Photo - Making buying and selling easy and seamless for students
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Making buying and selling easy and seamless for students

Nigeria
Market: Internet and IT, Information and media, Trade
Stage of the project: Prototype or product is ready

Date of last change: 21.08.2019
Min investment
$  5.000
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Total required
$ 100.000
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Idea

Jaania is a classifieds ad platform targeted at the student community aimed at strengthening the buying and selling network in and around the Institution's environment.

Current Status

We have built the portal and currently making minor implementations according to user feedback to make it more attractive to our customers. We had a little promo via minor what's app messages which gave us early bird users of about 20 people. The site currently has some products on them showing that people would and are interested in using our platform.

Market

The target market includes students in all tertiary institutions within Nigeria for now, who are made up of both young and adult males and females, business owners, sellers, service renderers and many more with the student community which is estimated at 2.1 million students nationwide.

Problem or Opportunity

The major problem Jaania seeks to address is the difficulty in the sales of goods and services in and around campuses and tertiary institutions nationwide. They make use of whatsapp platforms which is not effective as their target/potential customers are not always in same groups as they.

Most even have there ads and products washed out of eyes reach as a result of inflow of other Whatsapp ads in such groups. They spend so much time and get little or no buyers. Some don't even have a smartphone to put up such ads.

Solution (product or service)

Jaania bridges the gap there as its both a listing and e-commerce platform targeted at students and business owners around tertiary institutions. The services are also extremely affordable on the site, making it look like its almost free to use our services. You don't need a smartphone to even list a good with us, as you can access a cyber café, or even a Jaania agent at your location and have them upload your ads for you. All you need is his a mobile phone to receive calls from potential buyers.

Competitors

Direct competitors here include OLX Nigeria (www.olx.com.ng) and Jiji (www.jiji.ng). They offer same service as we do in terms of classifieds, but their platforms have been over run by scammers. We have watched and studied our competitors over time and from their mistakes carved a niche for ourselves (targeting students). They serve everyone, a wide variety, so there is no control over who can use the platform, and the fact that it is free and lacks proper moderation gives users the privilege to carry out mischievous activities. There are also so other mistakes they made that we capitalized on like ad expiry so that users get to see only active ads and so much more.

Advantages or differentiators

Advantages and Differentiators
1. Our services are cheap with the lowest at N200, every business owner can get his/her products out there.

2. We offer an updated catalog of active listings and a wide range of categories to choose from.

3. We offer premium listings at no extra cost from what's already paid.

4. We keep our users up to date with promos, coupons, newsletters, discounts and more to keep them coming back

5. We have tailored our services to get to our primary target being the students.

6. We offer effective moderation and ban of suspected scanners and dispute resolutions to keep the platform clean and our users happy.

Finance

In local currency which is Naira. We would have our primary services on the listings/classifieds part of the site, costing from lowest to highest 200, 300, 500 and 1,000.

While on the e-commerce part of the site, we would charge 1% of every good sold.

Quarterly from a steady userbase of 3000 users, we would be expecting a revenue of N4,500,000. That's for just 3000 users. In a year keeping up with this trend, we would have generated a revenue of 54,000,000 Naira, and in 5years if so to assume that the inflow of users cancels the outflow and we are still left with 3000(which is highly impossible), the revenue generated would be 270,000,000 Naira.

Business model

We would make use of the subscription based and peer to peer business models. We would first of all after determining our target market, which has been done, engage them in mind blowing advert campaigns that would pull them to subscribe to our services. Once on the platform, they can sell their products while we market the platform to potential customers and consumers who would patronize them. From the point of establishing a connection between buyer and seller, the peer to peer model takes over as we are not directly involved in negotiations. Our major stream of revenue generation is from seller subscriptions to list their products with us.

Money will be spent on

Money would be spent on the following:

Setting up mobile kiosks for agents in tertiary institutions nationwide.

Marketing, Publicity and Branding from outreaches to campaigns, television and media adverts, billboards as well as promos and discounts to users.

Getting an office space for daily operations as well as customer needs

Setting up logistics locally and internationally

Incorporation of the organization according to operational laws

Further Marketing Research

Developing cross platform mobile apps and maintenance.

Offer for investor

Investors of minimum 5000$ would get 1% ownership in the company which promises alot in the near future. 10,000$ would give 2% ownership and so on.

Investor of 100,000$ would get the whole 20% ownership.

Team or Management

Risks

One of the risks associated with this business is failure to deliver on our part in the event of low finances leading to poor publicity which in turn reduces awareness of the platform.

Another is in the event of the rise of a new competitor, which we aim to eliminate by establishing our grounds early.

Incubation/Acceleration programs accomplishment

Participation in Tony Elumelu Foundation

Participation in Anzisha Prize

Participation in YouWin Connect Program

Product Video

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address