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Konga Has Grown 8 Times Over, Prince Ekeh Tells CNN

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Konga, Nigeria’s foremost e-commerce giant, has made significant strides which have positioned it as the clear leader in Nigeria’s highly competitive e-commerce market. The foregoing was disclosed by Prince Nnamdi Ekeh, co-chief executive officer of Konga, in a chat with Cable News Network (CNN), global news medium, last week.

Konga Has Grown 8 Times Over, Prince Ekeh Tells CNN

Prince Ekeh was speaking to CNN Marketplace Africa on the sidelines of the first Creative Africa Exchange weekend held in Kigali, Rwanda from the 16th-18th January 2020.

The Konga CEO was one of the speakers at the event which brought together over 1500 participants from 68 countries and over 250 exhibitors.

He disclosed that Konga’s omni-channel structure which sees it taking a percentage of the retail outlay in the online (formal) and offline (informal sector), self-owned tech-driven  logistics solution, Kxpress through which it handles deliveries to customers as well as external parties, state-of-the-art regional warehousing facilities which enables it retain inventory in diverse states and locations in Nigeria as well as sound knowledge of the Nigerian business terrain are factors that have placed the company in front.

‘‘Konga is best positioned as the leader in the Nigerian e-commerce market. We are not just an e-commerce company but we run an omni-channel model with over 30 physical stores spread across Nigeria. So, we are closest to the people. Also, we are seeing huge growth in the business and in our customer base. Between last year and this year, the business grew by almost eight times,’’ he enthused.

Equally important, the Harvard alumnus based the foregoing on Konga’s strategic business ideals. Prince Ekeh affirms that the company is run efficiently and with transparency and integrity.

‘‘The key is growing your revenue while being able to manage your costs. That is the only way for sustainable growth. In the last year, we have been able to grow revenue by eight times but we have also been able to reduce our costs by 65%. That is quite huge.’’

Sharing his thoughts on how Konga is creatively resolving the challenge of logistics which has hobbled other players in the market, Prince Ekeh noted that the company had relied on its deep understanding of the Nigerian terrain – a factor which he emphasized has distinguished Konga in the marketplace.

‘‘The starting point for us was identifying the problem. There is a huge problem in Nigeria where the informal market is so huge, so massive; in fact, almost 98% of the market. This means that people don’t have access to quality products; they don’t have access to quality after-sales services.

‘‘So, we identified this problem when we came into the market. What we hold ourselves on is integrity and making sure that we are supplying quality products and as quickly as possible. We had to look internally and invest in a logistics platform for ourselves. So, we built a logistics platform working with franchisees in local areas. If you understand the dynamics of local villages in Nigeria, most people know each other. As long as we had the name and the phone number of the person who requires the product, someone in the local village knows that person. So we partnered with local people and empowered them to deliver to the last mile for us.

‘‘Today, we have built Kxpress, our logistics platform, to the point where we are not only delivering for Konga but for other partners. That’s where you begin to add value because not only Konga has that problem. A lot of people have the same problem. People who sell on social media have that problem too. So, we are building a platform not just for ourselves but for the entire industry. With that, we are able to scale much quicker.’’

Quizzed by the CNN’s Eleni Giokos on Konga’s expansion plans, Prince Ekeh disclosed that the goal is to dominate Nigeria, which the company has all but achieved, before expanding to other African countries.

‘‘Nigeria is one of the largest markets in Africa. We are looking at consolidating in Nigeria and ensuring our customers get the best services and then rolling out across Africa. If you are able to scale to the point where you can solve a lot of the problems in Nigeria, it makes it easy to take on other markets outside Nigeria. Definitely, Nigeria is the focus for now. That’s where we started and that’s where we hope to scale and once that is done, we can begin to expand to other African markets.’’

Continuing, he stated: ‘‘We have a lot of things going on. We are also adding a lot of business units. We recently launched our travel business in February 2019 and also have a Central Bank of Nigeria-licensed mobile money platform called KongaPay. We also have KXpress, our logistics business. We are a platform and as a consumer, we want to connect you to all these different services we provide. We also plan to roll out a lot more services so that our customers stay within that platform as we continue to grow the customer base.’’

Incidentally, there has been a lot of talk about foreign players such as Amazon and Ali Baba eyeing a share of the potentially money-spinning Nigerian e-commerce market. However, Prince Ekeh welcomed the development, even as he held that no one understands the Nigerian market better than Konga.

‘‘I love the competition because the market is huge. Competition is good. It keeps you on your toes. I mean, Nigeria has over 200 million people and the informal market is still like 98%. That means, all the big players in the market are only sharing just like 2% of the potential of the industry. As the formal market grows, we also see the pie growing which means more revenue for all of us. I think the market can still accommodate more players.

‘‘I should know my market better than anyone else. The funny thing is, when the foreign players come into the market, they face exactly the same problems. They face the crazy Lagos traffic; they face the bad roads and bad infrastructure. So, we all have to face the same problems; which we have experienced all our lives, so it’s a bit easier to adapt and just like what we did with the logistics problems, it’s easier for us to find those innovative solutions,’’ he disclosed.

On how Konga is adding value and transforming lives, Ekeh took pride in giving others an opportunity like the one he was privileged to have.

‘‘Luckily, I was privileged to go to school abroad. I returned and I had access to funds. What keeps me up is how do I provide the same opportunity to people under me. In a way, I am doing that with Konga. I will give you an example. We have a seller that started off selling on our platform. She had a small shop in Balogun Market in Nigeria, which is a huge market, but like with very tiny shops. So, she was struggling at that point in time. She started selling on our platform and today, she has about 13 stores and her children now school outside the country. That’s huge and all we have done is just provide her a platform to sell her products. She has access to the whole of Nigeria.’’

Ekeh, who stated that Konga is a technology company, described Africa as the new frontier of prosperity in the 21st Century, even as he threw some light on the trends shaping commerce in the current age.

‘‘I think Africa has so much opportunities. It was Jack Ma who once said that Africa has the potential to become the next China but what we need is great minds to come in to the continent and invest in businesses and look for innovative ways to solve African problems.

‘‘When you look at Africa, we tend to skip trends. Africa skipped the Personal Computer trend and went straight to mobile. So, I feel like Africa might skip the e-commerce trend and go to social commerce. We see a lot of people buying products from Instagram, from Facebook, from various social platforms. And at Konga, our goal is not only to be an e-commerce platform. Our goal is to be an engine for commerce and trade in Africa. As much as our focus is e-commerce with physical stores, we are also venturing into social commerce. Anywhere we find our consumer, we try to play in that space as much as possible,’’ he concluded.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

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Samsung Launches the Incredible Crystal UHD TV

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TV has become a massive part of our lives from those must-watch series to the sports matches that have us glued to the screen. World-renowned for pioneering innovation in this popular category of technology, Samsung has now launched Crystal UHD TV.

Featuring Samsung’s cutting-edge Crystal Display, the new Crystal UHD TV will bring high-resolution content to life in a whole new way, delivering a viewing experience like never before in a mainstream UHD TV.

Controling all function with Voice Assistant and enjoying multiple contents on one screen with Multi View are just some of the welcome advancements on this incredible TV.

“Samsung TV has been constantly paving the path for technological innovations by offering consumers a new TV experience and a future for global TV industry. This is the core driving force that makes Samsung No. 1 TV for 14 consecutive years. Crystal UHD builds on this success in ways that people will truly love.” said Dudu Mokholo, Chief Marketing Officer at Samsung Central Africa.

Crystal UHD is the purest form of picture quality with 1 billion rich and vibrant colours with guaranteed crisp and vivid images time over time. Its features include:

Real 4K UHD Resolution – 4K UHD TV goes beyond regular FHD with 4x more pixels, offering your eyes the sharp and crisp images they deserve. See it like you’re really in the scene.

Lifelike colour expression – Immerse yourself in the picture with a wider range of colour. Dynamic Crystal Display delivers lifelike variations so you can see every subtlety.

Crystal Processor 4K – Experience picture quality that moves you, made possible by a single chip that orchestrates colour, optimises high contrast ratio, and masters HDR.

See the picture, not the TV – A sleek and elegant design that draws you to the purest picture. Crafted with an effortless minimalistic style from every angle and a boundless that sets new standards. You will see only the most immersive cinematic experience ever.

Get what you want just by speaking up – Everything is so much easier with voice control. Now you can quickly access favourite content, get answers, and even control your TV and other connected devices around your home. Just tell it what you want.

See multiple contents at the same time – Multi View splits your TV screen in two, putting the content you’re watching on one side, and mirroring your mobile screen on the other. This means you don’t have to look away from the TV screen to glance at your phone anymore.

Get gaming faster – Get into the game faster with Game Enhancer, which optimises your screen so you have more control with barely noticeable input lag. Experience smooth gaming in its most impressive form without motion blur and judder.

Decorate your space with your favourite photos  – When you project your favourite photos onto the TV screen, the TV itself blends into your décor elegantly. You can lay out multiple photos in a beautiful collage or place them in a slide show for to keep the visual fresh and on point.

Clean up the clutter – Samsung UHD offers a neat solution for keeping all your TV cables tidy, hiding them away right in the stand. This helps you reduce your clutter so you can fully enjoy your TV’s beautiful design.

Samsung Crystal UHD clearly does what many TVs cannot, in the most amazing ways.

The Crystal UHD TV is now available at various retailer stores and retailer online pages. For extra peace of mind, Crystal UHD TV comes with a 24 month warranty.


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FG to Boost Artificial Intelligence

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Federal government on Tuesday announced that it has developed initiatives for the adoption of Artificial Intelligence technology in Nigeria.

FG to Boost Artificial Intelligence

 

The establishment of a Centre for Artificial Intelligence and Robotics in Nigeria (CFAIR) is also expected soon.

The National Information Technology Development Agency (NITDA) said that AI applications enable innovative solutions, improve risk assessment, better planning, and faster knowledge-sharing.

Abdullahi Usman Gambo, director of IT Infrastructure Solution, NITDA, spoke at a workshop in commemoration of International Day for Universal Access to Information (IDUAI) organised by the United Nations Educational, Scientific, and Cultural Organisation (UNESCO).

He noted that AI would open up opportunities for access to information and also help to achieve the Sustainable Development Goals (SDGs) set by the United Nations (UN) in the 2030 Agenda.

Gambo said: “Artificial Intelligence is poised to revolutionize the way we go about our daily lives – from governance to business, legislation to medicine to defence, etc. We can all agree that AI is humanity’s new frontier.

“We have developed initiatives for adoption of emerging technologies such as AI, strengthen cybersecurity, digital skills for digitally excluded citizens while enhancing the regulatory and market environment to increase access to ICTs, and promote seamless access to information.

“We believe AI and associated emerging technologies will completely enhance the speed, efficiency and effectiveness of information gathering during the exchange of data or the ways of communication,” he said.

Delivering his paper, Yushau Shuaib, publisher of PRNigeria, described access to information as the right of the citizens to accurate, transparent, and timely facts and figures.

The former National Emergency Management Agency (NEMA) spokesman stated that governments at all levels have obligations to communicate with people, while the public has the right to know and criticize authorities through constructive engagement.

The media executive, however, appealed to Nigerians not to use social media platforms for fake news dissemination.

“The merits of new media on affordability, accessibility and instant delivery are occasionally marred by the fact that social media is sometimes used to spread fake news”, he said.

Shuaib called for collaboration of stakeholders in ensuring appropriate legislation through public awareness campaigns in order to improve access to universal information.


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Samsung Unveils Technologically Advanced 2020 Consumer Products

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Samsung Electronics Nigeria has unveiled its 2020 consumer products range. The launch which held in Victoria Island, Lagos showcased the latest in its revolutionary and innovative QLED and Crystal UHD Television Series  along with Wind Free Air Conditioners, Side by Side Refrigerators and Drum Washing Machines.

Keeping with its resolve to utilize its transformative ideas and technologies to shape the future and inspire the whole world, Samsung has once again demonstrated its determination to continuously redefine the living space and entertainment of its customers.

According to Mr. Caden Chiyeon Yu, Managing Director, Samsung Electronics Nigeria, “QLED uses exceptional and revolutionary technology which offers an unparalleled visual and auditory adventure from the comfort of your living room. QLED series is available in 4K or 8K and from 58″ to 98”, and was designed with options to fit any space and budget”. For Crystal UHD Television, Mr. Yu said, with cutting-edge Crystal Display, the new Crystal UHD TV will bring high-resolution content to life in a whole new way, delivering a viewing experience like never before in a mainstream UHD TV.

Also showcased at the launch were the new Windfree Air Conditioner, Drum Washing Machines and Side by Side refrigerators. The Windfree Air Conditioner is designed specially with the latest technology to provide coolness in quick time while ensuring that users don’t experience any chills through out its use. It also has an in-built digital inverter which reduces energy consumption by 73 percent. .

The newly introduced drum washing machine of 2020 from Samsung is very efficient and is built with eco bubble technolgy which allows it to provide cleaning of very dirty garments or clothes without the use of water.  Futhermore, the new Side by Side Refrigetor was built with Spacemax technology which has enabled  Samsung to offer more spacious interior without increasing the external dimentions or compromising energy efficiency.

Also speaking at the event, Mrs. Oluwaremilekun Adesola-Ogunsan, Head, Consumer Electronics, Samsung Nigeria stated that “Samsung understands the economic diffulties currently being experienced in the country and has consistently produced pocket friendly premium consumer products. We are very consistent in our approach as we understand that our customers like the good things of life and we have provided that without compromising our standards”. “So I can say boldy that there is a Samsung for everybody regardless of your income stream” She added.

In 2019, the Samsung consumer range of products received universal praise for its innovative quality and design and numerous pioneering features. This year Samsung has added even more beneficial features which its customers will appreciate in great deal.

 


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