Nigerian Startup, Kwik, launches E-commerce service. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

 

1. Nigerian Startup, Kwik, launches E-commerce service

 

Nigerian logistics startup Kwik has introduced its on-demand e-commerce fulfillment service, KwikShelf, marking a significant addition to its offerings.

The company’s first fulfillment center, according to the company, has been established at Iddo House in Lagos.

After raising seed funding in 2019 and securing a US$2 million Series A funding round in 2022, Kwik expanded its scope by launching KwikStore, a free e-commerce storefront solution enabling African businesses to create online stores with ease.

KwikShelf complements these services with its 1,125 sqm fulfillment center located in the heart of Lagos.

Scheduled to open in September, KwikShelf offers Nigerian merchants the opportunity to outsource storage and fulfillment, catering to the fast-growing demand for flexible warehousing solutions.

CEO Romain Poirot-Lellig highlighted that KwikShelf’s strategic location would facilitate quick deliveries, addressing customers’ needs with speed and efficiency.

The company’s expansion plan aims to establish up to 20 e-commerce fulfillment centers across Nigerian cities.

 

Tech Trivia: Which of the following devices might receive its power over Ethernet?

A. Printer / scanner

B. Laptop computer

C. Monitor

D. Security camera

Answer: see end of post

 

2. China’s Xiaomi hits sales decline

 

Xiaomi, a leading Chinese mobile phone manufacturer, has experienced a setback with a 4% decline in revenue during the second quarter, reflecting an ongoing downturn in China’s handset market.

While sales dropped to C¥67.4 billion from C¥70.2 billion in the same period the previous year, the figures surpassed analysts’ projections of C¥65.1 billion.

The income surged to C¥5.1 billion, marking a remarkable 147% increase from C¥2.1 billion a year earlier, exceeding analysts’ expectations.

However, Xiaomi’s shipments plummeted by 19% to 8.6 million units, and the company also witnessed a 22% drop in shipments to 5.4 million units in India.

China’s smartphone market recorded a 5% contraction in consumer demand during Q2, resulting in a total of 64.3 million units sold, according to research firm Canalys.

Amid the challenges faced by dwindling handset sales, Xiaomi is embarking on a new venture in electric vehicle (EV) manufacturing. The company received approval from China’s state planner for this move and has dedicated a massive US$10 billion investment over the next decade in the EV sector, with plans to commence mass car production by H1 2024.

 

3. UAE’s Lyvely secures investment from Cypher Capital

 

UAE-based social networking and content monetization platform, Lyvely, has secured an undisclosed amount of investment from Cypher Capital.

Lyvely, which recently experienced rapid growth and user adoption after its soft launch, aims to revolutionize the social networking and social e-commerce landscape.

The platform challenges the traditional model followed by major tech giants, offering a Web3 experience that rewards users fairly.

By integrating a Cryptocurrency Token into its platform with the backing of Cypher Capital, Lyvely introduces cryptocurrency to the masses, fostering a bridge to a Web3 future.

Lyvely’s innovative approach includes an exclusive creator-centric credit card, empowering content creators to manage their earnings securely.

With esteemed advisory board members such as Bijan Alizadeh and Bill Qian, Lyvely aspires to become a recognized name globally in the tech industry.

 

Trivia answer: PoE

Stands for “Power over Ethernet.” PoE provides electrical current over an Ethernet connection. It powers electronic devices via Ethernet cabling without the need for batteries or a wall outlet.

Multiple PoE standards exist, but they all provide both data and electrical power over a single cable. One method, known as “Alternative A,” uses the same wires within the Ethernet cable to transmit power and data.

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