by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – SOUTH African retailers have come to regard quick access to financing as key.
A new breed of agile finance technology (fintech) has emerged to respond to these demands.
These progressive providers of finance offer retailers access to opportunity capital so that they can move rapidly in response to emerging business trends.
That is according to Steven Heilbron, Chief Executive Officer (CEO) of Capital Connect, a fintech that offers business funding to South African retailers.
He said that in an environment of constrained consumer spending, disrupted supply chains and rising inflation, small to medium sized retailers needed to be nimble and required access to financing in order to respond to new opportunities.
Global research from EY shows that 66 percent of small and medium businesses wanted access to faster credit while 55 percent wanted to be funded within seven days.
“Retailers know they need to be agile and innovative to thrive, given rising competition, economic volatility and the ever-changing needs and tastes of the consumer,” Heilbron said.
“Innovative fintechs can support them because they leverage digital technology to offer easy, fast and hassle-free loans to qualifying retailers,” he added.
Heilbron outlined some of the ways that retailers can put fintech
finance to work to outcompete and grow in a difficult climate.
These include container shops, fast and premium deliveries, home meal replacement, industrial air fryers, perishable fridge doors and vending machines.
– CAJ News