Massmart has informed its shareholders of negotiations on the possible acquisition of a controlling stake in OneCart, in line with its plans to accelerate e-commerce growth.
On Wednesday, 25 August 2021, Massmart South Africa announced that it has advised its shareholders that it has entered into negotiations that could result in the acquisition of a controlling stake in OneCart. The acquisition would be in line with Massmart’s intention to pick up the pace on e-commerce growth.
Massmart Chief Executive Officer (CEO), Mitchell Slape stated, “A key objective going forward would be to invest in aggressively growing and fully supporting OneCart’s existing independent retailer marketplace model that enables consumers to order from multiple retailers via a single platform.” In 2020, online sales across Massmart are noted to have increased by 58.6 percent, the number of unique e-commerce customers grew by 73 percent, while click-and-collect orders also increased by 69.5 percent. Massmart also reported that e-commerce had contributed 1.8 percent to the total sales, representing a significant increase last year.
According to Massmart, OneCart has achieved year-on-year growth of 400 percent since its inception. Furthermore, Slape stated that the successful closure of the proposed OneCart transaction would contribute immensely to its centralised e-commerce capability, which was established to concentrate scarce expertise in a way that will speed up adoption of e-commerce best practices at Massmart.
See the post below.
Today Massmart advised shareholders that the Company has entered into negotiations, which if successfully concluded, may result in the acquisition of a controlling stake in OneCart.
Click here to read more: https://t.co/1JAUHonOSz pic.twitter.com/Mz6UnmvUsk— Massmart (@MassmartSA) August 25, 2021
