E-Business
TradeDepot Secures Additional $10M to Transform Informal Retail Supply Chain in Nigeria
TradeDepot, the B2B eCommerce platform for consumer goods in Africa, has raised a further $10 million in a pre-Series B equity round co-led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital. This is in addition to the $3 million Series A led by Partech in 2018.
TradeDepot will use the new investment to continue its integration of the fragmented informal retail supply chain in Nigeria, expand into other African cities and launch a suite of financial products and credit facilities, to support its retailers
Since its launch in 2016, TradeDepot has built a network of more than 40,000 micro retailers in Nigeria. Working with global distributors and manufacturers including Nestlé, Unilever, GB Foods and Danone, TradeDepot makes household supplies, such as milk, soap, detergent and other essentials more accessible and affordable for the informal urban retail networks it operates in.
Retailers order and pay for goods using TradeDepot’s mobile apps (Android and Whatsapp), USSD or a toll-free number and have them delivered directly to their stores via the company’s fleet of vans and tricycles.
They can also order stock and manage their inventory online, with a number of ways to pay, including digital payments and cash. For consumer goods brands, TradeDepot enables direct-to-retail distribution in the massive informal sector in some of Africa’s busiest cities.
TradeDepot also provides a CRM and data management system that enables suppliers to plan and monitor their sales routes in real time, as well as gain invaluable insights into trade and retail data.
Working with TradeDepot, retailers across Nigeria have increased their revenue and improved their business outcomes as a result of better access to products for their stores. One retailer grew the amount of sales transacted by more than 15x.
Another retailer who was barely breaking even and had seen no real growth in 15 years was able to increase her net monthly margin by almost 100 percent monthly, hire three new employees and is now considering expansion.
Using data and analytics to inform better retail decision making at each stage of the supply chain, TradeDepot has recorded considerable growth since its launch, activating a new store every three minutes, and receiving a retailer order every 4 seconds, on average. The company has also tripled its volume of trade in the last 12 months.
Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot says, “We are excited to strengthen our team and welcome on board some incredible strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent. Africa’s offline retail market is estimated at $1 trillion, and this new investment allows us to capture an even greater segment of that market.
“We will continue to use data to drive efficiencies and provide an easier stock acquisition service for our 40,000+ retailers, driving down costs for them by negotiating even better deals with our global manufacturing partners, whilst simultaneously providing a better, faster route to market for our suppliers.”
In a bid to help retailers grow their businesses, TradeDepot is set to launch a suite of financial products and credit facilities. Many retailers do not have the collateral that banks demand but by leveraging their trading relationship with TradeDepot, retailers can access the funds they need to buy more goods, scale their businesses and generate more revenue.
Wale Ayeni, Head of Africa Venture Capital Investment at IFC adds, “TradeDepot is a rising star in the African internet landscape, helping digitize a substantial underserved informal retail segment, which is the pillar of economic growth in Africa. The founders’ vision to build a digital platform that improves the unit economics of serving the mass-market is one that we feel privileged to support.”
More than 75 percent of the retailers on TradeDepot’s platform are female entrepreneurs and TradeDepot will offer mentorship and opportunities to link with domestic and global markets, to further support its predominantly female customer base to grow and expand their own businesses.
Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, said, “Women play a pivotal role in driving economies across Africa, but lack of access to capital, limited market linkages, cultural norms and other challenges often prevent them from achieving the success they want.
“We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”
Tidjane Dème, General Partner at Partech said, “we are proud to continue our partnership with TradeDepot as they continue their work to transform the huge informal markets that are present in Africa.
The founders have a wealth of experience that puts them in a great position to execute on their vision, and their approach and results to-date are why we are so excited by the extraordinary entrepreneurs harnessing the power of technology to address issues across the continent.”
Ben Harburg, Managing Partner at MSA Capital said, “TradeDepot is leading the digitization of informal enterprise across West Africa at the most critical touch point – the distribution and sale of essential foodstuffs by SME retailers – driving efficiency improvements, increased service offerings, and costs savings to both consumers and merchants.”
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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