Fostering jobs, entrepreneurship, and capacity development for African youth: the time for disruption is now!

Dr. Hanan Morsy, Director, Macroeconomic Forecasting and Research at the African Development Bank Group

 

By Hanan Morsy

“There is no greater asset to Africa than its youth,” a statement that has been repeatedly proclaimed, but the continent still has a long way to go. Despite robust economic growth over the past two decades, a 1 percent increase in growth between 2000–14 was associated with only 0.41 percent growth in employment. This figure suggests that employment stood at less than 1.8 percent a year, far below the nearly 3 percent annual growth in the labor force. If this trend continues, 100 million people will join the multitudes of the unemployed in Africa by 2030.

Dr. Hanan Morsy, Director, Macroeconomic Forecasting and Research at the African Development Bank Group
Dr. Hanan Morsy, Director, Macroeconomic Forecasting and Research at the African Development Bank Group

With this in mind, researchers, youth representatives, business leaders, and policymakers have joined over 350 stakeholders in Sharm El Sheikh, Egypt, to significantly move the needle on youth empowerment.

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The annual African Economic Conference (AEC), is jointly organized by the African Development Bank , the Economic Commission for Africa and the United Nations Development Programme, to discuss pertinent issues affecting the continent.

The 2019 AEC is held in Egypt and hosted by the Bank on the theme; “Jobs, entrepreneurship and capacity development for African youth” and runs from 2-4 December.

Turning the youth bulge into opportunities has been the focus of the African Development Bank’s game-changing approach to job creation, entrepreneurship, and capacity development. In recognition of the crucial role that entrepreneurship plays in the creation of high-quality jobs, the Bank developed its Jobs for Youth in Africa (JfYA) Strategy (2016-2025). The Strategy aims to create 25 million jobs for African youth over the next decade as well as equipping 50 million youth with a mix of hard and soft skills to increase their employability and their entrepreneurial success rate.

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The impact is already being felt. Since its launch in 2016, over $20 billion has been invested by the Bank across 318 projects. These investments are directly making a difference in the African youth skills, entrepreneurship, business development, and job creation.

In parallel and working closely with its partners, the Bank is helping strengthen entrepreneurship ecosystems in Africa.  The flagship Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) program provides interventions that equip the African youth, women-led start-ups, and micro, small, and medium enterprises (MSMEs) with skills and financial support to run bankable businesses.

The program also assists regional member countries (RMCs) in their implementation of economic and social reforms toward job creation.

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In just one short year, the Trust Fund’s resources leapfrogged from USD4.4 million (in 2017) to almost USD40 million (in 2018). By providing technical assistance through enterprise support organizations and financial institutions, the Fund is anticipated to reach more than 480 youth-led startups in Ghana, Mali, Nigeria, Togo, and Zimbabwe.

The Bank has also been very active on the education front, supporting higher education institutions to deliver innovative training curricula that are adapted to the changing demand of the labor market and the private sector.  Academic incubators—also known as innovation centers of excellence, have been established.

One great example of success is the  African Institutions of Science and Technology (AIST) Program, whose mission is to deliver quality postgraduate education and build collaborative research capacity in various fields of Science, Engineering, Technology and Innovation (SETI). With funding from the Bank, a total of 1,477 PhD and MSc students have graduated, out of which 676 are women. Additionally, a total of 35 partnerships have been brokered with the private sector to enhance the quality and relevance of research.

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Technical and Vocational Education and Training (TVET) has also been acknowledged by the Bank as one of the main drivers of human capital development alongside enhanced basic education that generates knowledge and skills more broadly. As such, the Bank’s TVET project in Tanzania, has bolstered TVET and teacher education with an investment amounting to $52 million. The expected outputs include expanded infrastructure of 13 institutions targeting about 8,000 trainees, expanded and extensive use of ICT in instruction at 53 institutions, and increased capacity for teaching, policy formulation, planning, and quality assurance.

The insights and thoughts provided by other African stakeholders, youth representatives, and political leaders on the debate on youth jobs, skills, and entrepreneurship capacities during the AEC 2019 are immensely important in helping the continent move forward.

Now, more than ever, we must listen to the voices of the African youth.

Dr. Hanan Morsy is Director, Macroeconomic Forecasting and Research at the African Development Bank Group

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

The age of ‘retailtainment’: how digital disruption is driving trends in physical retail décor

retail

The growth of e-commerce has already transformed the retail landscape and with double-digit annual growth predicted into the next decade

Canon, world-leader in imaging solutions, deciphers the importance of the settings and ambiences of physical shops as they become more than just a buying space, an opportunity for the brand to build and maintain relationships with its customers. We know that customers are becoming more and more demanding and that is why brands must be able to quickly develop their concept and this adaptability is made possible thanks to digital printing.

The growth of e-commerce has already transformed the retail landscape and with double-digit annual growth predicted into the next decade, this disruptive force shows no signs of abating. Yet although almost a third of consumers report shopping in-store less often, just under 90% of worldwide retail sales still take place in physical stores, reflecting their enduring appeal for both retailers and consumers.

For retailers, physical stores play a role in sales 79% of the time and excel at converting interest to sales and increasing the value. For consumers, shopping in-store provides things digital cannot; the atmosphere, face-to-face customer service and the ability to see and try products.

From the perspective of the consumer, shopping is about customer experience, not channels. This is why the movement of consumer spending from bricks-and-mortar retail to e-commerce doesn’t mean the end of physical retail. In fact, it is driving the transformation of physical retail into an immersive experience and opening opportunities for specialty print service providers (PSPs).

The new role of physical retail

Most retailers that continue to thrive are those embracing ‘omni-channel’ strategies; focusing on delivering a seamless customer experience across every channel where they have a presence – physical stores, catalogues, e-commerce, mobile, social media and more.

In this omni-channel scenario, physical and digital touchpoints must complement one another to deliver a unified journey. This, combined with customer expectation of greater personalization and preference for experiences over things, is driving a fundamental change in the role of the physical store. Clever retail brands capitalize on their stores’ ability to engage shoppers with the emotional and multi-sensory experiences that are missing from online purchases.

For design professionals and service providers active in retail décor, physical retail’s new role represents an exciting opportunity to create spaces where customers want to spend time.

From functional store to immersive brand experience

‘Retailtainment’ and ‘the experience economy’ are concepts that originated almost three decades ago but have only really begun to transform the retail landscape in the last 10 years. With retailers increasingly competing on the basis of ‘time well spent’ instead of just product or service offering, the retail landscape is moving towards showroom-style environments that encourage consumers to experience products or stores in which cafés, events or workshops invite shoppers to linger.

Cycling brand Rapha, for example, calls its 22 stores around the world ‘clubhouses’. They are cafés that screen live cycling, have programmes of events and rides and also sell the brand’s high-end cycling clothes and accessories. Italian food brand Eataly’s stores provide a space in which people can eat, shop and learn about Italian food, combining groceries and kitchenware with a café, restaurant and cooking school in more than 20 stores globally.

The vital role of décor in an immersive retail

Delivering both atmosphere and sensory appeal, interior décor is an essential consideration when creating an immersive experience that encourages consumers to spend time as well as money in-store. 59% of shoppers want an inviting ambience in-store and 51% of consumers are more likely to buy from brands whose stores are ‘interesting or different’, rising to 63% for consumers aged 18-34.

Driving footfall

Retailers seeking to stimulate repeat visits from consumers and attract new clientele need to refresh store environments regularly to make them visually enticing, keep up with changing fashion trends and maintain the surprise factor to encourage footfall. The flipside is that tired retail interiors can quickly turn off consumers and send them to competitors.

Encouraging dwell time

The décor of physical stores and pop-up retail spaces is becoming an important part of the customer journey. In addition to ensuring that shopping in-store is visually consistent with every other touchpoint where customers interact with a brand, décor has an unparalleled ability to create a welcoming ambience and make a space a pleasant place to spend time. Indeed, unless a brand specifically wants to lead with convenience, the best store designs are those that make consumers want to stay.

This is why we’re increasingly seeing décor being used more to create a branded experience and encourage dwell time than to directly drive sales. If you look at children’s clothing retail, examples run from a life-sized doll’s house in French brand, Bonpoint’s, children’s store to a playground that runs through the displays in Spanish brand, SuperMoments’, Valencia shop. In both these examples, retail décor is simultaneously creating an experience reflecting the ‘personality’ of the brands, and encouraging consumers to spend more time in the brand environment.

Enabling connected experiences

Almost half of the consumers’ inspiration for purchases today comes from social media, but its power is even greater when you consider that the most persuasive source of information for shoppers is recommendations from family and friends – that’s who make up most consumers’ social networks! So it’s no surprise that retailers are trying to engage shoppers on social media while in-store.

Mobile-empowered shoppers are taking more photographs in-store, so retailers are incorporating design features that encourage social sharing – from purpose-built selfie opportunity areas to ‘shareworthy’ fitting rooms. London department store Selfridges, for example, promotes “selfie sticks and Instagram-worthy backdrops” in the fitting rooms of its third-floor Designer Studio. This phenomenon also demands that interiors are regularly updated and kept looking fresh.

The opportunity for print

Retailers need pragmatic solutions that can create a particular ambience or reflect what is ‘trending’, but with minimal disruption and waste and often within tight budget constraints.

This plays to the strengths of digital print in terms of flexibility, turnaround time, cost-effectiveness and sheer diversity of materials. In turn, this creates exciting opportunities for PSPs, whether they come to retail décor from a background producing retail display graphics or bring décor expertise from other segments such as hospitality.

With contemporary media, digital print and finishing technology, PSPs can offer a diverse range of creative and functional retail décor applications from bespoke branded wallpaper and creative pop-up displays and features, to comprehensive retail refits comprising wall coverings, window and floor graphics, and branded surface décor on counter tops, changing room doors and so on.

The PSP’s ability to realize the retail brand owner’s creative vision and ensure that the décor elements can withstand the physical stresses of the retail environment should mean that customized printed décor is a key element in creating more welcoming, immersive and captivating in-store experiences

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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