The Ghana Retail Map compared and contrasted the

consumption patterns and usage attitudes of customers who
patronise Food and Beverages, Health and Personal Care and
Fashion products from both offline and online shopping outlets.

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The survey revealed that most customers prefer to be
able to mix and match online and offline shopping
experiences to suit their immediate needs. There is a
gradual shift towards online shopping which can be
attributed to a rise in internet penetration. Most retailers
in the study stated how digital and mobile platforms
have affected their business and hence their decision
to move towards that space. Almost every part of the
customer’s journey is being digitised considering how
consumers acquire products.

The consumer’s lifestyle represents the biggest trend

that could shape the retail landscape over the next
3-5 years. Generation Z (17 -24 years) and Millennials
(25 - 39 years) hold a significant purchasing power, and
they represent the largest consumer group and majority
of the workforce in Ghana. They continue to be the
dominant force in the retail industry and remain the
most diverse and influential group, with their shopping
habits having a major impact on the market.

By keeping up with digital trends and understanding

the changing lifestyle of consumers, retailers would be
better prepared for the future needs and desires of their
consumers.

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 MARKET OVERVIEW

G
hana, with an increasing population and a growing middle class, is open
to international trade and investment. This has attracted a growing
interest from investors, especially retailers. With retail investors presently
focused on Ghana, the country has become one of the modern retail
hubs in Africa as both local and international retail brands such as Shoprite, Game,
Citydia and others continue to penetrate the market.

Imports of the following products - Food and Beverages, Health and Personal Care
and Fashion - to Ghana amounted to over US$4 billion in 2018 according to the
Ghana Statistical Service. From 2014 to 2018, Ghana’s imported total dollar value
of these products outweighed the value of what we exported. In 2016, Ghana
imported over US$4 billion worth of these products from around the world. In terms
of value, imports have grown from approximately US$ 0.3 billion in 2015 to an all-time
high figure of US$4 billion in 2018, with import values outweighing export values.

Figure 1: Ghana: Imports vs. Exports for Food and Beverages,

Health and Personal Care, Fashion - (2014 - 2018)

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Source: Ghana Statistical Service
Ghana’s imported food and beverage market has witnessed a
steady growth in its value in the past four years after experiencing
a sharp decline in 2014. The year 2016 had the highest record of
imported food and beverage products in the country. This was
impacted by the election in September 2016, which saw an increase
in household consumption. The total value peaked at US$3 billion
with slow increase in volume over the previous three years.

Figure 2: Ghana: Import Volume and Value for Food and Beverages,
Health and Personal Care , Fashion - (2014 - 2018)

Source: Ghana Statistical Service

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The retail market has grown significantly over the years
with many international retail brands such as Game,
Shoprite, Palace, and MRP already gaining a foothold
in the market. However, a large part of retailing still
happens in open-air markets despite a gradual shift
to ecommerce, which has been spurred by the rise
in internet connectivity. Since the introduction of
the internet in 1995, several facets of Ghanaian life
including economic, social and commerce have
been impacted.

In the early 2000s, online shopping was not widely

known until the advent of ecommerce platforms
which were pioneered by OLX in 2000. This was
followed by the emergence of Tonaton and Jumia
in 2013 and 2014 respectively and social media
platforms such as Facebook, which initiatied
Ghana’s social retailing. The way people shop, how
people interact and how business is conducted has
revolutionalised. The predominant form of internet
access is mobile broadband with rapid adoption
driven by growth and innovation in the mobile sector,
together with attractive-priced data tariffs and
increased affordability of internet-enabled mobile
devices. Also, cheap social bundles and ‘zero-rate’
data initiatives have been introduced that provide
users access to applications like Facebook’s free
basics without incurring data cost.

The retail industry continues to evolve with online

retailers disrupting the tradional retail model, giving
birth to an exciting new era for the industry.

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 METHODOLOGY
P
rimary data was collected
using two different methods:
online surveys and Computer-
Aided Personal Interviews (CAPI)
supported by in-depth interviews
with industry players within the retail
space in Ghana. The survey was
carried out in April/May 2019 with
a sample size of 2500 achieved
by interviewing respondents in the
Accra, Kumasi and Takoradi. Firmus
Advisory administered the survey
to compare trends and consumer
spending in the retail industry across
three cities in Ghana.
Online Surveys and CAPI
Online survey was one of the data
collection sources for this survey.
Respondents accessed the surveys
online via social media platforms
and a website and also received
it through email and newsletter.
The online survey afforded the
respondents the opportunity to
take the survey in the convenience
of their home and offices at their
own pace, chosen time, and
preferences. In addition, CAPI survey
was implemented by field staff (i.e.,
face-to-face interviewing), using
tablets to administer questionnaires
to the respondents.
In-depth interviews
In order to gain a better understanding
of the trends and consumption
patterns of consumers and their
shopping behaviour in Ghana,
interviews with industry players in the
retail sector were undertaken. In-
depth interviews were conducted
in Akan or English in the three study
locations. The interviewers and field
workers took notes interchangeably
whilst posing specific questions with
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regard to the retail and consumer industry based on
five thematic areas: digitalization, pricing, sourcing,
security and product choice. Questions were asked
about the product pricing, influence of digital
technology, industry forecast and customer data,
among others. The retailers included in the study
sample were screened and interviewed using a
discussion guide.

Secondary Data

Secondary data sources included data from Ghana

Statistical Service as well as research conducted
by a wide range of marketing and consulting firms
and other non-governmental data sources. Surveys
and reports produced by KPMG, PWC and Deloitte
were also consulted. The report is also based on
data collected from a wide range of other industry
sources, including company websites, trade
publications, business newspapers and magazines
and consumer blogs.

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The consumer’s lifestyle represents the biggest trend that
could shape the retail landscape over the next 3-5 years.
By keeping up with digital trends and understanding the consumer‘s
changing lifestyle, retailers would be better prepared for the future
needs and desires of their consumers.

According to this study, consumers are classifed into generations

and defined by age brackets as follows: Generation Z (17 -24 years),
Millennials (25 – 39 years), Generation X (40 – 59 years) and Baby
Boomers (60 and older). As retailers in Ghana continue to seek new
ways to drive revenue whilst improving customer experience, the
following trends can be expected to continue: customer experience,
personalistion, digital experience and payment options. These trends in
consumers’ lives would shape the retail landscape.

TREND 1
E-RETAILING IS THE GAME-CHANGER

Today, customer experience is shifting from a purely person-to-person

approach, to something much more automated. The shopping
experience that once began and ended in a store is now a journey
across many channels – online, mobile and in-store. 130% of Ghana’s
population now have mobile phones, making it the most common
platform for reaching people easily.

While only 35% are internet users, 19% are active social media users
- this penetration is driven predominantly by the use of smartphones
(Digital 2019, Ghana). The most important trend affecting any customer
experience in retail today is social media, which has added shopping
features for retailers and also given customers a voice to share their
shopping experiences, thereby shaping conversations around retail
brands. Consumers are making purchases on major platforms like
Instagram, Facebook and WhatsApp and LinkedIn.

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 55% of Consumers
desire an omnichannel shopping capability but few retailers do this.

Case Study - BLEMA

Social media helps retailers service customers directly through their

platform. Ghanaian-based fashion retailer Blema adopted Instagram
platform to facilitate pre - and post - sale of thrift clothing, to build
awareness and stay in contact with customers via the messaging service.
Instagram enabled Blema to handle issues, sales and communication
directly with potential and existing customers. Through Instagram, Blema
was able to sell over 1000 clothing within 2 years of setting up and
maintained stronger relationships with customers.

The study suggest that Generation Z prefer a mix of digital and brick-
and-mortar shopping outlets. Seventy percent of Gen Zs want to be
able to buy from both online and offline retail outlets when shopping.

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TREND 2
PERSONALISED SHOPPING EXPERIENCE

The consumer shopping experience is getting personal with customers

expecting personalized communications and products tailored to their
individual preferences. The introduction of mobile shopping applications
such as DHL Africa, gives consumers unlimited access to products
around the world and, with that, the power to choose the retailer that
offers not only the best price, but also the best experience (Genov,
2018). Our survey found that 58% of consumers are more likely to shop
from retailers that provide them with products based on their behaviour
and preferences. Sixty-one percent of consumers consider customer
feedback and complaints handling as very important when shopping.

The study suggests that Millennials expect extensive personalisation when

shopping - 55% of them expect personalised services whilst shopping.
This generation came of age in a connected world and as a result are
more socially connected than the other generations - Gen Z, Gen X,
Baby Boomers.

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TREND 3
PAYMENT OPTIONS

Consumer payment habits are in the middle of a digital revolution as

shoppers today look for other payment options when shopping. The
revolution in payments brings opportunities and challenges for both
online and offline retailers. Although most consumers continue to pay
with cash when shopping, they are also looking for other payment
methods such as mobile and card payments. Sixty-seven percent of
consumers said they would be happy making purchases if they had
the ability to make payments through different means such as cash,
digital or mobile money.

Financial services relevant for viable e-commerce setups are improving

in Ghana with the introduction of local and international payment
platforms such as e-zwich, Visa, MasterCard, Skrill, Neteller. This has given
consumers access to global retail chains, enhancing trading practices
in and out of the country. Mobile money also plays an important
role in financial transactions during trading or shopping throughout
the country. The widespread use of mobile money services can be
attributed to the strong peneration rate of mobile phones. Thirty-nine
percent of Ghana’s population have a mobile money account whilst
7.8% make online purchases using mobile money. The mobile money
platforms allow buyers to pay for their orders with their cell phones. This
has made transacting business much easier (Digital 2019 Ghana).

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Millennials are driving all types of shopping experiences in the retail
industry including payment trends. In today’s world, Millennials are
buying and paying in different ways from cash to mobile payments.
From our study, 63% of Millennials want to have flexible payment options
when shopping.

Case Study - JUMIA

Jumia — one-stop shop e-payment app launched - March

2018 saw Nigeria-based e-commerce platform Jumia launch
Jumia One: an Android app enabling customers to complete
all online transactions. A one-stop shop for all e-payments,
users can pay bills, pay for Uber, purchase data or pay church
offerings (Pedro, L, Trendwatching, 2018).

TREND 4
SOCIAL MEDIA INFLUENCERS

The world of retail is changing and social media continues to influence

shopping habits of consumers with the rise in influencer marketing.
Retailers have associated with celebrities and bloggers on social media
to encourage customers to use their brands. This has become an
effective way for them to reach and connect with a more diverse group
who would not otherwise pay much attention to their brand. Instagram
in particular is mostly used by retailers and can be attributed to the
biggest shift in the industry. A survey by Civic Science (2019) found that
34% of daily U.S. Instagram users bought something because a blogger
or influencer recommended it.

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Case Study - KASAPREKO

Kasapreko Ghana Limited is a beverage manufacturing

company in Ghana. When they wanted to promote their Royal
range of drinks which includes Royal cola, Royal Lemon-lime,
Superstar Orange, Super Star multi fruits amongst others, they
decided to work with an influencer who carries attributes that
relates to their Royal range drink.

The brand chose Nana Ama Mcbrown, a Kumawood star,

because she embodies the key attributions of the Royal range
of soft drinks such as innovation and creativity, authenticity,
passion, originality, and determination. The influencer created
and shared content on Kasapreko’s Royal range of drinks on
all her social media accounts. In one of her social media posts,
she posted, “I am a ROYAL and I am happy to introduce to
you My ROYAL DRINKS.”

Through one influencer alone, the campaign generated over

500 reader comments, and more than a hundred thousand
engagements. The social reach of the campaign helped the
brand successfully promote their Royal range drinks.

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 Average household spend is GHC500 (USD 90.83) for Food and Beverages.

85%
spend on food
73%
spend on fashion
and beverages online monthly
offline monthly

Food and beverages has the highest spend offline, whereas

fashion has the highest spend online.

60% 56%
EVERY purchase
purchase
health and
MONTH fashion products personal care
products

Online allows
customers to shop
from the comfort
of their home
or wherever
they are without
going anywhere
physically.

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Globally, people are becoming optimistic about their financial
wellbeing, especially in developing markets such as Africa.
Fifty-eight percent of consumers around the world feel they
are better off financially than they were five years ago whilst
the majority feel they are in survival mode. Ghana’s Consumer
Confidence Index rose from 108 to 113, a contributory factor
to the growth of the Ghanaian economy (Nielsen, 2018).
People’s perception of their financial position influences
their purchasing behaviour due to changes in priorities and
aspirations and other factors such as inflation.

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 IS E-COMMERCE
SLOWING KILLING
OFFLINE STORES?

Ideally, consumers want to be able to mix and match online and offline shopping to suit
their immediate needs.

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Offline Drivers Based on Offline Inhibitors Based on
Generation Generation

Fair and Lack of Privacy and

Competitive Prices Security

Convenience Costly

Wide Product Lack of Privacy and

Range Security

Promotional Offers Time Consuming

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 Online Drivers Based on Online Inhibitors Based on
Generation Generation

Recommendation by Limited Product

family and friends Range

Lack of Privacy and

Fair and Competive Security
Price

Wide Product Costly

Range

Fair and Competive Lack of Accessibility

Price to Retail Outlet

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 GENERATIONS VERSUS
RETAIL OUTLET

People’s age and generation say

a lot about their buying behaviour.
Generation influences affect where
people purchase, how they purchase
and what they purchase. The difference
in purchase behaviour among the
generations can be attributed to
lifestyle, income and life stage. The
following generations are defined by
age brackets as follows – Generation Z
(17 -24 years), Millennials (25 – 39 years),
Generation X (40 – 59 years) and Baby
Boomers (60 and older).

Consumers from all generations

purchase from offline retail outlets.
Millennials and generation zs are more
reliant on shopping from convenience
stores with 38% and 34% respectively.
generation x and baby boomers prefer
shopping from traditional markets with
33% and 31% respectively.

Interestingly, online shopping is gradually

gaining attention as consumers
are starting to see benefits in online
shopping.

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This survey presents the shopping frequency
of shoppers from offline and online retail
outlets. During the survey period, 37% of
respondents stated they purchased food
and beverages on a weekly basis. 60% of
respondents shopped for fashion monthly
and 56% shopped for health and personal
care products.
Figure 11: How often do you shop for the
following products?
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FREQUENCY OF PURCHASE
VERSUS SPEND
Offline spending continues to constitute
a large portion of the Ghanaian
household budget, with shoppers
going to supermarkets, shopping malls,
convenience stores and traditional
markets, to find the perfect product.
90% spend up to GHC 500 making offline
purchases of Food and Beverages daily;
84% spend up to GHC500 on Health
and Personal Care monthly; 66% spend
between GHC 501 to GHC 1000 on
Fashion monthly.
Online shopping for food and beverages
is still on the low; however, up to GHC
500 is spent on health and personal care
and fashion products online monthly at
69% and 68% respectively.
 93% 95%
82%
78% 64%
Traditional Media
(in writing,person)

Digital Media 36%

(website,applications,
22%
social media, short 18%
message service )
7% 5%

Shopping Mall Hypermarket Convenience Traditional Online

Figure 12: Channels used to interact with retail outlets

Digital media is the popular media used for interacting with online
retailers. 64% of shoppers interact with online retailers digitally
compared to 36% offline. 96% of shoppers use traditional media to
interact with the traditional markets. Digital engagement with offline
retail outlets is very low in Ghana.

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There are about 3.4 billion social media users around the world –
about 45% of the worldwide population – and this number continues
to grow each year (Digital 2019 Ghana). More people use social
media than ever before, and that is unlikely to slow down. As people
continue to integrate social media into their everyday lives, it is
important for retailers to reach customers on social media by having
a presence on people’s preferred channels and posting content.

Today people post, like, or share content on social media every day,
and most people prefer to post images. Much of Ghana's growth
in internet usage is attributed to more affordable smartphones
and mobile data plans. In Ghana, WhatsApp is the most popular
channel followed by Facebook, but people also spend time on
other channels such as Instagram, Snapchat and YouTube.

Social media has improved the lives of people and services of retailers
in many ways. For instance, some retailers adopt social media
particularly during holiday seasons to lessen the need for customers
to stand in long queues when shopping. Trading online has grown
tremendously over the years with the majority of retailers using
WhatsApp, Facebook and Instagram to sell directly to customers.
Customers are able to easily shop online using their computers,
smartphones, tablets and laptops, complete transaction via mobile
money or other means and get products delivered to them at their
doorstep. Through social media, retailers can now reach consumers
in real-time, which is a huge transition from traditional media.

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Product
Categories

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 Canned Confectionery Beverages Cereals Fruits Vegetables
Food
Food and 11% 6% 22% 15% 23% 23%
Beverages

Toiletries Hair Care Perfume Pharmaceuticals Cosmetics

Health and 22% 17% 20% 21%

Personal Care 20%

Textiles Accessories Footwear Jewellery Apparel

Fashion 22% 15% 33% 14%

16%

Figure 13: Products bought from online and offline retail outlets

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GENERATION VERSUS PRODUCT CATEGORY

From the three product categories, Food and

Beverages are highly purchased by Generation Z,
Millennials and Generation X at 44%, 53% and 52%
respectively. These generations dedicate a large
part of their expenditure on food. Purchase is high
in the Health and Personal Care product category
for Baby Boomers. Spending on healthcare logically
increases with age.

Millennials hold a significant purchasing power as

they represent the largest consumer group and
make up the majority of the workforce in Ghana.
They continue to be the dominant force in the retail
industry and remain the most diverse and influential
group with their shopping habits having a major
impact on the market.

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Customer
Satisfaction
with Retail
Outlet

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Although traditional retailers vastly outsell e-commerce
retailers in most product categories, e-commerce retailing
is eating away a certain portion of the offline market in
Ghana. Customers are craving a more personalised shopping
experience, and this has led to targeted products for specific
audiences.

Retailers need to improve product selection for their outlets by

offering products that regularly bring customers to their shops.
The availability of products that matter to customers has more
to do with products on the shelf than what is in stock. Most
retailers choose products that consumers will need based on
price, quality, customer demands, brand and country of origin.

However, customer preferences are still a challenge for retailers

in today’s omni-channel environment. Customers expect to
have a full assortment of product offerings across multiple
channels. Most retailers in the study complained of how digital
and mobile devices have affected their business. Almost every
part of the customer’s journey is being digitized considering
how consumers acquire products.

Retailers have adopted digital and mobile to enrich customer

experiences when shopping in areas such as payments,
ordering, delivery and communication (interaction and
advertisement). They are constantly faced with challenges
and opportunites in a highly competitive market and as such
adaptability and customer-centrism will be key to the success
of retail businesses in Ghana. Retailers can only satisfy their
customers if they are able to understand the fluctuating needs
and expectations of their customers - whether offline or online.

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 Speed of Service Payment Methods Feedback and Complaints Customer Service Ease of finding what
you are looking for

Shopping Mall 71% 72% 53% 58% 79%

71% 68% 53% 66%

66% 71%
Hypermarket/
Supermarket

Ease of finding what

Speed of Service Payment Methods Feedback and Complaints Customer Service you are looking for

Figure 14: Customer Satisfaction with Shopping Mall and Hypermarkets

Speed of Service Payment Methods Feedback and Complaints Customer Service Ease of finding what
you are looking for

Convenience Stores
68% 64% 49% 53% 69%

70% 72% 60% 69%

66% 71%
Traditional Market

Ease of finding what

Speed of Service Payment Methods Feedback and Complaints Customer Service you are looking for

Figure 15: Customer Satisfaction with Convenience Stores and Traditional Markets

When assessing how satisfied consumers have been with offline retail outlets (shopping
malls, supermarkets, convenience stores and open market), shopping mall had a
high reponse rate with satisfaction of speed of service, payment methods and ease of
finding product. 79% of respondents stated a high degree of satisfaction as far as ease
of finding what they are shopping for is concerned. 72% of respondents expressed
satisfaction with payments methods available with 71% expressing satisfaction with
speed of service. However, customer service and feedback and complaints had low
satisfaction ratings among the offline retail outlets. This suggest that many retailers
are missing the mark on customer service and handling feedback and complaints.
By falling short on this, retailers are missing out on several benefits as this can drive
customer loyalty.
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 Speed of Service Payment Methods Feedback and Complaints Customer Service Ease of finding what
you are looking for

Online Stores
69% 72% 66% 77% 77%

66%

Figure 16: Customer Satisfaction with Online stores

When assessing how satisfied consumers have

been with online retail outlets, 77% of respondents
expressed satisfaction with the level of customer
service they received from online stores. 72% of
respondents found payment methods they received
to be satisfactory whilst speed of service and feedback
and complaints had low satisfaction rating with 69%
and 66% respectively. There is an incident of lack of
urgency when serving customers in the retail space.

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 DEMOGRAPHICS

17% Generation Z
(17-24 years)

34%
Kumasi

63% Millennials 28%

38%
Accra
(25-39 years) Takoradi

14% Generation X
(40-59 years)

6% Baby Boomers
(60 + years) 56% 44%
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 GHANA’S GENERATIONAL
COMPOSITION

7%
Baby Boomers

14%
Gen x 58%
Gen z

21%
Millennials

According to Ghana Statistical data, Ghana’s generational

composition is represented by the following: Generation Z
represent 58% ; Millennials accounts for 21%, Generation X
account for 14% and Baby Boomers represent 7%.

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IMPLICATIONS AND OPPORTUNITIES

Implications Opportunities

Job Income
Creation Generation

Mobile Money
Interoperability
Government and Ghana
Interventions Interbank Payment
and Settlement
Systems

Distribution Delivery and

Methods courier services

Cyber Security Data Protection

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 CONCLUSION
Digitize or Die
Ghana’s retail industry continues to
evolve and this is influenced by internet
penetration and the adoption of mobile
and social media. As Internet penetration
grows, consumers are beginning to see the
benefits of shopping online with majority of
retailers now using WhatsApp, Facebook
and Instagram to sell directly to customers.
In Ghana, WhatsApp is the most popular
social media channel followed by
Facebook; however, other channels such
as Instagram, Snapchat and YouTube
are also used by customers (Digital 2019,
Ghana).
The Ghana Retail Map 2019 report revealed
that 70% of gen zs want to be able to buy
from both online and offline retail outlet
when shopping whilst 55% of Millennials
expect personalised services whilst
shopping. These generations represent
79% of Ghana’s population. They have a
greater influence on the industry since they
came of age in a connected and digital
world and as a result are more tech savvy
and socially connected.
Through social media retailers can now
reach consumers in real-time, which is a
huge transition from traditional media.
Digitization is gradually changing the retail
landscape from pre to post sale with
transactions, communication, distribution,
and customer service all taking a different
form in the industry.
For instance, social media and mobile
phones have led to more interactive
transactions, increased volume of
networking and real-time engagement
with customers. Consumers shopping from
online retail outlets expect products to be
delivered to them at the comfort of their
home. Delivery and courier services are
benefiting from this online trend with many
retailers combining the use of mobile
phones, applications and the internet in
their service offerings.
Also, mobile and internet penetration have
impacted payment methods with the
introduction of online transaction platforms
such as Skrill, bank mobile applications
and the rise in mobile money services.
Due to the rapid growth of mobile money
services, the government has enhanced
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this payment platform by introducing the Mobile Money interoperability
(MMI) through Ghana Interbank Payment and Settlement Systems.

Given the rise in cyber-attacks that occur frequently, retailers running

online platforms are to step up their security methods and make the
security of their platform a high priority to ensure delivering a good
customer experience.

As the internet is gradually influencing retailers to think digitally,

ecommerce is poised to explode in the future. Today’s retail industry
is more dynamic than ever - competition is increasing with customers
approach to shopping rapidly evolving. In order to succeed in future,
retailers will have to adopt technologies to support the changing
multigenerational consumer.

“Use of digital technology is going to explode, the way retailers do

business, the way customers interact with retailers, the nature of
consumption – everything is going to change. Therefore, retailers will
be required to digitize or die .’’

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ENDNOTES

https://www.pwc.ie/publications/2018/retail-consumer-report-2018.pdf

https://www.pma.com/~/media/pma-files/retail-foods-report-_accra_ghana_5222017.
pdf?la=en

https://www.retailcustomerexperience.com/news/retail-customers-love-transparency-
reveals-report/

https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/02/global-retail-trends-2019-web.
pdf

https://trendwatching.com/quarterly/2018-05/future-retail-africa/

https://www.investinafrica.com/Uploads/contentuploads/bc96800e-cf14-46e1-9c48-
5455a1e4d7ea/file.pdf

https://www.bizcommunity.africa/Article/410/168/193820.html

https://www.slideshare.net/DataReportal/digital-2019-ghana-january-2019-v01

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APPENDIX

Dollar Cedi

$1 GHC 5.39
Currency Rate at the time of reporting

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CONTACTS
Author

Nana Araba Koomson

Research Executive
naakoomson@firmusadvisory.com

Contributors

Alex Twumasi Albert Cofie

Managing Partner Research Manager
atwumasi@firmusadvisory.com acofie@firmusadvisory.com

Edem Seshie Bettina Seworh

Partner Research Executive
eseshie@firmusadvisory.com bseworh@firmusadvisory.com

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Firmusadvisory.com

Firmus Advisory Limited is a Business Consulting firm operating in three areas in

Ghana; Regulatory Compliance, Market/Social Research and Trade Development.
We facilitate formation of businesses, help secure all necessary business operation
licenses and certifications to start operations. Firmus provides clients with the required
industry data and analysis through research by reviewing the economic, political
and market factors for sound decision making. We have a decade of multi-sectoral
experience in investment facilitation, investment identification & project advisory,
consumer & market research, data analytics and enterprise development.

This communication contains general information only, and none of Firmus Advisory
Limited is, by means of this communication, rendering professional advice or
services. No entity in Firmus Advisory shall be responsible for any loss whatsoever
sustained by any person who relies on this communication.

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