Sunday 25 August 2013

News from Nigeria's Online Retailer - Inspiring

News from Nigeria with allafrica.com Online Retailer " ;

Beginning with five staff members about a year ago, Jumia now has 500 people on its payroll and has swiftly risen to become the number one online retail shopping business in Nigeria.

Launched in 2013 as Jumia.com, the site kicked off with only five workers as an e-commerce startup, dreaming of organizing and cashing in on the huge potentials in Nigeria's retail market.

The rapid growth of Jumia.com has seen it emerge as arguably the country's number one online shopping portal, with over 500 members of staff after just one year in operation.

With over $70 million investment funding available to its founders, Tunde Kehinde and Raphael Afaedor, Jumia is poised to maintain leadership in Nigeria's online retail market.

The site controls 70 percent of the online retail market in the country and has serviced about half a million customers in its over one year of existence, in addition to being independently ranked as second only to Google for preferred online shopping in Nigeria.

Co-founder of Jumia, Kehinde, who spoke to Sunday Trust at their offices and warehouse facility in Ikeja Lagos, seemed confident that the business will maintain its leadership of the online retail market.
According to him, they strategize to maintain the lead by exploring better innovative technologies and market trends, to deliver the best online shopping experience and options for customers across the country.
In Tunde's words: "All our instinct tells us we have at least five times the volume of the next closest competitor. We expect that to increase as the years keep going, because all the time we are adding more categories."

He adds: "We are expanding our footprint across the country, we have also raised a significant amount of funding to support that growth, and we disclosed about $75 million worth of funding, from people like JP Morgan, etcetera."

The story of Jumia is as novel as it is inspiring, given that Nigeria is known to have a relatively difficult business environment, especially as business startups considered small or medium scale in nature are often dead on arrival or suffer from lack of electric energy, a good business plan or technological pull backs.
Read Full Story with allafrica.com

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