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The future of retail will be built on clicks, bricks and data-driven insights

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By Senior Vice President of Market Insights at Mastercard, Sarah Quinlan

Over the last 15 years, technology has reshaped the face of global retail. With billions of people spending more time online each day, the way we buy things has evolved.

Hundreds of billions of dollars of spending have shifted from physical shops to the web and mobile devices.

Africa, like most of the world, is seeing rapid growth in digital commerce, albeit off a lower base than Europe, North America or parts of Asia-Pacific.

The McKinsey Global Institute projects that e-commerce will be worth $75 billion in Africa’s leading economies by 2025.

Despite the hype and concern that e-commerce might spell the death of brick and mortar retail, online purchases still account for less than 10 percent of global retail sales; indeed, in many parts of Africa, the number is less than one percent.

There are many explanations for the low penetration of e-commerce in the region – underdeveloped logistics, a lack of formal addresses in many African countries, low card penetration, security fears, and poor or expensive broadband connectivity.

Yet the growth trend is clear, and retailers should be considering how they can take advantage of e-commerce as part of their strategic channel mix.

It’s not about offering a binary choice between physical stores and digital channels, but about understanding the role of each in the customer journey.

With 82 percent of smartphone users saying they consult their phones on purchases they’re about to make in-store, retailers need to be aware of the increasingly blurring lines between online and physical retail channels.

How retailers deploy their physical and digital assets is going to be a major factor in their success. Where retailers choose to open a store, how many stores they open, and the robustness of their online presence and platforms are strategic decisions that affect success.

For example, we’re seeing a proliferation of stores and malls in parts of Africa all targeting the same market, but struggling to attract foot traffic.

The answer lies in shopping malls reinventing themselves as centres for leisure by offering activities, experiences or special events to attract shoppers.

The question remains then whether or not retailers should continue to invest in expanding their physical presence at the current rate or should they make larger investments in their digital assets?

We are also seeing significant shifts in consumer behaviour around the world as millennials come of age and as the appetite for conspicuous consumption starts to falter.

Physical retailers are not only challenged by competitors that are originating on the web; they are also up against a significant social trend.

Globally, consumers have started to spend more of their money on experiential purchases, such as travelling to exotic destinations, attending music concerts and sports events, or indulging in new food experiences – and less on the consumption of hard goods – a trend we are also observing in many markets in Africa.

This raises all sorts of interesting questions around how retailers can offer experiences that draw people in, as well as which products and experiences are the best match for physical retail and which are right for e-commerce.

Online shopping in the region is primarily the purchasing of commodity goods, especially electronics. How then do retailers deliver experiences and services in store that entice and retain customers?

Retailers looking to adapt and win in this new landscape must use data-informed insights to better understand the needs of an increasingly dynamic and evolving consumer base. They need to be able to accurately identify and define what is most important to particular consumers.

To entice more shoppers, retailers need to recalibrate their positioning by replacing high-end stores with mass-market department stores that offer low- and mid-range products to their target audiences.

Doing so, they will soon recognise the need for greater value for money in a modern shopping environment.

Using this data-driven insight, they should respond by creating tailored offerings that provide each consumer with the value they seek.

This has to be a continuous process shaped through testing and refinement based on consumer and market feedback. Now, more than ever before, retailers need to adopt business strategies that are informed by quality data.

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GROpinion

Insecurity In Zamfara – Hold Lawal Accountable, Not Matawalle

Writes Nasiru Aliyu, Media Advisor to the Hon. Minister

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Zamfara and Bandits

The recent protest organized by the All Progressives Congress (APC) Akida Forum raises significant questions about political motivations and accountability.

Led by Musa Mahmoud the APC AKIDA group staged a demonstration at the Abuja headquarters of the Department of State Services (DSS), demanding an investigation into the Minister of State for Defence, Dr. Bello Mohammed Matawalle, amid allegations linking him to banditry in the state.

The protest, predominantly featuring hired women and youths from Abuja, was framed as a response to escalating security concerns in Zamfara.

However, the underlying motives appear to be rooted in political rivalry rather than genuine concern for public safety.

The leader of the APC Akida Forum Tijjani Ramallan claims that Governor Dauda Lawal has accused Matawalle of collusion with bandits, suggesting that such ties have perpetuated the insecurity plaguing the region.

A critical point overlooked by Mahmoud and his supporters is that Matawalle is no longer the executive governor of Zamfara.

The current governor, Dauda Lawal, now holds the title of the state’s chief security officer, and therefore, he bears the primary responsibility for addressing the security crisis.

Instead of engaging in a blame game, Lawal should focus on implementing effective strategies to combat the rampant insecurity and provide the dividends of democracy to the people of Zamfara state.

The animosity towards Matawalle seems to stem from his previous role as the Director General of Bola Ahmed Tinubu’s campaign in the Northwest, where he played a pivotal role in securing significant electoral support for the current president.

This success has reportedly fueled envy among some political figures like Tijjani Ramallan, including Musa Mahmoud and others who may feel threatened by Matawalle’s rising profile.

It is noteworthy that allegations against Matawalle have been investigated by the National Security Adviser’s office, which found no evidence to support claims of his involvement in banditry.

This investigation contributed to President Bola Ahmed Tinubu’s decision to retain Matawalle in his ministerial position, where he has reportedly managed security matters in the Northwest with professionalism.

Adding to the complexity of this situation, a Kano High Court recently issued a restraining order against Governor Lawal and others, prohibiting them from continuing their smear campaign against Matawalle. This legal development underscores the court’s recognition of the potential harm caused by unfounded allegations and the need for accountability in political discourse and the state government has found an ally in APC AKIDA led by Tijjani Ramallan.

Despite the court’s intervention, Governor Lawal continues to leverage media platforms to tarnish Matawalle’s reputation, linking him to banditry and corruption without substantiating evidence.

Such tactics appear to be desperate attempts to undermine Matawalle’s credibility, likely motivated by Lawal’s desire to solidify his political standing.

The ongoing campaign against Matawalle by Lawal and his associates raises serious concerns about the integrity of political discourse in Zamfara.

It is imperative for the public to remain vigilant against misleading narratives and to recognize the broader implications of such political maneuvers.

The Kano High Court’s ruling serves as a reminder of the importance of due process and the need for responsible governance.

In conclusion, the focus of accountability in Zamfara should shift towards Governor Dauda Lawal, who now holds the reins of security in the state.

Instead of casting blame on former officials, Lawal must take ownership of the security situation and work towards tangible solutions that prioritize the safety and well-being of the people of Zamfara.

Furthermore, since Matawalle operational visit to sokoto led to the elimination of Bandit leader Halilu Sububu who is alleged to have died with the treasure of the sponsors of banditry in zamfara state, the pain propelled them to further embark on campaign of calumny.

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GROpinion

Exposing the Malicious Sabotage of MoMo PSB Project in Enugu Ezike

By: Cyprian Nwodo

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MoMo Payment Service

The recent activities of some individuals with one Davids Iyida attempting to sabotage the MoMo Payment Service Bank project intended to benefit, especially  Enugu Ezike people, have raised significant concern and outrage within the community.

Davids Iyida
Davids Iyida

Such actions aimed at undermining a project with immense potential to uplift and empower the people of Enugu Ezike can only be described as malicious.

The MoMo PSB project is designed to bring financial services closer to the people of Enugu Ezike, facilitating easier access to banking and financial transactions.

This project is expected to create jobs, stimulate local businesses, and provide a much-needed boost to the local economy. In a region where such opportunities are rare, the MoMo PSB project represents a beacon of hope for many residents.

It is particularly baffling and disheartening to witness a member of the community collaborate with outsiders to hinder the progress of their own people.

The reasons behind such alliances remain unclear, but the impact of these actions is evident and deeply troubling. Working to obstruct the project is not only delaying progress but also actively working against the welfare and advancement of Enugu Ezike.

The efforts to destroy Kingsley Ifeanyi Adonu’s good intention, despite all the positive contributions he has made, are nothing short of wickedness.

Adonu, a visionary entrepreneur and the leading MTN Partner in the South East, has dedicated significant resources and efforts to bring the MoMo Payment Service Bank project to fruition.

His vision for the community includes economic growth, financial inclusion, and overall development. Attacking his vision is an attack on the progress and future of Enugu Ezike.

The question that lingers in the minds of many is: Why sabotaging our own benefits? In a time when unity and collective effort are paramount for the community’s advancement, such actions of sabotage are counterproductive and harmful. The community needs all hands on deck to drive development and improve the quality of life for its residents. Internal conflicts and malicious actions only serve to set back these efforts.

Despite the challenges and the malicious attempts to derail the project, it is important to reaffirm that S Mobile Group vision for establishing a MoMo Payment Service Bank in Enugu Ezike will prevail.

The community stands behind this vision, recognizing the immense benefits it promises to bring. Efforts to hinder progress will ultimately fail in the face of collective determination and support.

The actions of these ungrateful individuals, aimed at sabotaging the MoMo PSB project, are grave disservice to the community of Enugu Ezike.

In a time when progress and development are desperately needed, such malicious activities are deeply regrettable.

However, the vision and determination of Kingsley Ifeanyi Adonu and the community’s support ensure that the project will succeed, bringing much-needed growth and prosperity to Enugu Ezike.

Let it be known that no amount of sabotage can dim the light of progress and unity.

Nwodo, a public commentator writes from Enugu State

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Cybersecurity in 2024: Towards Ever Greater Sophistication of Tactics

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Chester Wisniewski, Director Global Field CTO

Writer: CHESTER WISNIEWSKI, Director Global Field CTO, Sophos

With 2024 fast approaching, what are the results for 2023 and what are the developments in the threat landscape for this new year?

The year 2023 was marked by persistence in the tactics of cybercriminals, with the predominance of ransomware, the exploitation of vulnerabilities, theft of credentials and even attacks targeting the supply chain. The common point in all his attacks is their formidable effectiveness.

It is therefore essential to ask what trends will persist in 2024 and what strategies businesses should adopt to deal with these future cyber threats.

Between persistent trends and evolving cybercrime tactics

In 2024, the threat landscape is not expected to change radically, particularly with regard to attack typologies and criminal tactics and procedures.

Criminal groups still primarily focus their attention on financial gains and ransomware remains their weapon of choice. These cybercriminals tend to take the easy way out by opportunistically attacking unpatched security vulnerabilities.

The recent Citrix Bleed attack demonstrated the agility of cybercriminals when it comes to quickly and effectively exploiting these new vulnerabilities.
However, once patches are applied to these vulnerabilities, cyberattackers tend to revert to more common strategies of stealing credentials or, failing that, cookies or session cookies, which, while slightly slower, constitute always a proven means that allows them to penetrate within a system.

In 2024, however, we should expect increased sophistication in defense evasion tactics, particularly due to the generalization of certain technologies such as multi-factor authentication. These attacks will combine malicious proxy servers, social engineering techniques and repeated authentication request attacks or “fatigue attacks”.

AI and regulations will continue to shape cybersecurity

In 2024, the development of AI will have a positive impact on the efficiency of IT teams and security teams by enabling them to strengthen defenses and work more efficiently, including through the processing of vast volumes of data in the aim of detecting anomalies. It should make it possible to respond more quickly in the event of an incident.

Indeed, analysis of attacks in 2023 showed a shortening of the time between network penetration and the triggering of a final attack – using malware or ransomware. The need for rapid detection and response tools to prevent costly incidents is therefore essential.

Finally, regulatory developments could have a major influence on measures taken against ransomware. The need to take more substantial measures could push some states to penalize the payment of ransoms, which would represent a brake on malicious actors and change the perspective of companies in the event of an attack.

Other stricter legislation, such as the implementation of the European NIS2 Directive, is also expected to force companies to take additional measures, particularly regarding their abilities to collect data sets.

To protect themselves against increasingly rapid, effective and costly attacks, companies will need to strengthen their defenses by equipping themselves with tools that allow them to detect and respond to incidents more quickly.

The worsening cybersecurity talent shortage does not appear to be as serious as some studies claim. On the contrary, companies have implemented more lax hiring criteria and more open-mindedness in the recruitment process.

From this perspective, to guarantee their survival in a constantly evolving threat landscape, companies have every interest in establishing partnerships with cybersecurity experts whose main mission is to make the hyperconnected world safer, to advise and assist them. in setting up effective defenses.

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