E-Business
Micro Businesses Overcoming the Challenges of Doing Business in Rural Areas
Contrary to the erroneous belief in some quarters that doing business in rural areas is immune from the common challenges that businesses generally face, reality is that micro business owners in underserved areas also have peculiar challenges they go through.
Some of these challenges include difficulty in accessing goods on time.
Dearth of infrastructure such as good road network, long distance to the market and lack of adequate transportation system to move purchased goods are among the factors that constitute access barriers to goods and commodities.
As a result, many micro business owners spend longer time or wait for days and weeks to receive inventory or restock, while oftentimes they experience supply shortages. The delay or disruption in supply also affects the end-users/consumers, who are unable to purchase things they need as at when due.
Painfully, micro retailers lose sales, and ultimately money whenever they have stocks-out due to inefficient supply cycles.
However, the increasing impact of digital technology that is rapidly transforming every segment of our socio-economic ecosystem is also changing the narrative positively for businesses including retail trade.
The digitalisation of the economy, which is enabling e-commerce platforms in the B2C segment and lately the B2B segment, has had and continues to have great impact on the manufacturing, distribution and retail value chains.
With B2B e-commerce, tech-driven digital solutions including warehousing and logistics infrastructure and fulfilment solutions are making micro businesses more efficient and better organised in their day-to-day operations, especially those in the underserved remote or rural areas.
So, unlike the past years when micro business owners in underserved areas faced supply hurdles, most of them today can testify of better and faster access to goods and commodities due to B2B e-commerce revolution.
This positive development is not without the efforts of B2B e-commerce platforms like Alerzo whose strong presence in rural areas and commitment to the underserved micro businesses is boosting access to extensive catalogue of products and logistics.
Through SMS, WhatsApp, phone calls or log-in onto its site where applicable, customers now easily place orders and get the goods delivered swiftly without being charged for delivery.
Alerzo’s CEO, Adewale Opaleye stated, “Our strong presence in the South-West, and continued expansion to the North-West and Central consolidate our desire to grow in a sustainable manner and continue to serve those that are underserved.
“On our Alerzoshop retail app, we have a vast assortment available to our customers to choose from, and we offer free delivery in all the over 13 cities we’re currently operational. We change the landscape for them (retailers) through on time delivery.’’
Opaleye added that, ‘‘For the past two years, we have delivered to informal retailers at no cost. With our delivery services, retailers save time, energy, and resources that they would have otherwise expended in restocking. These benefits have resulted in 85% of our retailers reducing their two to four times a week restock trips to zero.”
As digital technology makes deeper impressions on more people, it is also anticipated that the rural communities would also open up. Hence, there is a bigger role e-commerce platforms will play in reaching the underserved in light of government’s focus on leveraging micro, small and medium enterprises (MSMEs) and digital economy as critical enablers of national economic growth.
As the engine of national economic growth, the MSMEs segment is reported to contribute 50 per cent to the Nigeria’s GDP and make up 80 per cent of the country’s total employment, while the informal retail segment is worth $100 billion. E-commerce platforms, in particular the B2B segment would ultimately be needed to bridge the potential supply-demand gap that could arise.
E-Business
Konga Yakata’s Last Week: Don’t Miss Out on Incredible Deals
Excitement is reaching a fever pitch among shoppers as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers nationwide are gearing up for a rain of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024.
The month-long Konga Yakata campaign, which kicked off on Friday, November 1, has delivered an unparalleled shopping experience, treating customers to incredible discounts, engaging promos, and unbeatable incentives.
In addition to massive price cuts across a wide range of products, Konga has thrilled shoppers with exciting events such as Treasure Hunts, Flash Sales, Bargain Bash, Brand Days, and specialized Black Friday packages like the Budget Store, Under 50k Store, and TGIF Epic Drop.
The highlight of the Yakata 2024 season will be this year’s Black Friday, which takes place on Friday, November 29. Thousands of customers will be able to score exclusive discounts on items including electronics, clothes, home appliances, computers, and groceries.
Reflecting on the experience so far, a satisfied anonymous shopper who snagged a TV at a discounted rate said, “Konga Yakata has been nothing short of amazing this year. The discounts are unbelievable but true, and the convenience of shopping online is unmatched.
“I’ve already made several purchases, and I’m excited to see what other deals are in store for the final week.”
Konga’s Black Friday sale has been a boon for consumers, offering respite from the economic challenges many Nigerians face. By providing access to affordable products and services, Konga has empowered shoppers to make the most of their money.
Despite the prevailing economic challenges, shoppers have embraced the Yakata season, targeting high-value deals and leveraging Konga’s tailored offerings to make significant savings. With the countdown underway, the excitement is expected to hit its peak on Friday as customers traditionally wait for that day to grab the most exclusive deals.
Speaking on the heightened anticipation, Kunle Ajani, Group Head of Marketing at Konga, stated, “We’re thrilled with the overwhelming response to Konga Yakata this year, and we’re committed to ensuring the final week delivers the biggest surprises yet.
“We are proud to offer a platform where shoppers can enjoy exceptional value, despite the economic realities.”
As the curtain closes on the 2024 Yakata season, shoppers can look forward to a flurry of last-minute deals, culminating at midnight on November 30. From tech enthusiasts to lovers of electronics and deal hunters, Konga Yakata continues to redefine the shopping experience, making it a season to remember for all Nigerians.
Take advantage of the final week of Konga Yakata. Visit Konga.com and experience the thrill of shopping at unbeatable prices.
E-Business
NITDA DG Harps on the Role of Innovation in Nigeria’s Sustainable Development
Kashifu Inuwa CCIE, the Director General, National Information Technology Development Agency (NITDA), has reiterated the critical role of innovation in driving Nigeria’s sustainable development, economic diversification, and global competitiveness.
Inuwa made this remark while delivering a keynote address at the 8th Annual Research Fair and Exhibition of Nasarawa State University, Keffi (NSUK), where he called on academia, industry leaders, and policymakers to embrace disruptive transformational innovation as a tool for addressing the nation’s challenges and unlocking its immense potential.
Speaking on the theme, “Disruptive Transformational Innovation; Shaping the Future,” Inuwa commended NSUK for organising an event that aligns with Nigeria’s pursuit of growth through knowledge-driven solutions.
Inuwa who was represented by the Deputy Director, eGovernment and Digital Economy Development Department, Engr Ya’u Garba, applauded the university’s increasing focus on transformation, noting that such initiatives reflect an understanding of the need for impactful innovations to address real-world issues.
Inuwa emphasised that while inventions remain a cornerstone of academic inquiry, their significance lies in their ability to move beyond theoretical exploration to become practical innovations. These innovations, he explained, have the power to reshape industries, tackle societal challenges, and accelerate national progress.
He urged institutions to prioritise creativity and bold thinking, ensuring that research outputs translate into tangible benefits for society.
Explaining the concept of disruptive transformational innovation, Inuwa described it as a profound force capable of altering established systems, processes, and products in ways that redefine societal functions. Unlike incremental innovations, which focus on improving existing frameworks, disruptive innovations introduce entirely new paradigms, addressing challenges in groundbreaking and previously unimaginable ways.
He cited historical examples such as the Printing Press, the Steam Engine, and Electricity, which have significantly transformed human existence and set the foundation for modern development.
Inuwa pointed out that Nigeria’s abundant human and natural resources present a unique opportunity to harness innovation for sustainable development. He called for a collaborative approach involving academia, industries, and government to build an environment that nurtures creativity, supports bold investments, and encourages inclusive growth. Such an ecosystem, he said, is vital for fostering homegrown innovations that can propel Nigeria to the forefront of global technological and economic advancements.
He further highlighted NITDA’s dedication to fostering innovation through various initiatives, including the National Adopted Village for Smart Agriculture (NAVSA) to digitally transform the agricultural sector, the National Blockchain Adoption Strategy to enhance digital trust and transparency, and the National Artificial Intelligence Strategy aimed at building a robust AI ecosystem in the country, among other impactful projects, which are part of the Federal Government broader strategy to position Nigeria as a leader in the global knowledge economy.
Inuwa also urged NSUK to deepen its commitment to innovation by establishing hubs that support facility-led startups, fostering collaborations with industry stakeholders, and equipping students with essential technological skills. He noted that such efforts would not only empower the university community but also contribute significantly to national development.
Inuwa expressed confidence in Nigeria’s ability to not only adopt global innovations but also create groundbreaking solutions that could influence the trajectory of Africa and the world.
He called on all stakeholders in the country to embrace the transformative power of innovation in order to drive sustainable development, economic diversification, and global relevance.
E-Business
Data Commission, NAICOM Partner to Safeguard Data in Insurance Industry
Nigerian Data Protection Commission (NDPC) and National Insurance Commission (NAICOM) have signed a Memorandum of Understanding (MoU) to protect data pilfering in the insurance industry.
The agreement was finalised on Friday and aims to address critical concerns around data privacy and ensure that the insurance sector complies with global best practices in data management.
Some of the objectives of a MoU include training and capacity building to enhance awareness and skills in data protection, setting up specialized clinics to address data protection concerns and provide guidance; conducting compliance activities by regularly, monitoring and enforcing compliance with data protection regulations and educating insurance companies on the importance of data protection and the benefits of adhering to best practices.
Mr Olusegun Ayo Omosehin, commissioner for Insurance/ chief executive officer, NAICOM, said, “The collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector”.
To ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee will be established.
This committee will comprise representatives from the 2 agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).
The committee’s primary responsibility will be to monitor progress, provide guidance, and facilitate collaboration among stakeholders to guarantee the successful execution of the MoU.
Officials from both NAICOM and NDPC have expressed confidence in the partnership’s potential to strengthen data privacy frameworks within the insurance sector.
They noted that the initiative would boost public confidence, enhance compliance, and position the sector for greater innovation and credibility.
This collaboration is expected to pave the way for a more secure and trustworthy insurance landscape in Nigeria, ensuring the protection of personal data while fostering the industry’s growth.
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