Yudala To return Profits To Investors By 2020
By Josh Babatunde
E-commerce outfit, Yudala said it is on the way to profitability by 2020 , as it would be the first e-commerce company in Africa to return profits within its first five years of operations.
Disclosing this was the Vice President of the organisation, Prince Nnamdi Ekeh shortly after the Unusual Praise 2017, a gospel concert hosted by the Catholic Church of Divine Mercy in Lekki.
According to him, the facts and figures on ground show that Yudala is on track to set another record in what has been a ground-breaking journey in the Nigerian e-commerce industry.
“At Yudala, our strategy is clear and distinct from anything else on offer in the market today. Our fusion of online and offline is not only futuristic, but one that has being copied by other global e-commerce giants. On the back of this, we have seen a consistent growth trajectory that will see Yudala emerge as the first profitable Nigerian e-commerce company by 2020.
“Furthermore, we are renowned as arguably the most credible source of genuine products in the e-commerce sub-sector today. Every item on the Yudala platform, online or offline, is sourced directly from the manufacturers and this has clearly distinguished the Yudala brand in the marketplace”. Adding that Yudala possess superior logistics and delivery timelines that have endeared it to shoppers.
“As a result, we have consistently seen repeat purchases from our customers. In most cases, we have also been able to win over new shoppers, the majority of whom, having patronized other platforms, have not looked back since their first experience of Yudala. Aligned to the foregoing is the passionate, committed and highly professional team we have in the company, all of whom have continuously displayed the hunger and capacity to deliver on our mandate.
“Finally, we have God. You will agree with me that, with all these factors in place, the sky is just the starting point for us,” he enthused.
“We are aware of the challenges faced by players in the e-commerce sector. Research at our disposal indicates that less than 30 per cent of African e-commerce startups are profitable, with many of them hampered by lack of trust, shortage of financing, logistical difficulties and the largely-traditional approach to shopping still in play among these economies.
“Here in Nigeria, the case is hardly different as we have seen many e-commerce start-ups exit the scene prematurely while the older ones have also consistently posted huge losses.
“However, the story is different at Yudala. This is down mainly to our sound business model and approach. Indeed, while our investors expect us to deliver profits by 2022, our ambition is to surprise them by achieving this milestone earlier,” he said.
Recall that early 2017, the company acquired Yes Mobile, a cosmopolitan high-value retail outfit with a multiplicity of stores in Lagos in what industry watchers described as a strategic duplex acquisition; one which went a long way in showing the level of ambition and determination to lead in the retail space currently driving the company.