Empowering the Informal Market through Technology and the Power of Data
I had the honour of presenting Fassernate, my revolutionary
digital platform, to some of the leading minds in the trade industry. The
presentation was hosted by Trade Intelligence, South Africa’s leading source of
FMCG retail research, insights, and training solutions. A big thank you for
this wonderful opportunity.
As I stood before this esteemed audience, I felt the need to share not only the data and success stories but also the journey of discovery that comes with understanding the untapped potential of the informal market.
Fassernate, driven by technology, is more than just an app, it’s a gateway to empowerment for the informal market. This dynamic market, often underestimated, misunderstood, and excluded, holds incredible opportunities for growth and economic impact. I’ve harnessed the potential of digital connectivity to create an online community, where businesses, both formal and informal, together with customers come together.
The statistics and insights shared during the presentation showcased the undeniable rise, and potential of businesses in the informal market. The clothing and beauty product businesses have soared, and a delightful surprise emerged as boys’ clothing took centre stage. Also surprising was the use of social media platforms. LinkedIn, with more than 50% of businesses having a presence. Stats purely based on business on my platform, only 600+ in an area where millions operate, so take with a pinch of salt.
Among the engaging statistics lies a story. I have witnessed how the information I’m gathering is becoming increasingly valuable to various stakeholders. Organizations and entrepreneurs alike are eager to tap into this treasure trove of data for their purposes.
However, the data, valuable as it may be, remains a by-product of my vision. My primary focus is not to accumulate data for commercial gain, but to empower businesses in the informal market. The data serves as a compass guiding me towards better solutions and innovations that fuel growth and success.
Also, during the presentation, I couldn’t resist sharing a tale of a prominent retail giant’s venture into the informal market. A series of small spaza shops in townships were acquired, but the result was an unfortunate failure. Why? Understanding the heart and soul of the informal market and a primary goal of self-enrichment.
Fassernate succeeds because I take the time to listen, comprehend, and support businesses, to help build genuine connections with their customers. See, I’m a Kasi Boy, born in Westbury Johannesburg, disabled due to political riots and someone who has experienced the realities of hardship, I understand this better than statistics and surveys. My personal experiences have given rise to Fassernate, a platform committed to making a positive impact on the lives of entrepreneurs in both formal and informal markets.
My mission is to drive inclusive economic growth, where technology serves as the catalyst, but human understanding and empathy are the driving forces. The informal market is not just statistics and surveys; it’s a living, breathing ecosystem of aspirations and dreams. Real people.
In closing, I call upon all trade leaders to embrace the potential of the informal market, while being mindful of the responsibility that comes with it. Let us harness the power of technology, use data responsibly, leverage it to uplift businesses and create a more equitable society.