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Ekeh, Zinox boss, To Headline Konga SME CONNECT Conference

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Making Money With Konga - Investorsking

Thousands of expected participants, including representatives of large corporate organizations, players in the SME segment of the Nigerian economy and other business owners are expected to learn useful tips for creating new wealth at a virtual conference to be hosted by Konga, Nigeria’s leading composite e-Commerce giant.

The event, tagged Konga SME CONNECT with the theme – Making New Money, is scheduled to hold on Thursday, May 20, 2021, at 10 am

Africa’s leading digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh, has been confirmed as the keynote speaker at the event. Ekeh, who is expected to speak for 20 minutes, will deliver useful and incisive business success tips to participants, including existing and prospective merchants on the Konga platform. Also expected to participate in the conference are budding entrepreneurs and unemployed youths in search of opportunities to partner with Konga.

Ekeh will speak on the theme – ‘‘Making New Money’’.

To confirm participation, interested participants are expected to register for the event via the link.

Speaking on the event, VP Online Mr. Kenny Oriola, Konga Group, affirmed that the Konga SME Connect is a unique opportunity for participants to learn from Ekeh, arguably Africa’s most successful digital disruptor, while also affording them a chance to appraise themselves of the many avenues of partnering with Konga and creating sustainable wealth.

‘‘It is no secret that the raging COVID-19 pandemic has altered the equation of commercial transactions not only in Nigeria but across the world, with SMEs and even large corporate organisations battling hard to keep their heads above water.

‘‘The prevailing situation requires business owners, entrepreneurs and even job seekers to remain alive to new and emerging opportunities in this challenging business space. In times of difficulties such as these, opportunities abound to create wealth and only those with the vision to sniff out these opportunities will benefit. This is one of the many tips we will be sharing with new, existing and prospective merchants on the Konga platform, as well as business owners, the unemployed and other participants. Indeed, the Konga SME CONNECT is a must-attend event for all.

‘‘We are delighted to have Mr. Ekeh as the keynote speaker. We see him as a fitting testimony to the possibility of building the biggest business in Africa with astute vision, hard work, integrity and most importantly without taking any loans. We expect all participants to draw useful insights from the rich experiences Mr. Ekeh will share on the day,’’ he concluded.

The Konga SME CONNECT which will hold virtually is expected to become a regular feature for partners of the trusted e-commerce giant.

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E-commerce

What Limits E-commerce Growth in Certain Parts of the World?

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E-commerce - Investors King

E-commerce growth is predicted to reach the pre-pandemic level by the end of this year. However, Fast-Growing and Emerging regions remain excluded from access to global e-commerce due to prevailing constraints on cross-border shopping. 

With global e-commerce sales predicted to reach $4.9 trillion by the end of this year, e-commerce has shaped new consumer habits when it comes to shopping preferences. Despite these predictions, e-commerce growth and accessibility in certain regions is still off-limits due to existing constraints that could be solved—with the right timing and approach.

In the first quarter of 2021, global e-commerce recorded $876 billion in sales—up 38% year-over-year, with predictions of a continued growth of 24.5% by 2025. Yet, the surge has not been as widespread as it would seem at a first glance. Huge numbers of the population in Fast-Growing and Emerging markets are unbanked—as many as 50% of Africans are still financially excluded, South and Central Americans following close behind with 38%. Because of this, certain regions are facing limitations when it comes to cross-border e-commerce.

Frank Breuss, CEO and co-founder of Nikulipe, a Fintech company creating and connecting Local Payment Methods to access Emerging and Fast-Growing Markets, points out that, while each Emerging Market has its own specific issues around cross-border payments, there are three main ones that stand out as most prevalent.

“Problems that are stifling growth in Fast-Growing and Emerging markets have been around for ages. Variety of payment cards, country-specific legislation and currency restrictions, as well as logistics are among the key issues hindering e-commerce growth. For example, while payment cards like Visa and Mastercard are widely available in North America or Western Europe, they’re not easily accessible in Fast-Growing and Emerging markets. Even if consumers have payment cards, these are often local ones, intended for domestic use only, meaning they cannot be used to purchase goods from international merchants.”

Breuss elaborates that the situation is similar with bank transfers. For those who have accounts with local banks, these financial institutions, in most cases, are not well-connected to the banking network internationally, making cross-border bank transfers very slow and expensive.

Country-specific legislations or the lack of them are also ongoing struggles for Fast-Growing and Emerging markets. Operational payment limits, where payment orders can be placed only on working days during certain hours, is something that Latin America deals with. Fragmented market is an ongoing headache for Africa—with over 40 different currencies and regulators, it poses hurdles to international merchants. According to Breuss, even if a consumer is able to purchase goods or services off an international website, the merchant might not have easy access to the payment itself.

Logistics issues like shipment restrictions or custom hold ups are another additional battle for many Emerging markets, adds Breuss. International merchants have to figure out ways to get goods to their clients in these regions in time, as well as overcome customs holdups, which add up to delays.

To help solve these issues for international Merchants and at the same time include as many consumers in global e-commerce as possible is not an easy task—it takes time, local know-how and perseverance, Breuss notes.

“A certain lack of clear regulations and laws in Emerging Markets up the complexity of introducing new solutions. First of all, it’s key to understand the markets and their nuances, in order to offer relevant local payment methods that are suitable for consumer needs in each market. Partnering up with reliable payment solutions providers could aid in handling money flow from Fast-Growing and Emerging markets back to the merchant.”

With issues like payment and card limitations as well as logistics, Fast-Growing and Emerging Markets are ripe for new solutions. Helping solve the long-lasting issues, could eventually draw exclusion from global e-commerce to a close. If consumers continue to show their wish to shop internationally, more merchants will try to find a solution to meet the demand—and consequently, bring more pressure on legislation to adopt the needed changes. Now, with the consumers in Emerging Markets doing exactly that, it seems to be the right time to start solving the complexities.

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E-commerce

Despite Global E-commerce Growth, Emerging Markets Still Off-limits Due to Constraints

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E-commerce - Investors King

E-commerce growth is predicted to reach the pre-pandemic level by the end of this year. However, Fast-Growing and Emerging regions remain excluded from access to global e-commerce due to prevailing constraints on cross-border shopping. 

With global e-commerce sales predicted to reach $4.9 trillion by the end of this year, e-commerce has shaped new consumer habits when it comes to shopping preferences. Despite these predictions, e-commerce growth and accessibility in certain regions is still off-limits due to existing constraints that could be solved—with the right timing and approach.

In the first quarter of 2021, global e-commerce recorded $876 billion in sales—up 38% year-over-year, with predictions of a continued growth of 24.5% by 2025. Yet, the surge has not been as widespread as it would seem at a first glance. Huge numbers of the population in Fast-Growing and Emerging markets are unbanked—as many as 50% of Africans are still financially excluded, South and Central Americans following close behind with 38%. Because of this, certain regions are facing limitations when it comes to cross-border e-commerce.

Frank Breuss, CEO and co-founder of Nikulipe, a Fintech company creating and connecting Local Payment Methods to access Emerging and Fast-Growing Markets, points out that, while each Emerging Market has its own specific issues around cross-border payments, there are three main ones that stand out as most prevalent.

“Problems that are stifling growth in Fast-Growing and Emerging markets have been around for ages. Variety of payment cards, country-specific legislation and currency restrictions, as well as logistics are among the key issues hindering e-commerce growth. For example, while payment cards like Visa and Mastercard are widely available in North America or Western Europe, they’re not easily accessible in Fast-Growing and Emerging markets. Even if consumers have payment cards, these are often local ones, intended for domestic use only, meaning they cannot be used to purchase goods from international merchants.”

Breuss elaborates that the situation is similar with bank transfers. For those who have accounts with local banks, these financial institutions, in most cases, are not well-connected to the banking network internationally, making cross-border bank transfers very slow and expensive.

Country-specific legislations or the lack of them are also ongoing struggles for Fast-Growing and Emerging markets. Operational payment limits, where payment orders can be placed only on working days during certain hours, is something that Latin America deals with. Fragmented market is an ongoing headache for Africa—with over 40 different currencies and regulators, it poses hurdles to international merchants. According to Breuss, even if a consumer is able to purchase goods or services off an international website, the merchant might not have easy access to the payment itself.

Logistics issues like shipment restrictions or custom hold ups are another additional battle for many Emerging markets, adds Breuss. International merchants have to figure out ways to get goods to their clients in these regions in time, as well as overcome customs holdups, which add up to delays.

To help solve these issues for international Merchants and at the same time include as many consumers in global e-commerce as possible is not an easy task—it takes time, local know-how and perseverance, Breuss notes.

“A certain lack of clear regulations and laws in Emerging Markets up the complexity of introducing new solutions. First of all, it’s key to understand the markets and their nuances, in order to offer relevant local payment methods that are suitable for consumer needs in each market. Partnering up with reliable payment solutions providers could aid in handling money flow from Fast-Growing and Emerging markets back to the merchant.”

With issues like payment and card limitations as well as logistics, Fast-Growing and Emerging Markets are ripe for new solutions. Helping solve the long-lasting issues, could eventually draw exclusion from global e-commerce to a close. If consumers continue to show their wish to shop internationally, more merchants will try to find a solution to meet the demand—and consequently, bring more pressure on legislation to adopt the needed changes. Now, with the consumers in Emerging Markets doing exactly that, it seems to be the right time to start solving the complexities.

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E-commerce

Konga Offers Discount On Back To School Items

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Konga

Konga, one of Nigeria’s leading e-commerce giants, has rolled out a mouth-watering 60% discount offer for students, parents, educational institutions and other categories of shoppers for its Back to School promotion.

The Konga Back to School promo runs from Monday, August 23 through Sunday, September 19, 2021.

The promotion has witnessed a throng of excited shoppers besieging the Konga website, and its network of retail stores spread across Nigeria for the month-long deals.

Checks indicate that early bird shoppers had quickly rushed to both platforms, including Konga Bulk from Monday morning when the promotion kicked off, with the majority of bargain-hunters comprising a mix of students, most of whom are set to return to school for the resumption of classes as well as other individuals and business owners looking for bulk purchases.

A number of inquiries have also been received by Konga from parents searching for specific items for their children and wards, in addition to concrete interest from schools and other educational institutions eager to close deals on computer systems, laptops, printers, stationery and other accessories.

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