‘Increased exports answer to currency stability’

ZIMBABWE needs to increase export earnings and maximise on e-commerce to harness more foreign currency reserves to attain currency stability, an official has said.

At a time when the country is grappling with cash shortages and exchange rate distortions driven by the parallel market, chief operations officer for Flexi Africa, a Zimbabwean on-line start-up firm, Mr Nyasha Nguwo said his company was ready to assist in taking Zimbabwean goods to the global market and help local businesses to increase revenue.

“One of the things that will improve currency stabilisation in Zimbabwe is exports and forex revenues earned from it. E-commerce can and should play a major role to increase Zimbabwe’s exports growth,” said Mr Nguwo.

“We want to globalise the export of Zimbabwean goods and we want local businesses to increase revenue through marketing for a wider audience.

“Flexi Africa provides an e-commerce market place for Zimbabwean businesses of all sizes, from blue-chip corporates to the vendor with a stall at a market. Our marketplace provides global exposure.”

Mr Nguwo said the platform was first established in Zimbabwe as the country was best placed to establish the product. He said the firm intends to spread its wings in Southern Africa and later take the product to the rest of the world. He said the company’s vision was for every Zimbabwean to be able to market and sell their products online and earn forex from it.

“When one talks exports, Zimbabweans typically think of big manufacturing companies exporting containers of products. This does not have to be so. Exports and forex income must be for all. E-commerce can help to level out the playing field in this regard,” he said.

“We have already lined up a series of seminars to sensitise stakeholders, especially small to medium enterprises on how they can harness value from the new product.”

Flexi Africa has also encouraged Zimbabwean vendors to embrace e-commerce and sell their products.

“We want an export driven economy in Zimbabwe to improve the economy and reduce the trade deficit,” he said.

Mr Nguwo said Flexi Africa has since partnered the local unit of global logistics giant, DHL, to facilitate freight for local goods to the foreign market and they have also partnered with ZimTrade and the Confederation of Zimbabwe Retailers among others.

World over e-commerce is fast overtaking traditional shopping models with companies such as Amazon and Alibaba generating millions of dollars in annual revenue.

Large traditional retailers are also adopting virtual stores to reach to international customers.

E-commerce was responsible for around $2, 3 trillion in sales across the globe last year alone while it is expected to hit $4, 5 trillion in 2021. — @queentauruszw.