Konga | History, and Type of Services Rendered In Konga – Konga.com is a Nigerian e-commerce company based in Gbagada, Lagos State, established in July 2012. It has a third-party online store and first-party exclusive shopping for consumer goods, clothes, home goods, books, children’s toys, laptops & gadgets, mobile and tablets, health care, and personal care devices. The firm also has a distribution business (KXPRESS) that allows shipments to be sent and delivered to consumers on schedule.
Sim Shagaya founded Konga in July 2012 with 20 employees. Konga received a $3.5 million seed round from Investment AB Kinnevik shortly after launching in 2012. The web began as a Lagos-only online retailer focusing on Baby, Beauty, and Personal Care products. In December 2012, it extended its reach to include all of Nigeria and eventually expanded merchandise categories during 2012 and 2013. Konga’s primary competitor, Rocket Internet-backed Jumia, which launched around the same time, may have prompted this expansion.
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Konga received a $10 million Series A round from Investment AB Kinnevik and Naspers in early 2013. Konga Mall, which opened up the Konga site to third-party vendors and moved away from a pure first-party online shopping paradigm, was beta-tested in Q2 2013. In late 2013, Konga closed a $25 million Series B round with prior investors Investment AB Kinnevik and Naspers, which was the most significant single amount received by a single African startup.
Konga.com crashed and remained offline for 45 minutes on November 29, 2013, due to massive traffic generated by its Black Friday promotion. Within the first six hours of the launch, Konga sold more than it did the previous month. In the first half of 2014, Konga rebranded its third-party shopping site from ‘Konga Mall’ to ‘Marketplace.’ By the end of the year, Konga’s Marketplace had grown to 8,000 vendors, exceeding internal expectations of 1,000 merchants by eightfold. During Konga’s 2014 Black Friday campaign, the organization earned USD 3.5 million in orders, up from USD 300,000 the previous year.
Konga’s sales increased by 450 percent in 2014 compared to 2013. Konga raised $40 million in a Series C fund from Funding AB Kinnevik and Naspers in late 2014, making it the most significant single round received by an African startup to date. [number six] [verification failed] After claims that Naspers bought 50% of Konga in 2013, Naspers revealed that its interest in Konga after the Series C acquisition in October 2014 was 40.22 percent. As of Series C, Konga was claimed to be worth about $200 million. According to Alexa Internet, Konga was the most viewed website in Nigeria in January 2015.
Konga “leads the field in Nigeria today [early 2015] in Gross Merchandise Value,” according to CEO Sim Shagaya. Gross Merchandise Value is a statistic that measures the overall value of merchandise produced through a single marketplace. Konga reported in June 2015 that it had purchased Internet Nigeria Limited’s properties and mobile money license, satisfying the Central Bank of Nigeria’s legal necessity for the provision of mobile payment services. The purchase would benefit KongaPay, Konga’s approach for promoting the acceptance of cashless electronic payments, which was introduced in August 2015. Konga has rendered online payment simple with its distribution payment option, which its many customers have adopted. Nigeria has over 80 million mobile internet users.
Types of Services Rendered
KongaPay was introduced as a pilot program in 2015, collaborating with Nigerian commercial banks to run exclusively with Konga.com consumers. KongaPay, which has made it easier for everyone to use Konga’s online wallet, has addressed the lack of confidence in making online payments. When online shoppers reveal their bank data online, this breakthrough protects them from allegations of theft. KongaPay’s one-click purchases are close to those seen on Amazon’s website. It was launched at a KongaPay Prototype case in Lagos, Nigeria. Ecobank, Access Bank, FCMB, Diamond Bank, Zenith Bank, Heritage Bank, UBA, First Bank, and GTB have wholly incorporated the payment alternative.
KongaPay is a relationship of Nigerian banks, according to Sim Shagaya. We are optimistic that by working together, we will improve the landscape of online shopping in Nigeria by eliminating the threats that consumers face while pre-paying for products and services they have yet to receive.”
In Nigeria, KongaPay has been a game-changer in online shopping. This is because it has enabled the smooth flow of products, resources, and payments. Konga’s customers have become more confident and trusting as a consequence of this. Customers who use KongaPay obtain a protected authorization code linked to their cell phone number on the website. Customers who have a valid cell phone number and a bank account do not need to sign up for electronic banking. With a single press, KongaPay has removed the usage of private personal information such as Internet banking passwords or credit card numbers.
Konga launched Konga Express to make its online incorporation more successful by concentrating on marketing its goods across all available platforms. Customers should anticipate their shipments to arrive within 1–3 days. Konga Express fulfills regular orders and provides online monitoring.
Konga Mall, a groundbreaking choice that enables Nigerian companies to display their goods online, kicked off Konga’s massive expansion in Nigeria. A free and quick distribution service was provided to business owners. Until dropping the parcel off at Konga’s dropoff center, the company owner parcels the shipment, which is followed by SellerHQ information and order details.
With the success of Konga Mall, Konga Marketplace was established, enabling even roadside vendors worldwide to participate. Excellent goods have been found, and this demand generates massive revenue regularly. In this groundbreaking marketplace, sellers and buyers connect. This marketplace has caused many possibilities, which has culminated in expanded jobs and the country’s economic growth and development. With this marketplace, affiliate marketing, and price comparison, online stores like best prices are now accessible.
“About a year ago, we realized that for our services to be beneficial to society, we needed to create a market that enabled everyone, not just Konga, to sell and prosper,” says Sim Shagaya. We started with a small number of sellers and learned how to create a genuinely innovative Nigerian online marketplace in that time…”
Konga Self-Fulfill Model
The Self-Fulfill Model was an essential addition to Konga’s marketplace offering. This service enabled merchants to profit from excellent shipping deals arranged by Konga with trustworthy courier partners. From the point of request to the end of the sale, the vendors are in charge of handling their packages. When customers get their boxes, they make purchases directly to the dealers. Self-Fulfill Model buyers demand more flexibility and quicker fulfillment of their orders. Customers will score vendors, goods, and overall experience in the Self-Fulfill Model.
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