KudiGo, a Ghanaian based smart retail solution company, has recently revealed plans to enter the Nigerian market, following its claimed success operating in Ghana since its inception in 2017.
With Storefront’s business model similar to that of Nigeria’s Listbuy, analysts predict an inevitable market-share war between the 2 firms as Storefront makes early plan to soon enter the Nigerian space.
Listbuy, which is a social commerce platform that connects SMEs with their customers, launched into full operation barely a year ago, and only got increasingly visible after emerging as one of the 2019 Tony Elumelu Foundation (TEF) grant beneficiaries.
Since then, Listbuy has been redefining how local buyers and vendors (operating as Small and Medium Enterprises) transact, helping to facilitate seamless payments and deliveries. With new partnership deals with payment gateway companies and logistics firms, Listbuy doesn’t seem to be expecting a market space contender quite soon.
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While the business should be concentrating in investing on infrastructures to scale up and convert more in 2020, Storefront’s proposed entry (indirectly) now poses a threat to the business lifecycle of Listbuy, and must be strategically managed by the Listbuy team.
On viability and business cultural prospects, however, analysts have noted that such market entry (however rude) is healthy in a space as Nigeria, explaining that competition will only inspire periodic service improvement, as both firms will put each other to check by constantly looking at ways to become platform of choice.
While this might be a bitter pill for these firms to swallow, it will sure serve the good lot for patronising users. The one question begging for answer is: Will Nigerians prioritise its product over that from a foreign player?
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