Popular e-commerce outfit, Konga has revealed that the business is aggressively working towards hitting the $10 million daily turnover mark by 2024 as committed to investors.
To realize the target, the company disclosed that the growth trajectory and overall operational efficiency backed by the consistently reduced losses it has witnessed are critical factors in the projections.
Making known the brand’s ambitious plans was Nick Imudia, co-CEO, Konga (Online).
Imudia revealed that e-commerce is the riskiest business anyone can attempt in the 21st Century. However, he stated that Konga is putting the necessary machinery in place to achieve the goal. To this end, he stated that Konga would work assiduously to reach a target of $5 million daily turnover by 2022 as preparation towards realizing the $10 million set target by the end of 2024.
‘‘It is an extremely ambitious target. But we must deliver as we do not really have a choice,’’ he told journalists.
Since its entry into the Nigerian e-commerce market as one of the foremost pioneers in the sector, Konga has stood out; with its several revolutionary strides first launching what is known as market place and then composite e-commerce in Africa, ultimately catapulting it to the top position in Nigeria’s e-commerce sector.
“Konga has used the last decade to lay a solid foundation for e-commerce business in Nigeria and to build trustworthy relationships with customers and potential investors across the Nigerian business spectrum. With the high level of trust, the brand has gained among shoppers in and out of Nigeria, it is safe to say Konga is ready to scale big in the early part of this third decade. Therefore, we are targeting $10 million daily turnover by 2024. We shall attain half of this target at least by 2022. To meet this target, we would be relying on the efficiency we have brought to bear on the business and the renewed confidence the Konga brand enjoys among critical stakeholders.
“There is no iota of doubt that Konga remains in prime position to attain this target, especially when one looks at the consistent growth the brand has recorded in the past years. Konga has grown over eight times since the business was acquired by the Zinox Group. Secondly, we have consistently reduced our losses by nearly 70 percent. Added to this is the addition of new and thriving business units such as Konga Travel, among others, all of which have enjoyed huge growth and massive acceptance by our rapidly expanding customer base,” Imudia said.
Konga, which remains the only e-commerce brand in Nigeria operating an omni-channel structure, currently has more than 32 stores across the country. With the aid of KongaPay, a Central Bank of Nigeria (CBN) licensed payment platform, which recently added Automated Teller Machine (ATM) card-less withdrawal and Unstructured Supplementary Service Data (USSD) features, Konga has captured more Nigerians in the e-commerce net, while lending an unprecedented level of ease and refinement for online shoppers across the e-commerce landscape.
Imudia also disclosed that Konga, which has won several awards in the e-commerce industry, has made significant strides in resolving the logistics challenge through K-Xpress, its in-house logistics company, which has proven its capacity to handle hassle-free, last-mile and same-day delivery to the company’s teeming customers, while also resolving thorny logistics issues for external customers.
Furthermore, he revealed Konga’s state-of-the-art regional warehousing facilities, which enable it to retain huge inventory in diverse states and locations, while fulfilling costumers’ orders in the shortest possible time, are a critical success factor in its revenue ambitions.
“Furthermore, we are not relenting on our determination to continually meet and exceed the aspirations of our numerous customers, no matter who and where they may be. In addition to this, we shall continuously grow investor confidence in Nigeria’s e-commerce sector and help everyone to see the brighter side of e-commerce business in Nigeria, even as we consistently explore ways of upgrading our processes and raising the standard of service delivery and customer satisfaction in the sector.
‘‘We will be rolling out additional new business units in the weeks and months ahead. These additions will excite our customers and expand the Konga retail revolution to new verticals. To make the shopping experience a memorable one for our customers, we have also lined up various value-adding services and promotions throughout the year. These assets and many others too numerous to mention will shape the Nigerian e-commerce sector in 2020 and the succeeding years,’’ he said.