OmniRetail, a Nigerian B2B e-commerce startup, has emerged as the beacon of growth in Africa’s corporate landscape.
The Financial Times’ latest ranking of the fastest-growing companies on the continent has placed OmniRetail at the pinnacle, with an astonishing revenue surge of 772.39% in 2022, reaching a valuation of $139.8 million.
The runner-up, Kyosk Digital from Mauritius, also a B2B platform, has made significant strides by facilitating connections between retailers and FMCG manufacturers.
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It boasts a commendable 647.37% CAGR, translating to revenues of $155 million. Not far behind is South Africa’s Resourgenix Pty Ltd, an employment services firm, which has demonstrated robust growth with a 542.65% CAGR and revenues of $33 million.
Nigeria’s fintech landscape well represented
Nigeria’s fintech landscape is well-represented with Moniepoint and Afex Commodities Exchange, rounding out the top five with revenues of $149 million and $415 million, respectively. These figures underscore the burgeoning potential of Nigeria’s digital economy.
The 2024 edition of the Financial Times ranking reveals a diversification in the African corporate sector. Of the 125 companies listed, 42 hail from South Africa, 25 from Nigeria, with Kenya and Morocco each contributing 12 entities. This distribution reflects a growing confidence in Africa’s varied markets and a departure from the concentration of startup funding in South Africa, Nigeria, and Kenya in previous years.
The dominance of B2B startups is a testament to the continent’s evolving business models, particularly in e-commerce, disrupting traditional retail distribution channels.
While fintech firms like Afex and Moniepoint topped the 2023 list, this year’s ranking highlights the increasing prominence of e-commerce entities, signalling a shift towards digital solutions that cater to the unique demands of African businesses.
As the continent continues to embrace technological advancements, companies like OmniRetail are leading the charge, redefining the African economic narrative and setting new benchmarks for growth and innovation. The Financial Times’ recognition of these enterprises celebrates their individual successes and shines a light on the collective progress of Africa’s vibrant corporate sector.
About OmniRetail’s business model
OmniRetail’s business model centres on omnichannel retailing, a fully integrated approach to commerce that provides shoppers with a unified experience across all channels or touchpoints. This model allows merchants to reach customers where they want to buy products, whether in physical stores, on mobile devices, online marketplaces, social media, or through retargeting ads online.
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The key benefits of omnichannel retail include connecting with customers on any channel, creating more personalised experiences, and building a robust and coordinated presence across all touchpoints. This approach acknowledges that the customer journey is not linear but rather an intricate web of interactions across online and offline channels.
OmniRetail likely leverages technology to synchronise online and in-store inventories, offer in-store pickup for online purchases, and use mobile apps for personalised in-store experiences. This strategy is designed to meet the expectations of modern consumers who value convenience and the ability to engage with brands and buy products whenever and wherever they want.
By adopting an omnichannel strategy, OmniRetail provides consumers with an ever-growing platform of content, offers, and community-based interactions, turning occasional interactions into part of their lifestyle and making the brand experience more extensive and integration.