The Vice President of Yudala,
pioneer online and offline e-commerce outfit, Prince Nnamdi Ekeh, has predicted
that the company is set to top Africa’s electronic commerce (eCommerce)
industry on the path of profitability by 2020, reports ITRealms.
This, ITRealms gathered would mark the first
five years of operations of Yudala.
Speaking on the sidelines of Unusual Praise 2017, a gospel concert
hosted by the Catholic Church of Divine Mercy in Lekki, Prince Ekeh noted that
the facts and figures on ground show that Yudala is on track to set another
record in its journey in the Nigerian e-commerce industry.
“At Yudala, our strategy is clear
and distinct from anything else on offer in the market today. Our fusion of
online and offline is not only futuristic, but one that has being copied by
other global e-commerce giants. On the back of this, we have seen a consistent
growth trajectory that will see Yudala emerge as the first profitable Nigerian
e-commerce company by 2020,” Prince Ekeh said.
He further said, “… We are renowned
as arguably the most credible source of genuine products in the e-commerce
sub-sector today. Every item on the Yudala platform, online or offline, is
sourced directly from the manufacturers and this has clearly distinguished the
Yudala brand in the marketplace.
“In addition, we possess superior
logistics and delivery timelines that have endeared us to shoppers. As a
result, we have consistently seen repeat purchases from our customers. In most
cases, we have also been able to win over new shoppers, the majority of whom, having
patronized other platforms, have not looked back since their first experience
of Yudala. Aligned to the foregoing is the passionate, committed and highly
professional team we have in the company, all of whom have continuously
displayed the hunger and capacity to deliver on our mandate.
“Finally, we have God. You will
agree with me that, with all these factors in place, the sky is just the
starting point for us,” he enthused.
When asked if Yudala will follow
the example set with Unusual Praise
by supporting other religious concerts in future, Prince Ekeh revealed that the
company will be sponsoring about five other concerts in 2018.
“We have a budget for these
events and in 2018, we will be supporting other religious events, including
Islamic ones. Yudala is a platform for all and we respect the diversity of
faith we have in the country,” he said.
Launched a little over two years
ago, Yudala has more than held its own in Nigeria’s keenly-competitive
e-commerce sector, with the company’s futuristic fusion of an online platform
with a chain of brick-and-mortar stores located nationwide instantly setting it
apart from inception.
And despite the well-known
struggles of other established players in the sector, Yudala has continued to
post impressive results, a trend that has seen optimism of the company soon
turning the corner of profitability.
Continuing, he noted: “We are
aware of the challenges faced by players in the e-commerce sector. Research at
our disposal indicates that less than 30 per cent of African e-commerce startups
are profitable, with many of them hampered by lack of trust, shortage of
financing, logistical difficulties and the largely-traditional approach to
shopping still in play among these economies.
“Here in Nigeria, the case is
hardly different as we have seen many e-commerce start-ups exit the scene
prematurely while the older ones have also consistently posted huge losses.
“However, the story is different
at Yudala. This is down mainly to our sound business model and approach.
Indeed, while our investors expect us to deliver profits by 2022, our ambition
is to surprise them by achieving this milestone earlier,” he concluded.
Apart from its ambitious retail
roll-out strategy and network of physical stores which has helped the company
reach many unserved and under-served members of Nigeria’s over 190 million
population, Yudala has also been bold in making a statement of intent with its
emphasis on genuine products and best prices, aligned to a number of landmark
innovations and eye-catching strategies which has endeared it to an
ever-growing audience.
In addition to pulling off the
first recorded instance of a product delivery via drone in 2015 – a feat which
captured the imagination of the e-commerce world - Yudala has succeeded in
building up a steadily growing database of loyal customers, many of whom have
come to rely on the company for the assurance of genuine products and unmatched
best prices in the market-place which it stands for.
Earlier in 2017, the company
acquired Yes Mobile, a cosmopolitan high-value retail outfit with a
multiplicity of stores in Lagos in what industry watchers described as a
strategic duplex acquisition; one which went a long way in showing the level of
ambition and determination to lead in the retail space currently driving the
company.
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