Accurate data key to business growth – Namibian

LEVERAGING on accurate and readily available data is important for business growth and boosting the confidence of entrepreneurs.

Not only does it help them assess a possible number of customers, but also to plan well.

This was shared during talks on the fashion industry held by the African Development Bank (AfDB) late last month.

More than 4,5 billion active internet users, or 60% of the world’s population, have an online presence, according to Statista, an online market and consumer data firm.

Tapping into that audience is critical to grow businesses and brands, said the AfDB in a statement.

According to the bank, there is a need to explore ways to leverage digital media platforms to boost African fashion.

Digital platforms, like Instagram and Facebook can serve as online studios and runways, playing a pivotal role in African fashion entrepreneurs growing their businesses, and advancing the ‘Made in Africa’ movement, the statement read.

“Social media is one of the most relevant marketing channels and a strategic tool for African fashion brands to stay relevant, interact with their customers and formulate effective strategies to increase sales,” said Bintou Sadio Diallo, cultural and creative industries expert at the bank.

Morin Oluwole, global head of luxury at Facebook said collaboration with media, publishers and creators could ensure alignment with the industry’s different priorities and make sure that African talent finds a global audience.

“It is important to widen the scope of customers and clients in Africa, but also across the diaspora,” she said.

Sophie Nzinga Sy, fashion designer and founder of Dakar Design Hub stressed the importance of agencies specialising in media relations and brand consulting.

“We don’t have enough of those support systems on the continent to link us up with celebrities and media,” she noted, adding that the situation has evolved as there are many platforms available for designers to showcase their work and tell their stories authentically.

Namibian fashion entrepreneurs have used social media extensively as well, however accurate data on the number of active users of social media in the country and their age groups remain an impediment.

Regulators such as the Communications Regulatory Authority of Namibia do not distribute statistics that would aid entrepreneurs make accurate decisions anymore, and many rely on trial and error.

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