Building Better Data Insights for Africa: A Look at Versus Africa Offering Reliable and Accurate Insights on Africa Consumer Market
Africa, with its rapidly growing population and immense potential, is a diverse continent with unique cultures, linguistic diversity, and uniquely developing consumer behaviours. However, by providing comprehensive data and insights through innovative technologies like blockchain, companies like Versus Africa are helping decision-makers and investors better understand the African consumer, opening up new opportunities for growth and development.
In the latest episode of BuildUp Africa S1E8, host George Payne speaks with Kemdi Ebi, the CEO of Versus Africa, about the lack of data on the African consumer market and its impact on budding businesses, foreign investment, and economic development on the continent. Ebi shares insights on the importance of understanding consumer behaviour for businesses looking to succeed in Africa and how Versus Africa is addressing this challenge, with a focus on leveraging blockchain technology to build a more secure and transparent data ecosystem.
The Dynamic African Consumer Market
As Africa’s consumer-facing industries prepare to expand by $400 billion in the next five years, the continent is fast becoming one of the world’s most attractive emerging markets. However, the lack of reliable consumer data is hindering this growth potential. For years, businesses and decision-makers in Africa have been struggling to obtain accurate data on African consumers, a critical factor for driving growth and development.
The information gap can lead to poor decision-making, missed opportunities, and lost revenue, presenting significant challenges for companies looking to succeed in Africa’s fast-paced and rapidly evolving markets. To address this issue, innovative companies like Versus Africa are using blockchain technology to create incentive-based platforms that provide fast, accurate, and flexible access to consumer data. With this groundbreaking solution, businesses can overcome the information gap and tap into Africa’s vast potential, driving growth and development on the continent.
Meet the CEO of Versus Africa
Kemdi Ebi, CEO and Co-founder of Versus Africa, is a seasoned entrepreneur with a career background in consulting and consumer intelligence. He is committed to creating a more transparent and data-driven business environment in Africa that benefits both consumers and businesses alike.
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Unreliable Consumer Data in Africa is Limiting Economic Growth.
Reliable consumer data is scarce in Africa, posing a major challenge for businesses, decision-makers, and investors. Limited tech infrastructure, low literacy levels, and inadequate funding for data collection and analysis contribute to incomplete, inaccurate, or outdated information. This makes critical decisions, such as market entry and product development, challenging. For instance, insufficient data can lead to underestimating market potential, resulting in insufficient investment, or overestimating demand, resulting in wasted resources. The need for a reliable and data-driven business environment in Africa is more pressing than ever.
Blockchain technology has the potential to revolutionize the way we collect and manage data, due to its decentralized and transparent nature. Blockchain ensures that data is verifiable and immutable, while also providing a high level of security and user privacy. This is ideal to ensure consumer privacy is protected while providing businesses with insights to make informed decisions. Versus Africa is leveraging this technology to build a more secure and transparent data ecosystem that benefits both consumers and businesses.
How Versus Africa Is Bridging The Information Gap With Blockchain
Versus Africa has developed a unique approach to data collection, where brands purchase potential tokens to gain access to relevant information. The company works with a network of scouts, who are either survey respondents or agents, to collect the necessary data. By incentivizing users with cryptocurrency, Versus Africa ensures that its data collection process is both reliable and efficient. The company has already worked with brands across various industries, including consumer goods, research and marketing agencies, advertising, banking, betting, sports, and consulting.
One of the key advantages of Versus approach is the increased transparency and accuracy of the collected data. Using blockchain technology ensures that data is tamper-proof and secure, and users can trust that their data is being used only with their consent. Moreover, by incentivizing users to share their data, Versus Africa is creating a more equitable and mutually beneficial relationship between consumers and businesses.
CEO Kemdi Ebi also discussed the company’s plans to expand its data offerings and become a trusted data partner for businesses looking to enter African markets and for governments seeking to develop policies based on reliable data.
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