“E-commerce In Africa Can Very Well Kiss My A**”, Online Store Owner Curses
In 2014, CNN ran a story about a Nigerian medical doctor who left his practice to start an online supermarket.
That medical doctor is Olumide Olusanya and the online supermarket is Gloo.ng.
On Monday, Olumide announced that he was shutting down Gloo.ng. and if his tweet was anything to go by, it showed his frustration with the online business model which he had grappled with over the past 4 years.
“…And, yes: fuck ecommerce. Ecommerce in Africa can very well kiss my black behind. I’m not loyal to it or any business model. My ABSOLUTE loyalty is to one thing—and to one thing ONLY: WINNING!!! And win, I will,” he tweeted early Monday, after announcing the shutdown and the supermarket’s plan to sell off its inventory at a 50% discount.
And, yes: fuck ecommerce??— D.O (@docolumide) January 14, 2019
Ecommerce in Africa can very well kiss my black behind. I’m not loyal to it or any business model.
My ABSOLUTE loyalty is to one thing—and to one thing ONLY: WINNING!!! And win, I will.
According to him, Gloo.ng is shutting to focus on a new undisclosed, and yet to be launched business, which he had built over the past 18 months.
While answering questions to some of his followers on what his biggest challenge had been, Olumide said “the biggest challenge we had with the ecommerce business was fundraising,” but quickly added that “it’s the least of our challenges with the new business”.
The biggest challenge we had w/ the ecommerce business was fundraising. (But it’s the least of our challenges with the new business: we secured equity funding from a US Hedge Fund for it within 2-3months and >$1million clean non-collateralized debt finance from 2 Naija banks.)— D.O (@docolumide) January 14, 2019
The new business, he said, already secured equity funding from a US Hedge Fund for it within 2-3 months and more than “$1 million clean non-collateralized debt finance from 2 Naija banks”.
E-commerce in Nigeria is reputed for its potential, estimated at over $2 billion. But it is fraught with challenges, mainly the paucity of infrastructure and broadband penetration in the country.
The last two years has seen a number of them shutdown including giant Konga.com which exited on a down round in 2018 after it was acquired by Zionox for an undisclosed sum.
Barely a month into the new year 2019, the industry has seen a couple exits including Naspers backed Careers24 and Ringier backed deal platform, DealDey, which closed shop after operating for about 7 years.
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