The business landscape in Zimbabwe has been shaped by a myriad of factors, ranging from economic fluctuations to technological advancements. Despite the challenges, opportunities have arisen that have allowed businesses to adapt and thrive. Zimbabwe’s business landscape is open to growth and expansion. with the help of business minded people.
Economic Fluctuations and Diaspora Remittances
One of the significant elements influencing Zimbabwe’s business landscape is the diaspora remittances. The World Bank estimates that remittances reached $1.7bn in 2020, accounting for nearly 11 percent of the country’s economic growth. These funds, often sent by Zimbabweans living abroad, have become an essential lifeline for the country’s economy.
However, the economic crisis Zimbabwe faced before the COVID-19 pandemic has left the country in a financially fragile state. Many businesses, particularly those in the informal sector, have struggled to maintain their operations.
Adapting to New Opportunities
Despite these challenges, some businesses have managed to leverage the situation to carve a new niche. For instance, Kerita Choga launched an errand-running service, Tuma Kerri, in November 2020. Within a few months, she gained hundreds of customers, mostly from the Zimbabwean diaspora, who wanted goods delivered to family and friends inside the country. Additionally, partnerships and collaborations will help businesses grow and advance. These are some of the opportunities for entrepreneurs.
The Impact of COVID-19
The COVID-19 pandemic has had a profound impact on Zimbabwe’s business landscape. With lockdown measures and school closures, many businesses, especially those in the tourism and hospitality sector, have suffered significantly.
However, the pandemic has also presented new opportunities for businesses. As more people move towards remote work, businesses that offer digital services have seen a surge in demand.
The Role of Technology
Technology is playing a crucial role in transforming Zimbabwe’s business landscape. With mobile phone ownership at over 83% by 2019, Zimbabweans are becoming more digitally connected than ever before. This has opened up new avenues for social interaction, entertainment and remote work. Additionally, for upcoming entrepreneurs, the use of platforms such as Facebook marketplace is welcome. This ensures low costs for marketing as new businesses would want to save as much as they can.
Conclusion
In conclusion, despite the challenges, Zimbabwe’s business landscape offers promising opportunities. With the right strategies and adaptations, businesses can navigate through the current economic climate and leverage the opportunities presented by technological advancements.
