440 Technology Limited, an AI-powered shopping aggregator, is set to scale its operation by targeting Africans in diaspora in third quarter (Q3) 2024.
The company said that the move was to address a critical gap in the market to revolutionise how Nigerian consumers and retailers discover products and deals globally.
“440 aim to scale its operations globally, with a particular focus on the African diaspora. Beginning in Q3, we plan to launch a selective diaspora rollout. Nigerians abroad are requesting orders from merchants back home in a trusted, digital, and hassle-free manner. We believe we can be that platform that simplifies the commerce experience for Africans globally,” Gracious Akande, CEO, 440 Technology, said during a recent media parley.
Akande disclosed that 440 Technology Limited is a pioneering shopping aggregator that connects Africans to millions of products, deals, merchants, and payment opportunities across over 100 countries.
According to Akande, the platform is accessible on the Playstore and Appstore, is poised to become an indispensable tool for Nigerian shoppers and merchants, fostering economic growth and streamlining global commerce.
She also said that the company has identified a significant challenge faced by Nigerian merchants and small businesses that are faced with inefficiency of scouring multiple international platforms to find the best products at competitive prices online.
“440 developed a comprehensive mobile app that aggregates data from over 10,000 international stores spanning more than 100 countries. This platform offers users access to over 100,000 daily deals and discounts, streamlined through advanced API integration and an AI engine designed for real-time price discovery and comparison,” Akande said.
According to her, Nigerian merchants struggled with international payment complexities, frequently needing to source foreign currencies, and rupees, while grappling with unpredictable exchange rates in addition to logistical nightmare
“Our merchants were spending countless hours navigating through platforms like Alibaba, Shein, Amazon, and Aliexpress. This often required downloading and using numerous apps, making the process cumbersome and time-consuming.
“Merchants were constantly scrambling for different currencies to pay for their products, contending with speculative exchange rates,” Akande said.
Elijah Ogunle, COO of 440, said that as mobile and social commerce continues its rapid ascent in Nigeria, accounting for over 70 percent of online transactions and with the sector expected to reach US$20 billion by 2025, 440 is set to make significant waves in e-commerce trajectory in Nigeria.
“We don’t aim to compete with global e-commerce giants. Instead, we bring every marketplace together on one platform. This unified approach simplifies the shopping experience, enabling users to interact with a single app to shop from a multitude of sources, including Alibaba, Flipkart, Shein, Instagram, eBay, and Jumia.
“One of the standout features of 440’s platform is its ability to facilitate payments in local currencies. This innovation eliminates a significant barrier for many Nigerian consumers and retailers, who previously had to deal with multiple currencies and fluctuating exchange rates. The platform’s intelligent curation ensures that users are consistently presented with relevant and affordable options tailored to their preferences,” Ogunle said.
He disclosed further that 440 have found that 89 percent of its customers appreciate being notified when deals in their preferred product categories appear. He said that they also benefit from connections to affordable logistics services for delivery, which further enhancing the platform’s utility.
