Home Tech News MD: Nigerian e-commerce company miBazaar is ‘open to investors’

MD: Nigerian e-commerce company miBazaar is ‘open to investors’

MD: Nigerian e-commerce company miBazaar is ‘open to investors’
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Olaniyi Ogunmola, Managing Director of miBazaar, has told Technology Times that the Nigerian e-commerce company is open to investors  exploring stakes in the local e-commerce sector.

Ogunmola, who dropped the hint in an exclusive interview with Technology Times is hopeful noting that the growing number of Internet users in Nigeria prompted him to set up the miBazaar e-commerce company two years ago.

Import dependent: Business activities underway at Ikeja Computer Village, Nigeria's biggest technology market.
Business activities underway at Ikeja Computer Village, Nigeria’s biggest technology market.

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]“No one can be blamed for that. It’s the way our culture, mindset and system have been wired, but we still have trustworthy Nigerians that believe in buying online based on their exposure and experience. We currently have some loyal shoppers that believe in miBazaar,” he added.[/quote]According to the miBazaar MD, the level of local e-commerce penetration is still growing, but Nigeria is undoubtedly on the sure path of growth.

“We believe in years to come we will accomplish our goals. Don’t forget the company is individually run and we are open to talks with any local interested investor”, Ogunmola told Technology Times.

Olaniyi Ogunmola, Managing Director of miBazaar
Olaniyi Ogunmola, Managing Director of miBazaar

” eCommerce in Nigeria is increasing as new players are coming into the market. The Internet as well has come to stay and it’s a revolution, same as the eCommerce space in Nigeria”, according to the miBazaar boss.

Responding to question on the competitive advantage ofmiBazaar, he said that ”we give technical advice to our customers before purchase, offering free installation for some core technical products, cheap shipping service and 48hrs delivery of products in Lagos as some competitive strategies that has helped it attain the level it is today.”

Commenting on some of the challenges associated with e-commerce services in Nigeria, the miBazaar MD observed that quite a number of people still prefer conventional way of buying and selling because they  find it difficult to trust e-commerce platforms.

According to Ogunmola, “it is the ability to trust one another in this part of the world we live in. It’s difficult for people to trust themselves before they trust the neighbor next door.”

“No one can be blamed for that. It’s the way our culture, mindset and system have been wired, but we still have trustworthy Nigerians that believe in buying online based on their exposure and experience. We currently have some loyal shoppers that believe in miBazaar,” he added.

The miBazaar MD is also the Founder of Netroy Technical Service Limited, an information and communication technology services company with 13 years experience in the Nigerian ICT sector that consults for clients that to set up an e-commerce store and selling online.”

According to the miBazaar MD, his experience has added up to “my awareness and intellectual ability to manage a 360 holistic e-commerce platform.”

While acknowledging that challenges are synonymous with startups, he believes that miBazaar will weather the market challenges and compete favourably in the Nigerian e-commerce landspace.

“Most of our challenges are logistics, return orders and among others. We cannot take these challenges away. We have to manage it to the lowest minimum so that it will not affect our deliverables,” he says.

But Ogunmola remains positive because of the changing landscape and he says that “the e-commerce space is penetrating deeply and its supports our economy growth at large.”

On where he thinks miBazaar will be in the next five years, Ogunmola told Technology Times that “I am seeing miBazaar to be the top leading Electronics and Technology Online Store in Nigeria.”

Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027

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