Greetings to all! I hope you all are safe. Well, our today’s agenda is quite interesting and our title is quite revealing too. People like to extend their businesses across various countries and tend to enjoy the profit they get. But when it comes to Africa, people start to hesitate. As per the stats, there are various misconceptions related to business in Africa which leads to many people sadly missing the window. So, we are going to debunk some of the myths as our today’s topic is all about the “4 Myths and Misunderstandings About Doing Business in Africa.” So, without further ado, let’s get started.
This is the biggest myth of all. Well, this myth exists due to the poverty and famine legacy in Africa. Due to this scenario, companies made the assumption that Africans are only interested in buying cheap products irrespective of the quality of the products.
Keeping this point in mind, many people tend to export cheap products in the markets due to their poor economic conditions.
In a nutshell, a company should export the products not on the basis of whether it is cheap or bad quality, but it should depend on the demand of the customers.
Just like the first one, companies shouldn’t place the cheapest products on the line, the companies shouldn’t also place any low-quality brand products. Africans also prefer high quality brands as per their budget. They are highly brand conscious and are loyal to the brand with which they stick the longest.
As we all know, not only Africans form relationships with brands and inherit them to people. So, if a company wants to enter the market, they have to gain the trust of people and make them believe that their brand is the best.
We all know the leapfrog story of Africa, and it’s only 10 years old. Still, the misconception is there regarding Africans not being tech savvy. Africa’s digital transformation is many more exciting, e-commerce services are fast taking off and new agreements are meant to be made for other countries for cross-border transactions.
Now, it would be really easy for Africans to buy African products and also to cross the border easily. So, if a company wants to step on the market, then it’s high time now.
Well, the country consists of different religions, communities, and different people from different backgrounds. But, in Africa, it is considered to be a Single Country. It’s really painful to hear about this myth.
A country with 2100 languages spoken by citizens, with different communities, and it’s obvious their needs could also vary substantially. If any company wants to step up their business in Africa, they have to keep this thing in mind that different people have different demands, budgets and places to purchase products.
So, if you want to thrive your products in the diverse African markets, then you need to understand this and debunk this myth that Africa is a single country.
We are at the end of our article. So, here’s a message to the people believing in these myths. African businesses are booming up and they trade across 55 countries, and it’s getting easier and picking up the pace day by day. So, in coming days the non-African products would be less desirable than the products they make at their home.
