INDUSTRY WATCH
Compliances for African retail industry
The South African retail industry operates in a complex and challenging environment . Economic uncertainty , rising costs , and unpredictable consumer demands have created conditions in which retailers must constantly adapt to survive .
Loadshedding further disrupts operations and sales , while compliance with regulations like FICA and Know Your Customer , increases the administrative burdens for retail businesses . Additionally , fraud remains a significant threat , eroding profits and undermining consumer trust .
The South African retail sector is facing an uphill battle . Businesses need innovative tools and strategies to mitigate risks , optimise operations , and stay ahead of the competition .
The Financial Intelligence Centre Act , FICA and Know Your Customer KYC , regulations mandate extensive verification procedures for retailers . SearchWorks assists retail institutions to ensure they conduct their due diligence in terms of accurate KYC and KYB . With Companies and Intellectual Property Commission , CIPC searches verifying supplier legitimacy and ID verification ensuring customer accuracy , retailers can ensure compliance and mitigate risk .
These searches are critical steps in countering fraud and reducing financial risk . KYC verifies identity and legitimacy of customers , helping to prevent fraudulent activities like money laundering , identity theft , and fake accounts . This protects retailers from financial losses and potential legal repercussions , particularly important given that the retail industry relies heavily on credit .
Sameer Kumandan , Managing Director , SearchWorks an unprecedented leap in learning engagement and teachers are able to improve their skills and expand their impact .
The adoption of IoT in education has been spotty- largely because of the costs associated with hardware which could quickly become obsolete .
Where IoT is finding its stride within the educational sector lies in commercial applications , smart lighting , and efficient heating and cooling solutions are transforming school environments by reducing operational costs without sacrificing the quality of service .
Talent
AI is increasingly being used in talent recruitment and talent management , says Niclas Thelander , Founder , Chairperson , and CMO of Outsized .
Although its uptake in the sector in South Africa has been gradual , once the pace of adoption starts to accelerate , AI use in the sector will grow exponentially . We are edging closer to that moment .
We are already using generative AI to improve efficiencies in areas like marketing , and in scoping project requirements , but AI ’ s biggest impact in the sector will likely be in better matching talent skills to client demands . p
This means it is vital to identify and verify customers as well as do a credit check to ensure that credit is granted to the correct creditworthy clients .
CIPC search functionality confirms the existence and legal status of a supplier , ensuring they are a legitimate business entity and not a front for fraudulent activities . This reduces the risk of retail businesses purchasing counterfeit products , dealing with insolvent companies , or falling victim to frauds .
Fraud , a major concern for South African retailers , erodes profits and damages brand reputation . SearchWorks offers an arsenal of searches to combat this threat . From ID verification and address tracing to criminal checks , credit reports , PEP and Sanction checks as well as Anti-Money Laundering checks , retailers can gain crucial insights into potential and existing customers , minimising the risk of fraudulent transactions and bad debt .
SearchWorks gives retailers the tools to streamline operations and improve efficiency . It automates onboarding processes by handling KYC , KYB and FICA compliance checks for suppliers and customers , minimising manual tasks and paperwork . This allows retail staff to redirect their focus to more critical responsibilities . Decision-making is enhanced by providing real-time access to accurate data , aiding retailers in assessing creditworthiness .
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