Sparkle Is Nigeria’s Latest One-Stop Shop For Retail Businesses Launched By Former Diamond Bank MD

Sparkle

This is an opportunity to invade Nigeria’s retail sector. Mr. Uzoma Dozie, former Group Managing Director of Nigeria’s Diamond Bank, which was recently acquired by Access Bank sees a big gap here. He is sure that launching Sparkle, a startup that hopes to reduce operational risks of small businesses in Nigeria, is the most timely thing around the corner. Whether it is registering your new company or registering for tax or getting forex or domain names for your businesses, you can do all that on Sparkle.

Sparkle
 

Here Is Why

  • After seeing off Diamond Bank’s acquisition, Uzoma Dozie floats a new firm, Sparkle, to help reduce operational risks of small businesses in Nigeria.
  • Sparkle’s target is to tackle how retailers achieve their daily objectives and scale their businesses.
  • The startup will provide a range of innovative lifestyle services, in addition to typical current and savings accounts that exist in the market. 
  • In particular, Sparkle will deliver customer experience-led support services, ranging from inventory management and invoicing statements to foreign exchange services and a POS-via-mobile function.
  • Set to launch in 2019, Sparkle will release plug-in APIs for the platform, to enhance convenience & service, whereby outside developers can contribute & build solutions. 
  • Powered by AI and Machine Learning, Sparkle is building a dynamic community around Nigeria’s retailers and consumers, influencing purchasing decisions based on user-generated behavioural purchase data. 
  • This will actively support retailers in navigating a better route to market by directing the right consumers their way.

This Will Be A Game Changer, A Major Disruptor For Many Leeching Onto The Retail Value Chain

Expect jobs to be taken away from Nigeria’s company registration agents, among many others currently reaping from Nigeria’s heavily dispersed retail ecosystem.

Performance of Payment Channels by Value of Transaction in Q3 2016. Source: NBS

Sparkle team is also building a digital framework for retailers to register their companies, register for tax and register domains, as it looks to plug the gap in terms of business advisory and regulatory services for retail SMEs in the country.

“Retailers and consumers in Nigeria are currently disconnected; Sparkle is building the solution around its understanding of the challenges of small businesses, which will help reduce the operational risks small businesses are exposed to in their infancy. Sparkle is a product, a community, born out of necessity for Nigeria’s retail landscape. We will connect millions of retailers on a digital platform, providing a service they can trust, that is seamless, and that allows for frictionless transactions across all activities and business services”.

“Having spent more than 20 years building out the retail arm of Diamond Bank, it is clear that there is a significant gap in the market to incubate and roll out a new approach to services for retailers, and at scale; they need a financial & business services partner, not another finance platform.

This is where we stand out from all others. Sparkle is a collaboration between retailer and customer — a support system that will ensure far greater financial inclusion and much-improved access to market, built for many, built to scale,” says Uzoma Dozie, Founder and CEO, Sparkle.

Succeed? Support Is Already Guaranteed By Major Financial Players 

For a man who was until recently Diamond Bank’s MD, the clout is still very much heavy. 

Why Sparkle? Because you can. Because you want to do much more and businesses want to be much more. http://bit.ly/sparklinglife @NgSparkl, Mr Dozie wrote on his Twitter Handle

The startup has already entered into partnerships with Visa, Network International, as well as PricewaterhouseCoopers. They will also be working with Microsoft.

Retailers contribute 33% to total GDP and 45% of total employment in Nigeria and are a critical part of powering the Nigerian economy, however services available to small businesses have not been best suited.

Sparkle has identified lack of funding, poor access to market/network and lack of business training as the primary challenges for the sector, which is why the new platform will also provide access to mentorship and development.

“Technology adoption is the only way retail can scale in Nigeria.’’

“Technology adoption is the only way retail can scale in Nigeria. We are in a new, digital economy. Retailers, individuals, and businesses need the space and bandwidth to be creative and to build their business; we are building Sparkle as a wrap around for what they are already doing and we are leveling the playing field for all Nigerians, democratizing access and helping SMEs create their own luck. Sparkle is for the many, not for the few and as we continue to build out the platform,’’ Mr Dozie said.

During his tenure at Diamond Bank, Uzoma was responsible for ensuring technological innovation was central to the institution’s growth strategy. From 2014–2018, Diamond Bank’s mobile app adoption rates grew from 206,000 to 3.3 million, and he simultaneously focused on aggressively growing the bank’s retail arm to include 18 million MSME customers.

See Also: Lessons Startup Businesses Can Learn From Nigerian Diamond Bank Merger

Keen to pioneer diversity and financial inclusion, the Sparkle team has also identified women as a key demographic to collaborate with, as they play a key role in the new economy, with high adoption of tech to leverage on the flexibility of driving new businesses. Women are also essential in staying in touch and connecting with their millennial families.

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

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The age of ‘retailtainment’: how digital disruption is driving trends in physical retail décor

retail

The growth of e-commerce has already transformed the retail landscape and with double-digit annual growth predicted into the next decade

Canon, world-leader in imaging solutions, deciphers the importance of the settings and ambiences of physical shops as they become more than just a buying space, an opportunity for the brand to build and maintain relationships with its customers. We know that customers are becoming more and more demanding and that is why brands must be able to quickly develop their concept and this adaptability is made possible thanks to digital printing.

The growth of e-commerce has already transformed the retail landscape and with double-digit annual growth predicted into the next decade, this disruptive force shows no signs of abating. Yet although almost a third of consumers report shopping in-store less often, just under 90% of worldwide retail sales still take place in physical stores, reflecting their enduring appeal for both retailers and consumers.

For retailers, physical stores play a role in sales 79% of the time and excel at converting interest to sales and increasing the value. For consumers, shopping in-store provides things digital cannot; the atmosphere, face-to-face customer service and the ability to see and try products.

From the perspective of the consumer, shopping is about customer experience, not channels. This is why the movement of consumer spending from bricks-and-mortar retail to e-commerce doesn’t mean the end of physical retail. In fact, it is driving the transformation of physical retail into an immersive experience and opening opportunities for specialty print service providers (PSPs).

The new role of physical retail

Most retailers that continue to thrive are those embracing ‘omni-channel’ strategies; focusing on delivering a seamless customer experience across every channel where they have a presence – physical stores, catalogues, e-commerce, mobile, social media and more.

In this omni-channel scenario, physical and digital touchpoints must complement one another to deliver a unified journey. This, combined with customer expectation of greater personalization and preference for experiences over things, is driving a fundamental change in the role of the physical store. Clever retail brands capitalize on their stores’ ability to engage shoppers with the emotional and multi-sensory experiences that are missing from online purchases.

For design professionals and service providers active in retail décor, physical retail’s new role represents an exciting opportunity to create spaces where customers want to spend time.

From functional store to immersive brand experience

‘Retailtainment’ and ‘the experience economy’ are concepts that originated almost three decades ago but have only really begun to transform the retail landscape in the last 10 years. With retailers increasingly competing on the basis of ‘time well spent’ instead of just product or service offering, the retail landscape is moving towards showroom-style environments that encourage consumers to experience products or stores in which cafés, events or workshops invite shoppers to linger.

Cycling brand Rapha, for example, calls its 22 stores around the world ‘clubhouses’. They are cafés that screen live cycling, have programmes of events and rides and also sell the brand’s high-end cycling clothes and accessories. Italian food brand Eataly’s stores provide a space in which people can eat, shop and learn about Italian food, combining groceries and kitchenware with a café, restaurant and cooking school in more than 20 stores globally.

The vital role of décor in an immersive retail

Delivering both atmosphere and sensory appeal, interior décor is an essential consideration when creating an immersive experience that encourages consumers to spend time as well as money in-store. 59% of shoppers want an inviting ambience in-store and 51% of consumers are more likely to buy from brands whose stores are ‘interesting or different’, rising to 63% for consumers aged 18-34.

Driving footfall

Retailers seeking to stimulate repeat visits from consumers and attract new clientele need to refresh store environments regularly to make them visually enticing, keep up with changing fashion trends and maintain the surprise factor to encourage footfall. The flipside is that tired retail interiors can quickly turn off consumers and send them to competitors.

Encouraging dwell time

The décor of physical stores and pop-up retail spaces is becoming an important part of the customer journey. In addition to ensuring that shopping in-store is visually consistent with every other touchpoint where customers interact with a brand, décor has an unparalleled ability to create a welcoming ambience and make a space a pleasant place to spend time. Indeed, unless a brand specifically wants to lead with convenience, the best store designs are those that make consumers want to stay.

This is why we’re increasingly seeing décor being used more to create a branded experience and encourage dwell time than to directly drive sales. If you look at children’s clothing retail, examples run from a life-sized doll’s house in French brand, Bonpoint’s, children’s store to a playground that runs through the displays in Spanish brand, SuperMoments’, Valencia shop. In both these examples, retail décor is simultaneously creating an experience reflecting the ‘personality’ of the brands, and encouraging consumers to spend more time in the brand environment.

Enabling connected experiences

Almost half of the consumers’ inspiration for purchases today comes from social media, but its power is even greater when you consider that the most persuasive source of information for shoppers is recommendations from family and friends – that’s who make up most consumers’ social networks! So it’s no surprise that retailers are trying to engage shoppers on social media while in-store.

Mobile-empowered shoppers are taking more photographs in-store, so retailers are incorporating design features that encourage social sharing – from purpose-built selfie opportunity areas to ‘shareworthy’ fitting rooms. London department store Selfridges, for example, promotes “selfie sticks and Instagram-worthy backdrops” in the fitting rooms of its third-floor Designer Studio. This phenomenon also demands that interiors are regularly updated and kept looking fresh.

The opportunity for print

Retailers need pragmatic solutions that can create a particular ambience or reflect what is ‘trending’, but with minimal disruption and waste and often within tight budget constraints.

This plays to the strengths of digital print in terms of flexibility, turnaround time, cost-effectiveness and sheer diversity of materials. In turn, this creates exciting opportunities for PSPs, whether they come to retail décor from a background producing retail display graphics or bring décor expertise from other segments such as hospitality.

With contemporary media, digital print and finishing technology, PSPs can offer a diverse range of creative and functional retail décor applications from bespoke branded wallpaper and creative pop-up displays and features, to comprehensive retail refits comprising wall coverings, window and floor graphics, and branded surface décor on counter tops, changing room doors and so on.

The PSP’s ability to realize the retail brand owner’s creative vision and ensure that the décor elements can withstand the physical stresses of the retail environment should mean that customized printed décor is a key element in creating more welcoming, immersive and captivating in-store experiences

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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