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      "author": "steemitboard",
      "body": "Congratulations @buhlehloma! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@buhlehloma/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@buhlehloma) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=buhlehloma)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "adriansilas",
      "body": "I also encourage you to jump on Google and check out a couple other tips from other accounts. Everyone has an opinion on this topic. My stance is sort of passive and I know there are way more aggressive ways to amass huge followings.",
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      "body": "This article is part 2 of a 2-part series on cryptocurrencies and their potential effect on retail. Part 1 was an exploration of the phenomenon of cryptocurrencies such as Bitcoin, what they are, how they work and the factors that have led to both their growth in popularity and value. In part 2 of the series I will explore, the reasons why cryptocurrencies haven’t been adopted by retailers en masse and whether or not they ever will be.\n\nWhen historians look back on 2017 I have no doubt in my mind that they will dub it the year of cryptocurrencies. Whatever newspaper you read or TV channel you watch everyone seems to have an opinion on cryptocurrencies. Some call it a pyramid scheme or bubble waiting to burst while some have gone so far as to name it the greatest man-made invention in all of history that will fundamentally change human life going forward. Wherever you stand on the divide one thing that can be agreed on, is that cryptocurrencies have captured the imagination of the world.\n\n\n\n\nA key part of this fascination has been the enormous gains in value that cryptocurrencies have experienced both in their lifetime and just this year. Take for instance Bitcoins more than 1000% increase in value just this year alone. These gains have not gone unnoticed by the broader financial industry and some players in the industry have chosen to act. Some of the recent developments that have occurred in the global financial space include:\n\n·        The establishment of a number of Crypto hedge funds.\n\n·        Cboe Global markets introducing derivative trading on bitcoin\n\n·        The CME Group allowing futures trading on Bitcoin\n\n·        Rumors of JP Morgan looking to grant its clients access to trade bitcoin through its futures-brokerage unit\n\n\n\n\nThese and other developments have begun to legitimize cryptocurrencies however despite these developments many still remain skeptical of the space and question the technology’s claim as a currency. Its critics point to the fact that cryptocurrencies have no intrinsic value and the fact that it has largely been used and talked about as a speculative asset rather than a medium of exchange. While I disagree with the argument that it has no intrinsic value these critics do have a point when questioning its credentials as a medium of exchange.\n\nFor cryptocurrencies to truly be accepted as a legitimate currency and achieve mass adoption, cryptocurrencies need to be accepted as a medium of exchange by retail companies.\n\nMany retail companies ,both in the brick and mortar and online space, have tested and trialed cryptocurrency payments to varying levels of success. The main barriers to mass level adoption of cryptocurrencies can be summarized below:\n\nThe four factors stopping mass adoption by retailers:\n\n1.      Safety\n\n\nWhile the blockchain technology on which cryptocurrencies are based on is safe and cant be hacked into the exchanges where cryptocurrencies are stored and traded are not and as such are vulnerable to attack by opportunistic hackers seeking to make a quick buck. As the technology grew in popularity 2017 the frequency of these hacker attacks increased. The latest being a hack of a Slovenian bitcoin exchange that had 64$million in bitcoin wiped from its coffers. For the technology to be adopted safeguards where this technology is stored need to be greatly improved.\n\n\n\n2.      Price volatility\n\n\nOne of the key characteristics of a currency is that it is a stable store of value and if 2017 is anything to go by cryptocurrencies have failed this test miserably. As mentioned previously bitcoins value in 2017 has grown by more than 1000% this year alone. While this is great for investors in the technology ,as it encourages more investment, it is bad news for those who want to trade goods and services using the technology as it disincentives commerce with the technology and encourages people to hold and speculatively trade their cryptocurrencies.\n\n\n\n3.      Complexity around the purchasing of cryptocurrencies\n\n\nBuying any cryptocurrency is both a time consuming and laborious process (and this is coming from a tech savvy millennial). One huge stumbling block in the space is the lack of guidance and detail that exchanges offer when buying cryptocurrencies. While those who are interested in the technology will have the patience and time to learn the average man in the street will not. For cryptocurrencies to gain more mainstream appeal the process of buying this technology needs to become more streamlined.\n\n\n\n4.      Uncertainty around future government regulation\n\n\nCritics of cryptocurrencies don’t deny its utility and game changing effect on how we buy and sell goods rather they point to that very fact to highlight an inherent risk in the technology. 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      "body": "Merry Christmas. Its also good to see you here in addition to youtube",
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      "body": "Thanks for the post man. I wasn't too keen on it to start with, but I think there's still a bit of life to squeeze out of this \"bubble\". Cryptocurrency isn't going anywhere anytime soon. Somehow I think the apps we use on a daily basis will accommodate crypto in some shape or form. It might take some time, but I'd rather be on this side of the coin when it happens. :D",
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      "body": "Dope and informative article",
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      "body": "![](https://steemitimages.com/DQmQFbfjb8uFw3wJYxkVGHgVAk8Pof1g9F77M5CK5v2B3Lc/image.png)\nThis article is part 1 of a 2 part series on cryptocurrencies and their potential effect on retail. In part 1 is an exploration of the phenomenon of cryptocurrencies such as Bitcoin and the factors that have led to both their growth in popularity and value. In part 2 of the series I will explore how cryptocurrencies work, the reasons why cryptocurrencies haven’t been adopted by retailers en masse and whether or not they ever will be.\n\nBitcoin this, ethereum that it seems everywhere you go one can’t go a day without hearing about cryptocurrencies and their ever increasing values. In the past most financial advisors, top business analysts and business radio personalities have derided the value of cryptocurrencies, such as bitcoin, and relegated their existence to merely a fad or a financial bubble waiting to pop. Mark Cuban, famed billionaire and tech investor, once tweeted out the following:\n\n“I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble\"\n![](https://steemitimages.com/DQmXL9sv7jKc6myfsqK8rz8sYeHvM6SnMxT5smdoP5Eytor/image.png)\n\nIn recent months Bitcoin’s value has surged to unprecedented levels and usurped the value of gold in the process. Bitcoins increase in value has been remarkable. Take for instance the fact that in June 2013 one bitcoin would have cost you R1377.13 and compare that to the fact, at time of writing, that the same bitcoin is now worth R61 362 in 2017. This is the equivalent of a 4356% increase in value. The early investors of this new technology have become very wealthy to say the least.\n\nThis increase in value has subsequently attracted the interest of numerous parties such as bankers, institutional investor’s, government regulators and a host of other parties involved in the global financial industry. It even forced Mark Cuban to reconsider his position on the technology he once lambasted as being a “bubble”. In a recent email addressed to CNBC he confirmed that he is looking to invest in the technology. “I want to learn more about them,\" he said. I \"haven't signed the paperwork yet. But it's likely it will happen,\" he added.\n![](https://steemitimages.com/DQmRdTdtEAGkQwkn1UzAUikMURS4izG2g23zP4UQjkKNDnG/image.png)\nLike Mark Cuban many people, have realised that Bitcoin and other cryptocurrencies like it have become too valuable to ignore.\n\nBefore we can look at the potential effects of cryptocurrency in retail and the broader economy, we need to understand what it is and why it’s such a game changer for the financial industry.\n\nIn its simplest form a cryptocurrency is a digital asset designed to work as a medium of exchange. Seems simple enough, so what’s the difference between that and other currencies such as the American dollar, UK pound or South African Rand you may ask. What separates it from other currencies is that it uses cryptography and block chain technology to secure its transactions and to control the creation of additional units of the currency. This essentially means that it is a currency that is decentralized. To understand why this is so special we need to understand traditional currency types and how they operate.\n\nFiat VS Commodity\n![](https://steemitimages.com/DQmbbJmhrmNunh7AzE2oKfMJRbicyCbnK8EhTjH7bnjdXis/image.png)\nThe UK pound, South African rand and American dollar are all examples of fiat currencies. A fiat currency is a legal tender whose value is backed by the government that issued it. The opposite of a fiat currency would be a commodity currency. A commodity currency is a currency which has its value underpinned by some physical good i.e. gold. Meaning that one could potentially exchange a commodity currency for the physical good from which the commodity currency derives its value. The United States Dollar used to be a commodity currency as far back as the 19th and early 20th century.\n\nSo a commodity currency derives its value from the physical good that underpins it and in contrast a fiat currency’s value is underpinned by the strength of the government that issues it.\n\nBut why have global governments switched from commodity currencies which have a real and intrinsic value to fiat currencies which don’t really have any intrinsic value except for the paper that they are printed on you may ask?\n\nWell the answer is simple. Fiat currencies allow governments and central banks to protect their economies from the volatile effects of booms and busts of the natural business cycle. Confused? Let me explain.\n\nCentral banks have a dual mandate which is to ensure a country’s economic growth is as high as possible while also keeping inflation as low as possible. This job is made near impossible with the use of commodity currencies due to the simple fact that in times of economic uncertainty people have a tendency to limit spending. I know what you’re saying “but the same thing happens with fiat money”. True the same patterns are seen with both currency types but the response and level of interventions available to central banks are not.\n\nIn the case of commodity currencies central banks have little to no methods to stimulate economic growth as they can’t create gold/ any other precious metal out of thin air and therefore can’t print more money to circulate in the economy. This is in stark contrast to fiat currencies where governments and central banks can increase the money supply in the economy through a variety of methods ie dropping interest rates as fiat money is not tied to any intrinsic value.\n\nSo the key benefit fiat money has over commodity money is that it can be controlled and therefore stabilised during times of economic uncertainty and thus make sure that economic downturns do not persist for decades. Therefore its strength and the reason for its pervasive use in the global financial industry lies in its stability.\n\nDrawbacks Of Fiat Money\n![](https://steemitimages.com/DQmWmUEUewoV7bK95W5jLQ1Gi7j2c7dVst6K7BvNqLWHvaW/image.png)\nThe main strength of fiat money may well also be its main weakness. One of the major risks of fiat currency is that it relies on the confidence people have in the currency and in the nation backing it. As its value lies in a system and the faith that a currencies government is doing a good job it is open to manipulation in a variety of ways some of which include, but are not limited to:\n\n1.           Poor Monetary Policy\n\nSince the government controls the printing press, some governments mistakenly think they can simply print their way out of money problems such as low economic growth or foreign debt payments. However time and time again we have seen this not to be true and result in disastrous consequences for the citizenry of those governments with poor monetary policy. There have been many instances of poor monetary policy leading to hyperinflation and literally destroying the faith and credit of a national currency and subsequently the value of its citizenry’s wealth.\n\n2.           Currency Manipulation\n\nCurrency manipulation involves a country artificially reducing its currency price in the foreign exchange market in an effort to lower the price of its exports in an effort to flood other economies with those exported products. Currency manipulation has a few benefits for the consumers in the import economies and the working class of the offending economy in the short term but can result in a lose-lose situation for both economies in the long term.\n\nShort term\n\n•Consumers in the import economies enjoy cheaper goods.\n\n•The offending economy enjoys a steady inflow of foreign money which leads to an increase in the supply of jobs, higher work hours which could possibly lead to higher wages.\n\nIt raises standards of living in for everyone in the short term, which feels like a win-win.However lets take a look at the potential effects of this manipulation in the long term.\n\nLong Term\n\n•Currency manipulation impoverishes the working class of the offending economy more so than exporting at fair market value as export prices remain depressed and this reduces the ability to increase manufacturing quality which would further increase fair market values the end result being that workers can’t earn a fair wage\n\n•For the consumers in the import economies, they may be enjoying low prices now but they are shackled by the low prices due to the fact that their import economy would find it impossible to manufacture exports and charge fair market value.\n\nAre Cryptocurrencies The Future?\n![](https://steemitimages.com/DQmZYPVH88sLWZBEyjFyJwx1jui3ddFWY5ttxojQocSJFz9/image.png)\n\nCryptocurrencies allows those who are disaffected by their country’s monetary policies, exchange controls and other seemingly prohibitive systems in the finance industry to use a viable alternative to store value and trade goods. The benefits of using cryptocurrencies include, but are not limited to, the following\n\n•Its value is not controlled by a central bank therefore the currency is decentralized. A global network of computers use blockchain technology to jointly manage the database that records cryptocurrency transactions. That is, Cryptocurrencies are managed by its network, and not any one central authority. This means that cryptocurrencies run on a pure system of demand and supply and are not vulnerable to any government/central banks machinations.\n\n•It allows one to pay for goods and services anywhere in the world. Since cryptocurrencies are not bound by exchange rates, interest rates, transactions charges or other charges of any country they can be used at an international level without experiencing any problems.\n\n•The transfer of cryptocurrency funds is a quick and easy process and is usually done in a few minutes as opposed to using traditional banks and waiting days for transfers to clear(This does appear to be changing due to the high volume of trades going on)\n\n•Buying goods with cryptocurrencies carries no to very low transaction (Unfortunately this is also changing for reasons I will expand on in a later article)\n\n• Cryptocurrency funds are very secure. The currency is secured using a public key cryptography system. Only the owner of the private key can send cryptocurrency.\n\n•No permission is needed from anyone to use cryptocurrency.\n\n•While it’s possible to analyse the transaction flow of cryptocurrency funds, it is not necessarily possible to connect the real world identity of users with those addresses as neither transactions nor accounts are connected to real-world identities.\n\nDue to the above factors and more, many have predicted the fall of fiat currencies in favour of cryptocurrencies. While I don’t exactly share this sentiment one can agree that cryptocurrencies and their continual development and evolution will fundamentally change the finance industry and by extension the retail industry as it will change the way the world buys and sells goods as well as exchanges money.\n\n*The views and opinions expressed in this article are solely my own and do not express the views or opinions of my employer*",
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      "title": "South Africa's Looming Digital Retail Revolution"
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      "body": "![](https://steemitimages.com/DQmYG2umNi73HkRpZneSnXUmpMEryYAY9Dv5tSK8Qto22bC/image.png)\nThe traditional buyer-supplier relationship has often been characterized by a zero sum game of a high stakes battle to the death where each party attempts to bully the other into acceding to his or her demands at all costs. In this situation the negotiation often swings the way of the dominant party but not without significant damage done to both sides of those conducting negotiations. This can play out in a variety of ways but the end result is always the same the customer loses out.\n\nIn today’s dynamic retail environment where the consumer has more choice than ever both buyers and suppliers have little time to spend arguing and butting heads in an adversarial relationship. In the context of the South African retail space with sales and margin under ever increasing pressure buyers and suppliers would be better off putting away their weapons and instead spending their time trying to foster collaborative relationships instead.\n\nThe key aim of forming collaborative buyer-supplier relationships is creating an improvement in communication. Why is this important you may ask? Improvements in communication are beneficial as they allow both parties to gain a more complete understanding of the challenges and opportunities of the businesses that they each represent. This is important as it allows them to meet each other’s needs more effectively. Some benefits include, but are not limited to:\n\nContinual Improvement of Operations: Through collaboration the supplier and buyer can continuously devise ways to improve various systems in the value chain.\nTimeous resolution of potential problems: Problems encountered on the manufacturing/distribution side of the supplier can be communicated timeously to the buyer ensuring that the buyer is well aware of any changes or disruptions in the supply chain and can inform their customers timeously resulting in fewer disgruntled customers.\nAll of these benefits ensure greater service, lower prices and fewer out of stocks for the customer and ultimately more sales and profits for the buyer and supplier.\n\nThe only way the buyer-supplier relationship can be sustained and grow is if each party has both an understanding of each other’s business needs and most importantly are WILLING to meet those needs. This is a key aspect to grasp as the success of one partner helps the success of the other. In the long run a healthy buyer and supplier relationship will provide a competitive advantage for both parties.\n\n*The views and opinions expressed in this article are solely my own and do not express the views or opinions of my employer*",
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      "body": "Advances in Technology have fundamentally changed the way we interact and experience the world and will continue to do so for the foreseeable future. Nowhere is this more evident than in the American retail sector where a once small online book retailer founded in 1994 has in just over two decades transformed itself into one of the most valuable retailers in the world and overtaken the retail behemoth Walmart in the process. The retailer in question is none other than Amazon.\n\nAmazon is a case study on how businesses that embrace technology win and win big they have. Amazon has continued to gain market share while many of its rivals are shutting their doors in an increasingly difficult trading environment globally.\n\nTo its credit Walmart has responded to this new threat by strengthening its online presence and offer through a host of business acquisitions which include the purchase of online retailers Jetmart.com ,Shoebuy, Moosejaw Mountaineering, Backountry travel and Madcloth to name a few. The question will be asked however, is Walmart actually innovating or just throwing money at the problem in the hope that it will catch up to its rival. Whatever the answer, its first quarter results seem to suggest that its plan is working.\n\nInvestment in ecommerce, and by in large innovation, is no longer a luxury for businesses it is now a necessity for survival. The question therefore has to be asked, can retailers in South Africa learn a thing or two from the digital retail revolution currently going on in the United States?\n\nAccording to a September 2016 research report conducted by the market research group Urban Studies it was found that Americans and Britons do 13.9% and 16.8% of their total retail spending online respectively. In comparison South Africans only spend 1.2% of their total retail spend, which is estimated to be worth R900 billion, online. This number when looked at in isolation is not compelling but when coupled with the fact, according to this same report, that online shopping has increased in both volume and value when comparing online shopping levels from 2014 which were sitting at 39% at an average spend of R1875 to those in 2016 sitting at 43% at an average spend of R2875, it is clear that online shopping use and value is on an upward trajectory.\n\n![](https://steemitimages.com/DQmNfSrMZGpWec3fTDJdRxBnSbruQmHWhqdzqfzsk5E34CE/image.png)\n\n\n(Picture courtesy of Urban Studies)\n\nThe study also found that the main benefits that its respondents tied with online shopping included: Convenience; Variety of Choices; Price/Product Comparisons/Cheaper Price; The ability to shop after hours; Faster & Free Delivery and not having to deal with out of stocks\n\nWhile SA online shopping may not be at the lofty heights of more developed countries it is growing, albeit very slowly. There are a number of reasons why the growth of online has not been adopted at the same rate of our international retail counterparts. Some of these include:\n\n·        Low internet connectivity levels amongst low to middle income families due to high data costs\n\n·        Safety concerns when shopping online(Credit Card/Security Risks)\n\n·        Not being able to interact with the product\n\n·        Uncertainty around quality/size of the product\n\n·        The Fear of having the wrong product size delivered\n\n·        Problems exchanging goods\n\n·        Long/Delayed/Inaccurate delivery lead times\n\nAll these factors have led to a homogenization of the shopping profile of the average South African online consumer,as seen below:\n![](https://steemitimages.com/DQmSAoBdtSv5dou1ggePEWTy5VdzoN6pkTe1crDK8yg4Fnv/image.png)\n\n(Picture courtesy of Urban Studies)\n\nIn summary the average online shopper in South Africa will more often than not be a white South African citizen who earns more than R30 000 per month classified in the LSM 10-10+ range.\n\n![](https://steemitimages.com/DQmUZEYpq83wnz1MudkhN1pkAjmUMfdtUs3N4SAxLtoeadQ/image.png)\n(Picture courtesy of Urban Studies)\n\nAccording to the national census of 2011 South Africas white populace makes up only 8.89% of the South African population.Taking this into consideration it is no wonder that SA’s number of online shoppers is low as the majority of its populace which are black citizens (79.2%) do not use this retail channel due to a mixture of external factors, buying culture and general skepticism around online shopping.\n\nDespite this experts in the online retail space, such as Efi Dahan, General Manager of PayPal in Israel and Africa, forsee a rise in the online spending patterns of South Africans. Many factors have been cited for this optimism, but the main factors that will drive this growth are a predicted change in both the demographic and the adoption rate of the average SA online consumer in the future owing to the following conditions being present:\n\n·        Data prices in South Africa continuing to fall\n\n·        Greater rates of smart phone penetration in the SA market\n\n·        The number and spending power of SA black middle class continuing to rise and\n\n·        Greater numbers of tech Savvy millennials entering the SA work force\n\nWhile this is good news, SA retailers cannot afford to sit back and wait for conditions to improve or, worse yet, have an African version of Amazon spring up and shock them into action. Although online sales make up a small percentage of sales in SA, SA retailers can start to leverage SA’s strong culture of in-store shopping and obsession with malls and integrate this with an online experience in an effort to start to build a trust relationship with their customers that makes it easier for their customers to start making use of their respective online retail channels.\n\nA practical and personal example of this would be the fact that on a recent shopping trip to Mr Price I was pleasantly surprised by a small till point change it had introduced. The store in question had taken the hassle and stress out of a shopping pet peeve of mine which is having to keep a physical slip in order to return/replace an item should it be faulty/unsuitable. To my glee it replaced this archaic system with an updated system whereby a digital slip of my purchases is now emailed to me directly. Although this may be considered a small and insignificant change in the midst of all the innovation currently going on in the retail space. This simple change has undoubtedly taken the stress out of an all too familiar shopping problem experienced by many a shopper and has no doubt bought goodwill with a few of its customers.\n\nIn South Africa’s ever increasingly competitive, low growth and low margin retail environment at no time has it been more important to innovate and improve the customers shopping experience in a direct and meaningful way. The online retail channel provides a clear and tangible way to do this and should not be neglected.\n\nSo the question remains, can retailers in South Africa learn a thing or two from the digital retail revolution currently going on in the United States? It turns out a helluva lot.\n\n*The views and opinions expressed in this article are solely my own and do not express the views or opinions of my employer*",
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      "parent_permlink": "retail",
      "permlink": "south-africa-s-looming-digital-retail-revolution",
      "title": "South Africa's Looming Digital Retail Revolution"
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  "timestamp": "2017-12-26T14:20:30",
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