- Recession’ll Not Hinder Black Friday Sales
The Chief Commercial Officer, Jumia Nigeria, Thomas Simonet, has said that the economic recession will not impede sales on the company’s platform in the forthcoming Black Friday.
Simonet stated this on Monday, ahead of Jumia’s Black Friday, saying though the beginning of the year had been tough, “there still lays an opportunity as some vendors are more eager to have more sales channels to earn more income.”
He also said, “Some customers have delayed their sales with the expectation for a fall in prices of commodities. However, this Black Friday will serve as a channel for vendors to make more sales and money; and shoppers to purchase commodities at low rates.”The Country Manager, Jumia Nigeria, Tolu Yanwah, said, “Black Friday is special for it offers a lot of discount, offering the platform for the customer to purchase many goods at a lower rate and the vendors can sell in large volume.”
On the discount sales, she said that negotiations had been made to ensure good stocks were got at the best prices.
“On operational management, we have entirely moved to full market place operations, which means that market place is roughly 80 per cent of our entire business; so, we have very good partnership and relations with the vendors and better assortment on our website,” the Jumia Nigeria country manager said.
The company’s Acquisition and Relationship Manager, Damola Ajayi, said, “The concept of Black Friday is based on customer and vendor experience.”
He, therefore, urged shoppers to save up, “as this year offers a lot more, since there is going to be a build-up up until the final day for customers to cash in on missed days.”
The Head, Public Relations and Communications, Ojuola Asuquo, said that Jumia was targeting six million visitors on its website for its Black Friday.
“There were two million unique visitors from the one-day sales of Black Friday last year. However, since this year is for 12 days, we are expecting the figure to be more and our estimate is six million,” she added.
Google to Introduce Strike-Based System to Clamp Down on Advertisers Violating Google Ads Policies
The world’s leading search engine Google on announced it will introduce a new strike-based system to clamp down on advertisers who repeatedly violate the company’s ads policies.
In a statement released on Wednesday, the tech giant said the new strike based system would be introduced in September 2021, to be precise it said implementation of the new system will commence on September 21, 2021, “with a gradual ramp up over a period of 3 months, for the following policies: Enabling dishonest behavior, Unapproved substances, Guns, gun parts and related products, Explosives, Other Weapons, and Tobacco.”
“The policy coverage of the strike-based system will be expanded to add additional policies in phases over time and advertisers will be notified each time new policies are brought within scope of the strike-based system.
“Please note that this update does not impact the account suspension procedures for egregious Google Ads policy violations.”
To help ensure a safe and positive experience for users, Google requires advertisers to comply with Google Ads policies. As a part of the Google Ads enforcement system, Google will begin issuing strikes to advertisers, which will be accompanied by email notifications and in-account notifications to encourage compliance and deter repeat violations of our policies.
An advertiser’s first policy violation will only result in a warning. But advertisers will earn their first strike if we detect continued violation of our policies. Advertisers will be able to receive a maximum of three strikes, and the penalties applied with each strike will progressively increase. Temporary account holds will be applied for the first and second strikes (for 3 and 7 days respectively), while the third strike will result in an account suspension.
An advertiser placed on a temporary account hold will be required to remedy the violations in question and to submit an acknowledgement form to resume serving ads. Following this acknowledgement, their account will be released from the temporary account hold state either 3 days after the first strike was issued, or after 7 days for a second strike. Advertisers can also appeal a strike decision if they believe it was issued in error. Ads will resume serving immediately after successfully appealing the strike. Accounts will remain on temporary hold if no action is taken by the advertiser to either acknowledge or appeal a strike. Strikes will remain on the Google Ads account for 90 days unless they’re successfully appealed.
Accounts suspended following a third strike will not be able to run any ads or create new content unless the suspension is successfully appealed. Learn more about suspended accounts.
Fintech CEO: Cheyney University Offers Ghana an Opportunity to Expand Technology Footprint
Last week, reports manifested of a newly announced partnership between Cheyney University and the soon-to-be-built Oboseke University of Excellence. Within the partnership, the American college, which is situated only thirty miles from Philadelphia, will help the new university in Ghana set up a program focused on aquaponics and aquaculture. In exchange, Oboseke University will provide space on its campus for projects of joint interest.
“For folks unfamiliar with food production, they are often unfamiliar with the extensive use of technology employed in the industry, particularly in the realm of aquaponics. My understanding is that Cheyney’s existing program grows tilapia, and then they use the waste as fertilizer for their basil. Ghana currently imports a significant portion of its tilapia from China, so this aquaponics program is a great way to help provide real value to the local community. However, the partnership could go beyond aquaponics,” suggested Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
“You’re sitting on a new university that really has yet to define itself. It’s already looking into how its programs can provide real value to the people of Ghana. It has established a relationship with a college in the United States which would presumably like to continue to build its footprint. Notably, Cheyney partnered recently with a biochem company, leading to the opening of a laboratory on its campus. This new partnership would be a great cornerstone for Oboseke University to build on, and to develop and serve as an incubator for young innovators who attend as students,” opined Gardner.
“To be able to share our experience and knowledge with this emerging African university, and potentially help the people of Ghana develop a more accessible food supply, is an extremely significant opportunity for us, a tribute to our academic excellence, and an honor,” Cheyney President Aaron Walton has been quoted as saying.
“First, start with food supply. Then look at technology. Ghana is currently leading the way in its region, as it works toward developing a central bank digital currency. That program relies heavily on blockchain technology, and it appears that Ghana is well-ahead of its neighbors on this issue. They’re starting to build a culture of innovation, and this partnership with Cheyney really allows them to further develop that. If the universities collectively brought in a few advisors from both sides of the ocean, they could offer a workspace to innovators in Ghana who are building technologies based on blockchain concepts or in other similar avenues, such as artificial intelligence or within MedTech,” Gardner says.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“Sometimes, we think of an incubator as an institution with hundreds of millions of dollars in backing and the most prestigious minds in the industry serving as advisors. But, sometimes, it can all start with folks who want to volunteer their time and expertise to help the next generation build something really cool. In a world filled with venture capital raises, it is easy to forget that, sometimes, all innovators need is a little conceptual guidance to bring their vision to life,” said Gardner.
Twitter to Let Retailers Add Products to Their Profiles in Shopping Push
Twitter Inc. will let a handful of retailers, including GameStop Corp. and bag company Arden Cove, promote products on their company profiles as part of a renewed push into shopping.
A dozen U.S. retailers will be able to market up to five products at the top of their Twitter profiles. Users can swipe between products and click to visit the retailer’s website to make a purchase.
Twitter isn’t processing the sales and won’t take a cut of any revenue generated by the new feature, but investors cheered the move, sending the shares on their biggest rally in more than three months. The stock climbed as much as 5.3 percent to $71.92 in New York on Wednesday.
The company has been teasing its interest in shopping for months, aiming to catch up with other social media platforms that offer e-commerce options.
“We know people come to Twitter to interact with brands and discuss their favorite products,” Bruce Falck, the head of Twitter’s revenue product team, said at the company’s analyst day in February. “Imagine easily discovering and quickly purchasing a new skin-care product or trendy sneaker from a brand you follow, with only a few clicks.”
But shopping has been a challenge on social media platforms, including Twitter. The company has built commerce products in the past, including a “buy button” unveiled back in 2014 and later product catalogs, but those features never took off and were eventually shut down.
Twitter’s renewed interest in shopping aligns with a general push into e-commerce by retailers who were forced to move sales online during the pandemic. At Twitter, the thought is that e-commerce could also benefit its core business — advertising — by helping brands make real sales from the platform. Facebook Inc. has also made commerce a bigger priority since the start of the pandemic.
Twitter’s new product, called “Shop Module,” is only available to English-language users in the U.S. for now.
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