In a display of ambition to extend the usage cases of current and new retailers, Flutterwave has introduced an ecommerce offering.
This is called the Flutterwave Store which is intended to allow small companies to provide an online catalog for their goods to view which take orders.
Users will upload goods, set rates, and in certain instances recruit distribution partners from Flutterwave to pick up and distribute consumer orders.
In fact, the organization would offer $15,000 in credit to tech-enabled companies providing cloud computing in Amazon’s web services.
At its heart, the proposal aims at promoting commerce for business owners who have encountered restricted transactions owing to the limitations on movement imposed by coronavirus lockdowns.
“It’s built to put offline, electronic companies with minimum hassle,” the firm added.
The organization has started to demonstrate its ongoing involvement in expanding into ecommerce with Flutterwave Shop.
CEO Olugbenga Agboola was transparent as they raised a $35 million Series B in January: “We don’t just want to be a payment processing business,” he said.
The business growth program involved the production of more consumer-facing goods. Although the Flutterwave shop is not specifically for customers (Flutterwave has no inventory or warehouse of goods), the firm stands to obtain exposure by its retailers to lots of data on customer behaviour.
Companies of varying sizes in different industries, from schooling to food, already depend on the payment system of Flutterwave. The shop adds more money to the planned drive of the organization to sell premium goods.
Flutterwave Shop is available to those with a Fintech account. Only a new consumer can sign up, build, and name their stores in a series of straightforward steps.
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The hope is the link to the online community is superficial. Businesses having to reconsider their reliance on physical selling may consider this an enticing deal, based on how valuable an online platform might be to the individual business.
Flutterwave also flaunts exposure to foreign markets as a justification for signing up.
As part of Series B, Flutterwave has formed agreements with US financial services firm Visa and FIS. Both agreements also ensured merchants will recognize any African payment in Europe and the U.S.
In July 2019, Alipay, the payment portal operated by Alibaba, Asia’s largest ecommerce group, became transaction partners for Flutterwave. That exposed African merchants to a possible Chinese market of more than 1 billion citizens.
Currently, worldwide production networks experience the consequences of the pandemic. Yet global fintech and ecommerce are preferred by the network of connections that build access channels between markets
“Flutterwave Store has no borders, no constraints and no restrictions,” says the agency. Users can sell directly from the website, as well as accept payments to others.
A convergence between fintech and ecommerce now seems like a inevitable transition from China to Europe and now to Africa all over the world. In South Africa, Yoco has launched a progressive convergence, while Flutterwave is getting the ball rolling in Nigeria and its other regions.