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Cokodeal press release Featured

Taking up the Intra-Africa trade to global market

Cokodeal.com is taking up the intra-African trade challenge innovatively with its newly upgraded platform to feature countries in Africa local product and pricing.

The technology looks similar to an ecommerce or alibaba.com and allows you to upload goods in African local currencies from 12 African countries. The cokodeal software quickly identifies your region with suitable currency to upload goods and converts it in real time to US dollars, pounds, euro and 12 African currencies. It is real time with market rates which allows different countries to understand product pricing from different regions without need for business owner doing any personal conversion, to also know the origin of each goods and compare with local market price for economies of scale. The cokodeal platform provides different homepage for each country, while all goods can be accessed worldwide on one platform cokodeal.com.

The entrepreneurs, started the idea in the UK, before moving to Nigeria, aimed at serving the African markets goods only, recently featured at SpeedUp Africa 2016 in Accra amongst Africa’s most epic founder bootcamp hosted by Draperdarkflow, 500startups, and Singularity University.

Changing the game

 The idea was born out of a conceptual wrongly perceived Africa from the western view as a dominantly consuming continent, with nothing much to offer the world.

The duo started working together on the project while on MBA course at Wales. It was observed that when we search the internet for locally made goods in Africa, seldom find any reasonable results. Also taking note that Africa houses some of the best minerals, agro produce and crafts. To see Africa rise, it will grow through trade and not aid.

It poses to be extremely difficult to believe the amount of goods unique to Africa that the west does not know where to find them, in what quantity or whom to contact as a trusted business. Gave birth to cokodeal to expose and showcase vast variety of offerings unique to Africa to the world for Africans to trade within itself and to global markets as a trade hub.

Turning Point

For years the founders self-funded the development of cokodeal from initial savings and other side businesses run, and invested upwards of $100,000. Joined a 3rd co-founder Simeon Nofa to handle the marketing and few staffs. They struggled to find external funds early as software still had lots of bugs, as they relied on side hustle, family and friends for livelihood.

It turned out after much business model detailing that the business needed network, access to markets and access to strong partnerships at this stage. NOT FUNDING.

Doing what most ecommerce don’t

Not only do cokodeal run the multi-regional platform, but also gives advice and insight to its merchants on how to improve their businesses, offers wide array of trade facilitation to ease the process for businesses to transact within Africa and with the world. With its TRADE CONSULT, it hosts a service to guide businesses with the right documentation, fees, standards and procedures for businesses depending on its sector.

With this we are aiming to see a shift of informal trade which accounts for over 50% of most trade in Africa where governments seldom earn, to a more formal trade to improve the operation for the businesses with less charges to earn more and generate revenue accordingly to countries.

Cokodeal operational costs are minimal, as it doesn’t warehouse nor handle logistics directly but through 3rd party.

Mike said a business owner needs to setup a website to promote its goods which will cost an average minimum of $750 with technical cost and operating staffs. Or use traditional media to promote its goods which is very expensive and often just a one off advert.

Now with cokodeal.com businesses can reach same audience at free or low cost, while the goods are available for search always.

 

We believe what has been holding intra-Africa trade back to an average of 12% is not just infrastructure but market access to goods at the right price and quantity with a trusted trader.

With cokodeal businesses producing in Africa can easily find buyers across the globe and sell their goods on the platform.

 Huge growth potential.

Cokodeal is the first intra-Africa trade platform specifically for goods sourced only in Africa. Presently host hundreds of merchants on its platform. Trading goods ranging from leather, textiles, agricultural products and crafts. As it aims to grow and deepen its reach in other African markets.

The intra Africa trade and export trade volume in Africa a year is a $50billion industry according to the president of Afdb Adesina and under tapped digital commerce.

For cokodeal to stay in business, it charges subscription fee for each store maintenance and promotion aside from stores that choose to stay as free subscriber. Charges a percentage on digital advertising for businesses that want to drive quick sales. And finally charges on trade facilitations.

Cokodeal is working on a partnership with DHL to handle its global delivery with its robust networks.

For interstates, we employ cargo buses to deliver bulk goods, more also with its recent partnership with swiftly.com a tech logistic delivery company to deliver goods by freight to speed up the time goods move from source to receiver and bypass many unlawful charges that hinders trade, while helping government to secure due revenues for the custom and other IGR bodies.

So far it has generated some successes of finding buyers for its clients within Africa and Europe according to CNBCAfrica in an interview with Mike (CEO).

“And we want to franchise this around Africa. We already have requests from 3regions… The possibilities are endless for this because partners can easily setup in most African countries and start trading the next day.

By Raymond A

International trade and export specialist. Content manager at cokodeal.com

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