Jack Ma

OLX has welcomed the forthcoming Jack Ma’s visit to Kenya, saying it will be a major boost to ecommerce players and SMEs in the country.

The Asian billionaire is set to discuss the role of small business in global trade and meet other dignitaries in the two sectors.

OLX country manager Mr Peter Ndiang’ui, who will be part of a session of dignitaries where Jack Ma will give a keynote address at session at the Kempinski that would be hosted by KEPSA, noted that just like China, Kenya is fast embracing ecommerce and which is going to be the next big thing in Africa in the coming years with an annual growth of 40 per cent in the next decade.

“As part of ecommerce players, we are delighted are to have Jack Ma visit the country and we believe that with his wealth of knowledge, the ecommerce sector and SME’s will benefit and encourage Kenyans to want to play in this space more. OLX aims to become Kenya’s largest ecommerce giant not only in Kenya but in Africa by the next decade.

Related: World’s 14th richest man set to tour Kenya

According to a report released by KPMG, in seven Sub-Saharan countries, e-commerce makes up to three percent of GDP, and is predicted to make up 10 percent of total retail sales in key markets by 2025, with 40 percent annual growth over the next 10 years. The total retail economy is projected to grow rapidly, along with the population as a whole and its spending power per capita.

Internet penetration and smartphone uptake are key drivers to ecommerce growth in Kenya. According to Communications Authority of Kenya, internet penetration stood at 4.4 percent between October and December 2016 to reach 89.7 per cent and according to Google’s Consumer Barometer, smartphone uptake in Kenya was at 44 per cent in 2016.

More African countries are getting connected to the internet and technological innovations will continue to provide grand opportunities for eCommerce players on the continent.

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