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US Shopping App Downloads Surge by 8% to 2.76 Million New Installs

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Consumer Confidence

US Shopping App Downloads Surge by 8% to 2.76 Million New Installs

Cyber Week 2020 took a different turn this year as most businesses urged their customers to shop online. One of the major results of this event is the surge in first time installs of shopping apps in the US.

According to the research data analyzed and published by Finaria, on November 27, 2020 (Black Friday), the number of shoppers who have shopping apps on their phones increased by 8% year-over-year (YoY). This is equivalent to 2.76 million new shopping app installs. Similarly, Black 2019 experienced an 8% growth and got a total of 2.56 million new installs.

Usage of Buy Now, Pay Later Apps Surge 186%

Despite the financial difficulties faced by many because of the pandemic, the average order value (AOV) during Cyber Week increased significantly. On average, each order cost $144, a 17% increase YoY. AOV reached its peak on November 30, 2020 (Cyber Monday) at $164. The total number of orders during the whole week was up by 48% YoY.

It is also noteworthy to look at the sudden rise of buy now, pay later (BNPL) apps. Even though there is a deepening recession in the United States, people’s interest in shopping continues to skyrocket. Convenient payment plans and budget-friendly options offered by BNPL apps greatly contributed to this scenario.

A study by Sensor Tower reveals that the adoption rate of BNPL apps grew by 186% YoY in September 2020. Collectively, these four apps gained 18 million lifetime installs from Google Play Store and Apple App Store.

After obtaining only around 700,000 installs in March and April 2020, it acquired close to 940,000 installs in May 2020. By increasing 40% month-over-month (MoM), it reached 1.4 million new installs in September 2020, up by 17% YoY.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

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electronic channel

Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

Companies in Nigeria have started embracing electronic payment platforms established to ease the tax payment process and facilitate accountability.

According to the National Bureau of Statistics (NBS), businesses operating in Nigeria paid the highest amount of taxes through electronic channels in five years in 2020.

The statistics office puts the total amount paid in Company Income Tax (CIT) through the electronic channels at N238.1 billion in 2020.

The amount represents 16.9 percent of the total CIT paid in 2020 as more businesses adopt safer online payment methods.

NBS noted that payments were done through E-transact, E-tax pay and Remita.

However, a further breakdown of the report showed taxes fell by 13.5 percent from N1.63 trillion in 2019 to 1.41 trillion in 2020 due to the lockdown that crippled business activities in the first half of the year.

Taxes paid by Nigerian owned companies declined by 2.78 percent from N813.17 billion in 2019 to N790.58 billion in 2020. While taxes paid by international companies declined from N615.52 billion achieved in 2019 to N388.77 billion in 2020.

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Business

Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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