Emerging markets are becoming integral participants of the global economy. The rapid growth in these markets is pushing businesses towards adapting and creating products and service offerings to cater for such markets - across all industries and sectors.
Recent Forbes research highlights that the expected growth in emerging markets is estimated at a rate of two or three times faster than developed nations such as the United States.
One of the biggest trends coming out of the emerging market regions is the fast-paced technological advancement that is shaping their digital economies.
"The African continent is on the brink of a new technological revolution. We are seeing innovative ideas coming to the fore from various African countries and the creation of new technologies that will essentially change how Africans interact with each other and with the rest of the world," says George Ferreira, vice-president of Samsung Electronics Africa.
Coming from a point of consuming international technological aids, Africa is now in the position of creating these advancements through innovative and competitive thinking. Ghana is building an N$800 million technological park, called Ghana Cyber City, in Accra.
Many African countries are opening their doors to international opportunities and are also adapting their regulations to allow for more leeway in terms of growing entrepreneurs and allowing more mutually beneficial engagement with international businesses. "International companies who are keen on expanding into Africa are required to adapt to the rapid growth currently happening on the continent and offer custom-made strategies, products and services," said Ferreira.
The growth potential in Africa begs the question of what are entrepreneurs and companies required to consider when contemplating business in Africa. Insight into concerns of the country and the continent as a whole will determine what its consumers require. An adaptation of products and services are essential in fulfilling the specific needs of the various African countries.
"For Samsung, our community in Africa continues to grow. In fact, in the last year alone, we have expanded our presence on the continent from 15 to 32 countries and we are working hard to build products and programmes for Africa's unique needs, resources and conditions. Our focus is one of community and commercial benefit, building both - with equally significant importance," adds Ferreira. "Our slogan, Built for Africa, is not just a grouping of words, and it's not just about CSR fulfilment - it's about drawing on the unique strengths and resourcefulness of a country's people, to create a market and infrastructure, to the benefit of the people, not just simply to enter it," said Ferreira.