The online retail space in Nigeria has become a gold mine as electronic retailers are now jostling for market supremacy. The online stores that are competing for market share are RyteDeals, Jumia, Konga and Dealday etc with RyteDeals fiercely challenging the established ones for market domination. A wholly-owned indigenous firm, RyteDeals is the latest addition to Nigeria’s flourishing online retail space.
To win the war of market dominance, a subtle price war has begun among online retailers and they are jostling for the attention of Nigeria’s online teeming shoppers. Already, RyteDeals offers up to 75% discount on products and services purchased at www.rytedeals.com. The company has developed its strategy in alignment with the strong positive sentiment toward online shopping in Nigeria among the over 40 million Internet population, many of who live in urban centres.
Aside from pricing strategy, RyteDeals and others offer flexible delivery regimes, cash-on-delivery and discounts to grab market share. According to a statement from RyteDeals and signed by the Managing Director/CEO, Victor Alaofin, fifty-seven per cent of the 40 million Internet population in Nigeria will continue to make purchases online, as long as “it offers the best value always”.
Read also: Analysts rate Dangote high on the Stock market12-month scorecard
Among products on offer at RyteDeals are cars, properties, gadgets, health & fitness. Others are food, electronics, clothing, medical services, training, events, tours, and accessories. He said that there are opportunities in the country’s e-commerce space and more Nigerians are willing to shop locally because shopping online is “faster, convenient and cheaper”.
An initiative of Ryte Internet Technology, a proudly Nigerian IT company with a focus on using the internet to benefit its teeming customers, RyteDeals commenced operation on June 10, 2013. “RyteDeals is the most efficient customer acquisition open scheme to businesses anywhere in Nigeria. We assist companies to promote their products and services in the most cost-efficient manner. We give products/services intense online exposure for a minimum of 7 days. This could be more depending on the value of the service or product in question”, he said.
Concerning competition, he said RyteDeals is a value-driven company and that the company has a wide range of ideas and structure to serve its customers better. One of these ideas is “dial-a-deal”, through which customers can dial a phone number to get ‘enhanced, convenience service’. Business owners, he said, equally have the opportunity to get the “Ryte customers, market recognition and reach for their products and services”.
RyteDeals are promoted primarily online via a subscriber-based daily emailed newsletter and it has reached several thousand Nigerians daily with the best value deals in the country. It has a very strong social media presence and offers offline sales via a strong nationwide agency network.
