Nedbank Avo SuperShop pumping

Nedbank has released its unaudited interim results for the half year ended 30 June 2024, revealing strong growth for its e-commerce platform, Avo SuperShop.

Registered users on the platform climbed to 2.7 million during the reporting period, up 19% from the same period last year, while gross merchandise value (GMV) grew 80% year-on-year across all Avo ecosystems.

Nedbank launched the Avo SuperShop in 2020, and more than 24,000 businesses have registered to sell their products and services through the platform.

“We supported Avo SuperShop through 122 active partners and continue to see increased sales on Avo through Apple, Samsung and travel,” it said.

Nedbank says the Avo SuperShop is now available through its Money app with enhanced browser capability “to offer clients a view of the best digital deals available”.

Nedbank said Avo Home, a division of the Avo SuperShop, grew its GMV by 53% year over year.

Through Avo Home, Nedbank Greenbacks members can score exclusive discounts on flights, and Apple and Samsung devices.

Meanwhile, Avo Auto’s GMV grew by 143% year over year. Nedbank says the virtual car mall supports over 1,000 MFC-accredited dealers and offers more than 30,000 vehicles.

Nedbank says it launched Avo Business-to-Business (B2B) in Q4 2022 through a trial-and-error approach.

“Since then, it has grown GMV almost 5 times compared with the same period last year,” it added.

Looking forward, Nedbank says it will continue to focus on commercialising growth opportunities, such as expanding the Avo SuperShop App, implementing new models and channels for value-added services, and growing its insurance offerings.

Nedbank also plans to launch a go-to-market strategy for the township economy.