There is no single growth rate that captures an entire digital economy. South Africa’s internet advertising market, its online retail market and African startup funding all measure different transactions over different periods.
The IAB South Africa/PwC study reported R17.8 billion in internet advertising revenue for 2023. World Wide Worx reported R96 billion in South African online retail sales for 2024. Partech recorded US$3.2 billion in African technology venture funding for 2024, including equity and debt.
Different measures, different geographies
Advertising revenue is not retail turnover. Venture funding is a flow of capital into businesses, not revenue earned from customers. The Partech figure also covers Africa, whereas the advertising and online retail figures cited here concern South Africa.
Adding these amounts together would therefore produce a number with no consistent economic meaning. Converting currencies would not solve the underlying definition problem.
Look for relationships without confusing categories
Analysis: These markets can influence one another. Retailers buy advertising, technology companies seek capital and payments infrastructure supports commerce. However, a connection between sectors does not mean their performance moves in lockstep.
A business evaluating market opportunity should choose the measure that matches its revenue model and use adjacent markets as context. For example, retail turnover can indicate the scale of transactions, while advertising spending may help frame demand for marketing services.
Keeping dates, sources and geographical scope attached to the figures creates a more useful picture than a single “digital growth” claim. The economy is interconnected, but its evidence still needs to be read one measure at a time.
Sources
IAB SA/PwC 2023 study; World Wide Worx 2025 announcement; Partech 2024 report.