OK Zimbabwe is targeting to grow its revenue above it “internal” inflation, spurred by the introduction its annual promotion OK Zimbabwe Grand Challenge.
BY TATIRA ZWINOIRA
The 30th edition of the OK Grand Challenge runs from today until June 1.
Speaking to reporters after the announcement of the promotion in Harare, yesterday, OK Zimbabwe commercial director, Albert Katsande said the retailer was hoping for a higher growth rate compared to last year.
“We talk of real growth and that means we are talking about growing well ahead of inflation, whichever way you want to measure it. Our internal inflation is much higher than the national inflation and we will grow ahead,” he said.
Katsande was not at liberty to disclose the revenues realised from last year’s promotion and targets for this year’s edition.
Internal inflation refers to demand-pull inflation on the back of an increased aggregate demand in an economy that outpaces aggregate supply.
The national inflation rate at the end of February was 3%, as food and beverages prices continue to push up annual inflation.
OK Zimbabwe chief executive officer, Alex Siyavora said last year’s edition saw the company performing well due to the introduction of amplifiers.
“We introduced last year, what we called an amplifier; this was an addition to what you normally get during the grand challenge. We have developed that further to make sure there is an amplifiers to motivate and excite people so that they are not just waiting for the main prizes but they also get rewards and prizes in between,” he said.
“(The OK Grand Challenge) 2017 performed very well because we had enough products in the shops and the feedback we got from both our suppliers and customers was that it was well executed in store. The suppliers went on further to say, because they invest with us in advertising and product support, they got more than they bargained for, that they got a return on investment.”
Last year, the company introduced an amplifier in the form of a loyalty programme valued at $200 000, where they awarded a certain number of points per shopping threshold reached.