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Why The Spirited Hub (TSH)

I have been asked many a time why and what the The Spirited Hub is. Well the name emanated from a rigorous brainstorming and resourcing from online contacts and friends.In fact many names came up from the lengthy, to funny and sometimes absurd. It was to be expected as these names were borne out of their own understanding of what we expected of them and what should be.

After juggling through these “would be” names, some of whuch we realized were already registered domains, my colleague Nicholas and I had to master pronouncing three words with ease.

Being “Spirited” in the English language means to be courageous, passionate, full of vigor and energetic. Such are the traits of a true entrepreneur and more should possess to realize his or her dream. A hub is basically a center of activity and for us it’s a platform that entrepreneur enthusiasts come to be motivated and inspired to take action.

We believe in the power of entrepreneurship in Africa to achieve the economic transformation we always crave for. Governments are the largest employers in Sub-Saharan Africa, and their inability to provide jobs only go to increase the unemployment figures we continue to battle with and the resultant social-vices it comes with.

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On the flip side there are many other Self-Motivated Africans who are seeing opportunities in the hopelessness before them and transforming them for economic values. These are the Entrepreneurs, who are inspiring our generations to take up our God-given talents and use them to the benefit of the societies they find themselves. So, thanks to Aliko Dangote – Nigeria, Kofi Amoabeng – Ghana, Mo Ibrahim – Sudan, Bethlehem Tilahun Alemu – Ethiopia, Carmen Tal – Morocco, Divine Ndhlukuka – Zimbabwe and the many others who are trailblazers of the entrepreneurship movement in Africa, in whom we find motivation, empowerment and reason to be entrepreneurial.

There is a new breed of enthused Africans who are oozing with success potentials, who need some inspiration and directions to impact the world. They are no longer ready to wait unto fate and state to decide their future, rather determination and zeal to become their own CEOs. I had an interaction with a veteran American military officer who used to work and live in Africa until his retirement, he said “I like the entrepreneurial spirit I have seen in Africa” a confirmation of the fact that Africans are now taking the bull by the horn and causing change.

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The Spirited Hub is gradually going to be a magazine website for entrepreneurs that will bring you tips, advice and strategies necessary to propel the growth of your business. You will read about startups out there ready to impact the world and the lessons learnt building them.

To mention The Spirited Hub with ease just say Tish. Welcome to our world of inspiration, information and education.

Appreciation goes to Kofi Yeboah, Blogger/Social Media Strategist.
@kofiemeritus                                                                                                                    

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ARTICLES

Source Beauty is pushing the boundaries of Egyptian e-commerce

Egyptian e-commerce

Egyptian e-commerce: the county’s digital drive has not yet gotten to the growth typically seen in European countries and North America. However, as businesses have started shifting online, customers are now following suit, resulting in the gradual development of the digital eco-system.

Innovation, such as digital marketing, is reinventing the consumers’ path to purchase. The Egyptian e-commerce market is expected to grow at a rate of 33% annually to approximately $3bn by 2022, according to Oxford Business Group.

Source Beauty and disruption

The increase in e-commerce comes from rising internet penetration rates, driven by connected and digitally savvy millennials. Several platforms, both locally and internationally, such as the direct-to-consumer beauty platform Source Beauty, have disrupted the beauty industry in the region to drive their growth by truly connecting with their customers.

By being aware of the changing consumer behaviour trends in the e-commerce landscape, service providers like Source Beauty are continually fostering customer engagement with a community they have created. The customer service team, along with the editorial and marketing teams, respond to each comment and direct message, making customers feel listened to.

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Lydia Schoonderbeek, the founder and CEO of Source Beauty, said:

Egypt has traditionally been a price-driven market. After devaluation and high inflation rates, people have become much more price sensitive. People are consuming less and are shifting away from imported products due to price, accessibility and inconsistency in supply. As a result, they’re looking for local alternatives.”

Egyptian e-commerce
Founder of Source Beauty, Lydia Schoonderbeek

In line with its digital transformation and financial inclusion agenda, the Egyptian government has set in place directives to raise the limit for electronic payments for individuals via mobile phones to EGP30,000 (USD1,905) per day, and EGP100,000 (USD6,350) per month, since March 2020. Traditionally, 70% of online purchases were cash on delivery, which has proven to be a major challenge to e-commerce growth throughout the region. This preference has changed to credit card payments, increasing to 30% from 16% due to the spread of Covid-19, but it remains to be seen whether purchasing behaviors will be affected in the long term.

The CEO of Source Beauty further added that, the company had seen substantial growth thanks to the COVID-19 global pandemic, with existing and new customers wanting to limit in-person beauty services and adhering to social distancing and mask-wearing requirements. Beauty customers, she says were changing spending habits, moving towards products that allow them to recreate the salon experience in their homes and protect them from the potential impact of an increasingly digital lifestyle. Finally, she believes they have seen customers prioritising skincare and haircare purchases over makeup.

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The question is, ‘Is anyone in Egypt going to buy beauty products online?’. Who thought people would buy books on the internet from a website called Amazon! Well, the answer seems to be YES. Consumer spending in Egypt on non-essential goods has reached EGP 3.90bn in 2020 and is set to reach 8.81bn in 2021, according to FitchSolution’s 2021 Report.

According to the Egyptian e-commerce beauty company, Source Beauty, it believes that the world is in an era where consumers are looking to associate with brands and not products, to make their beauty purchasing decisions and this is where homegrown brands like theirs will doubtlessly lead to economic growth in Egypt.

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