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Africa's social commerce market is experiencing a significant surge, projected to grow from USD 3.51 billion in 2024 to approximately USD 9.43 billion by 2030. This growth is driven by the widespread adoption of mobile internet, fintech innovations, and the increasing influence of social media on consumer shopping habits. With the region's young, tech-savvy population and growing smartphone penetration, businesses are increasingly leveraging social media platforms like Facebook Marketplace and Instagram Shopping to engage with consumers. Additionally, fintech solutions like mobile money services and digital payment innovations are playing a crucial role in enhancing transaction accessibility and security, fostering a more inclusive e-commerce environment across the continent.
In other market news, Lakala Payment was a standout up 20% and ending trading at CN¥23.75. At the same time, Microalliance Group lagged, down 20% to end the day at $1.00.
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Amazon.com ended the day at $204.72 down 0.6%. Elastic announced a strategic collaboration with AWS to enhance AI-native applications and integrations, one day ago.
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NIKE closed at $61.78 down 1.7%.
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Alibaba Group Holding closed at $116.74 down 2.3%.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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