lost his father at a young age, working hard and dreaming big was not an
option. Watching his mother toil for a meagre salary fuelled him to
envision a happy, successful future which led him to found Payporte. Eyo
Bassey, astute and futuristic; brave and entrepreneurial understands
the craft of e-commerce.
Nigerian e-commerce brand that is setting standards for competitors.
Young, suave and intelligent, he become one of the most promising CEOs
to emerge from Nigeria. He speaks with Azuka Ogujiuba about his brand, the opening of the Payporte offline store, and what makes him tick.
Payporte, Nigeria’s preferred online store. I’m a software developer, a
tech entrepreneur, and I’m currently running some internet businesses,
and Payporte is one of them. I’m happily married with three kids.
when I was 11 and my mum tried her best for my siblings and me. I
couldn’t do a lot of things that my mates were doing because I was on
the streets hawking one thing or the other. I once hawked in a bank
called Bank of the North, now Unity Bank.
enterprising at a very young age. My mum also inspired me because as a
civil servant, her salary couldn’t do much. She was earning N240 at the
time my father died and half of that went to my school fees. This made
me very determined and I made sure I worked hard to support my mother.
thing she had as collateral to help me secure a N15 million loan from
the bank to kick-start my business. Apart from God, my mum is my pillar
and she still stands by me and encourages me to date.
Payporte, I actually underestimated the risks involved in setting up an
online and e-commerce business in this part of the world. As time went
by, we were determined and we had the numbers cut out for us, in terms
of the future of e-commerce in Nigeria – that always kept us going
regardless of the bumps along the way.
was convinced about doing it in Nigeria. I was also very passionate
about it and of course, I was also convinced by God. So with regard to
what kept us going, we knew e-commerce was just getting started in
Nigeria. We had a prospect of over 100 million people every week on the
Internet in Nigeria and those were our potential customers. We also have
an average of 35 million people every day on the Internet. Even if we
were to attend to 10 per cent of that which is about 3.5 million people,
we wouldn’t even have the capacity to attend to this market. So, we
knew that if we were able to get our acts right, to overcome the bumps
along the way, we were sure that it was very good business venture to
get into. The numbers have always and still look very good to us and
that’s why we are still in the business.
fact that we studied the market, and we are truly a Nigerian brand. So,
we clearly understand what the market is looking for. Payporte is
known for its low prices; our goods are very affordable. Payporte is
known for its ‘1k Store’ every Monday; so people can buy things for as
low as N1,000. We’ve been running this for almost a year. Every
Wednesday, Payporte also runs the ‘Happy Feet’ – our promo for shoes.
These are the stores where we get to sell goods at unbelievable prices.
So pricing is one of our differentiating factors. Another factor is
prompt delivery; other market players came up with the Market Place
Model. Market Place Model being that people come and lease products on
their site and they sell it; however, people don’t honour service level
agreement, thus Payporte decided to do it differently.
lease products on its site; it owns at least five pieces of each goods
and keeps them in a warehouse. This is to ensure that the delivery of
such products do not exceed 24 hours. Another differentiating factor is
the Payporte team; they are very passionate and dedicated to their work.
The average age of the typical staff in Payporte is 25 and they all put
in their best to ensure that everything goes on well.
year if there was no patronage. Payporte is also known for quality. As a
matter of fact, Payporte, as of January this year began to produce its
own apparel. Eighty per cent of the apparels seen on Payporte are owned
by Payporte. With this we are able to deal with the issue of standard.
We have two operational offices in the US; in Philadelphia and LA, in
the UK; Manchester, and in Guangzhou, China. All these are done so we
are able to maintain quality and standard. And of course, all our goods
are filtered through our quality control department that ensures that we
maintain high quality.
always reinforce what has worked for us and we diminish what hasn’t. Two
years ago, Payporte tried its first offline sales in Lagos, and in
three days we sold what we haven’t sold in nine months – we thought this
was because it was in Lekki so six months after, we took it down to the
mainland, Ikeja to be precise and we made more than double of the sales
we made in Lekki. We again thought it was because we held it in Lagos
and decided to take it to Ibadan and that was the crisis. We had to
create a schedule on how people would come in and go out because the
whole place was flooded with people. So that was a major eye-opener for
us. We were sure that people want Payporte’s products and want to
interact with it in a different way and we listened to that. So we went
ahead and came up with a road map to open five offline stores in
Nigeria. Already we have two in Lagos, one in Abuja, one in Port
Harcourt and one in Uyo. The Lagos offline store will be opened in a
fortnight. We’ve put state-of-the-art facilities there that will enable
people have an interesting and pleasant shopping experience. We are
currently stocking the shop and it would be opened to the public. So
basically, the offline store came from the feedbacks we got during our
stocked with fashion items and no gadgets for now. We will include
gadgets and electronics in another two months. It’s located at Lagoon
Mall opposite The Palms.
to effectively reach out to our customers. One thing that kills
e-commerce companies in Nigeria is inappropriate marketing techniques.
When we came into the space, we heard that people spent almost N2
million everyday on marketing and it was scary. What inspired us was
that we were looking for our customers where they are located. And we
found out that they are located in sports and entertainment. We decided
that Big Brother Naija would give us the bang and help us close up the
gap massively on other market players. One thing a lot of people don’t
know is that we have sponsored Big Brother before, even though we were
not the title sponsor. As soon as we knew that was where our customers
will be sitting, we joined them. We’ve been working closely with DSTV
and Multichoice for two years to bring Big Brother to Nigerians. We were
also involved with the content that was beamed to Nigerians. Also, we
asked for Big Brother Nigeria. We didn’t want Big Brother Africa. We
wanted it targeted at Nigerians. Payporte is a proudly Nigerian business
and so we are looking for ways to impact young Nigerians. Fourteen
housemates were in the house and we are grateful that we were able to
impact their lives even as they brought killer entertainment to
Nigerians. We are proud in Payporte for being associated in bringing
this size of entertainment to this side of the world.
staged in South Africa, we initially felt the way most Nigerians felt.
So we took a tour to South Africa and on getting there, we found out
that there was a history with Big Brother Naija there. Ten years ago
when Big Brother was hosted in Nigeria, there’s was a power outage for
four hours and as Payporte, we were not going to be associated with
that. The English Premier League we watch – which is one of the biggest
contents – is played in England and we watch it here. The world is now a
global village, what is most important is that content is beamed to
viewers and quality content for that matter. Nigerians deserve the best
and Payporte went out for the best.
understand is the entire production was by Nigerians. Every equipment
and gadget in the house was from Nigeria. The brooms used to sweep were
from Nigeria and Payporte was involved in providing most of these
things. The show was taken to South Africa for logistical reasons but
that does not take away from the fact that it was a Nigerian show
sponsored fully by a Nigerian company. By the way, this is the first
time it would be sponsored by a Nigerian company.
get all the logistics right. The problem is not the house; we have finer
houses in Nigeria. From the house where Big Brother was beamed, there’s
an eight terabytes of fibre cable that carries data almost real-time
from where the show is happening to Mnet office. We don’t have anyone
that has invested in content infrastructure in Nigeria. People that have
invested in content in Nigeria have studios at the most, then they
bring an OB van and try to beam. But where we are, we have an
eight-terabyte capacity with a fail over on microwave that beams this
signal to over 51 countries. This is a wake-up call for content
providers who are looking at investing in content infrastructure.
Payporte is an e-commerce store, we can’t go ahead to invest in content
infrastructure. On sponsoring the next Big Brother, of course, Payporte
will bring Big Brother to Nigerians. We are going to bring it back
better and bigger in association with our other partners, Multichoice
called ‘pay on delivery.’ Someone orders for something and clicks cash
on delivery. The person had invested in the entire value chain:
procuring the product, packaging the product and putting the product on
the way to the address where it would be delivered. Only to get there
and there’s no one to pick it up, or you call the person and he says he
doesn’t want the product again. Who runs a business that way? Initially
‘cash on delivery’ was important because internet penetration was a
problem, POS terminal weren’t working. There was an issue of trust and
so on. If Payporte can bring the biggest show in Africa to Nigerians
then Nigerians should trust us to be able to deliver their dresses,
phones, gas cookers and more. Overtime we’ve earned that trust and we
are grateful to Nigerians for trusting Payporte. With this we’ve been
able to suspend and end cash on delivery. Another problem is that there
are no e-commerce experts in Nigeria with regards to online retail
business. People come with ideas from Germany on how to run e-commerce
in Nigeria and they failed. They failed because the environment we find
ourselves is unique. So finding the right hands and people to drive the
business is a big problem. Human capital is a major problem.
last time I checked, it’s almost 300 hundred pairs. No kidding, I have a
room filled up with shoes; but my most expensive fashion accessory
would most definitely be a wristwatch. I don’t know why they are so tiny
but yet very expensive.
your dreams are not bigger than you, if your dreams do not scare you,
you have not started. The truth of the matter is you must be determined
against all odds. The second year into starting Payporte, the country
was hit with recession. What can be more challenging than that? So,
Nigerian youths must be very determined and be sure they are doing what
they are called to do because when the challenges come, what will keep
you going is when you have a clear-cut vision. Once you are able to
establish that, you are fine. Lastly, young people must be wary of
friends. I’ve made sure that I’ve chosen my friends carefully and that
has helped me. I drive my brand new car one day and someone tells me
that I’m bigger than the car, that I should be driving the 2017 version.
So youths should choose their friends carefully, be