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.
Global VC Investments in Marketplaces Nearly Triple to Historical High of $28 Billion in Q1 2021
Marketplaces are continuing to benefit from shifts born out of the pandemic and show no signs of slowing down.
According to the research data analyzed and published by Definanzas, global VC investments into marketplaces hit a new all-time high in Q1 2021. It rose almost threefold from $9.9 billion in Q1 2020 to $28 billion in Q1 2021. It is also $4 billion higher than the previous record.
Based on a Be STF projection, global marketplace sales are set to grow at a 20% CAGR between 2020 and 2025. In that period, the figure will rise from $3.5 trillion to $8.8 trillion. Their share of online sales will also grow, going from 19% to 24%.
Marketplace Unicorns’ Valuation More than Doubles to $5 Trillion
Besides the massive increase in VC funding into marketplace, unicorn valuations in the space have also surged remarkably. From $2.2 trillion in January 2019, the figure soared by 70% to $5 trillion in Q1 2021.
81 new unicorns joined the ranks in 2020, bringing the total number to 370. Among them, the top 30 marketplace unicorns account for 79% of total valuation or $3.9 trillion. That marked a $1.6 trillion increase in valuation.
According to eMarketer, eCommerce accounted for a 7.4% share of total retail sales globally in 2015. The figure rose to 13.6% in 2019, posting a huge increase to 18% by 2020. It is set to rise further to19.5% in 2021 and 21.8% by 2024.
B2C sales accounted for 53% of total B2C online sales in 2020 or $2.45 trillion. It will grow at a 14% CAGR between 2020 and 2025 to $4.723 trillion, accounting for a 61% share of the total. On the other hand, B2B sales, which had a 7% share and a $1 trillion valuation in 2020, will grow at a 32% CAGR in the same period. The remarkable growth will drive its total valuation to $4 trillion and the segment’s share to 14%.
Nigeria, South Africa, Kenya Lead in E-commerce in Sub-Saharan Africa
A new research conducted by Visa has shown that Nigeria, South Africa and Kenya are the largest e-commerce contributors in Africa in the last three years.
In the report titled ‘Visa Research Reveals SA, Nigeria and Kenya Are Top Drivers of E-commerce Volumes in SSA’, said Ghana was also showing signs of growth after replacing Kenya in the top three contributors in 2020.
The report noted that while Sub-Saharan Africa might be one of the smallest regions of e-commerce globally, it showed consistent growth potential.
During the COVID-19 lockdown, the region’s new e-commerce users grew by 5 percent when compared to the active base in the preceding year.
The report said, “The most important e-commerce enablers – the ability to access financial services, digital payment channels and digital infrastructure – are starting to take hold across SSA.
“Although cash may remain the dominant payment instrument in the region for now, there are signs that this will eventually change.
“In Nigeria, for example, cash is still particularly prevalent, while in Kenya mobile money is most popular and many South Africans choose cards as their main payment methods.”
The COVID-19 pandemic had pushed consumers towards digital payments in the key e-commerce markets for SSA, it stated.
Lineshree Moodley, the Head of Visa Consulting and Analytics in Sub-Saharan Africa, said, “The three leading markets in SSA are starting to mature, providing the region with an established foundation and, when twinned with the growing penetration of e-commerce, it offers players in the payment space an opportunity they can capitalise on while helping to further accelerate the expansion of e-commerce in the region.”
JPMorgan Predicts That Amazon Will Overtake Walmart As The Largest U.S. Retailer In 2022
Amazon is on track to overtake Walmart as the largest U.S. retailer in 2022, according to JPMorgan research released Friday.
Amazon’s U.S. retail business is the “fastest-growing at scale,” according to the company’s analysts. Between 2014 and 2020, Amazon’s U.S. gross merchandise volume, or GMV — a closely watched industry metric used to measure the total value of goods sold over a certain time period — has grown “significantly faster” than both U.S. adjusted retail sales and U.S. e-commerce, the analysts said.
Neither Amazon nor Walmart break out GMV in their quarterly earnings results, but JPMorgan estimates Amazon’s GMV is growing faster than its largest retail competitor. JPMorgan analysts said Amazon’s GMV in 2020 climbed 41 percent year over year to $316 billion, while Walmart’s GMV is estimated to have grown 10 percent year over year to $439 billion in 2020.
“Based on current estimates, we believe Amazon could surpass Walmart to become the largest U.S. retailer in 2022,” J.P. Morgan analysts Christopher Horvers and Doug Anmuth wrote Friday.
Horvers and Anmuth highlighted a few factors they believe are driving Amazon’s top-line growth, including an expansion into “large and under-penetrated categories” such as grocery and apparel, strong growth of third-party seller sales and the “Prime flywheel.” Amazon CEO Jeff Bezos said in April the company now has more than 200 million Prime subscribers, up from 150 million at the beginning of 2020.
The coronavirus pandemic rapidly accelerated the adoption of e-commerce and cemented Amazon’s dominance in the retail space. Stuck-at-home consumers turned to Amazon for a plethora of goods ranging from toilet paper to workout gear. They also relied on Amazon for services they might not have otherwise considered, such as online grocery delivery.
Amazon’s pandemic-fueled sales surge has helped it grow its slice of the e-commerce market. JPMorgan estimates Amazon expanded its share of the U.S. e-commerce market to 39 percent in 2020, up from 24 percent in 2014.
The accelerated adoption of e-commerce has also provided a lift to other areas of Amazon’s business.
Amazon is on track to “become one of the largest delivery companies” in the U.S., analysts at Bank of America wrote in research published Tuesday.
Amazon is estimated to deliver 7 billion packages in 2021, surpassing the roughly 6 billion packages UPS is expected to deliver in the U.S. this year, the analysts wrote, citing figures from MWPVL International, a supply chain and logistics consulting firm.
In recent years, Amazon has quietly built a shipping operation that rivals the likes of UPS, FedEx and the U.S. Postal Service. It maintains an ever-increasing network of warehouses and last-mile delivery stations, and a sprawling logistics operation with airplanes, trucks and vans.
This has allowed Amazon to deliver most of its own orders. Amazon currently delivers packages for other businesses in the U.K. and could one day expand that service to the U.S.
MWPVL estimates Amazon handled about 5 billion of the 7.35 billion packages it shipped in 2020. UPS and USPS handled the other 1.25 billion and 1.1 billion, respectively, according to Bank of America analysts.
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