LCCI advocates digital presence for B2B transactions

President/Chairman of Council, Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, said businesses would need to undergo unprecedented levels of digital transformation to radically change how they attract and retain customers, market their products, operate within supply chains and provide services.

Idahosa said by 2030, more than 75 per cent of the workforce in Africa and globally will be made up of millennials. They are all digital-minded and grew up with e-commerce as their go-to channel for purchases, he said.

He stated this in Lagos at the launch of Zandaux. According to him, B2B commerce is undergoing profound transformations.

He said traditional sales models are rapidly declining and the majority of B2B sales interactions between suppliers and buyers are shifting to digital platforms.

He said in the coming decade, no goods or services would be sold without a digital shop, buy or self-service option.

“As a B2B organisation, you will have to anticipate that. In Africa, we still have a lot of catching up to do. In Asia and America, almost 70 per cent of all B2B sales are made through e-commerce while Europe is very much lower at about 20 per cent. Africa currently is nowhere near this level,” he said.

Idahosa said Africa has long been a reservoir of untapped economic potential, and that the time has come for the continent to harness the power of B2B e-commerce to unlock new opportunities.

He said Zandaux, along with similar platforms, has the potential to create value by streamlining and expediting cross-border trade, eliminating inefficiencies, reducing costs and facilitating seamless transactions.

According to him, these are the core mandates of the African Continental Free Trade Agreement (AfCFTA) and will catalyze economic growth, foster innovation and empower businesses across the continent.

Besides, Zandaux stands as a beacon of innovation, offering a cutting-edge B2B e-commerce platform designed to empower businesses across Africa.

Chief Executive Officer, Zandaux, Franck Obambi, noted that the innovation behind Zandaux was identifying the inconsistencies and inefficiencies in the supply chain when it came to trading.

He added that the continent possesses a lot of opportunities for seamless trading that are untapped by other platforms and Zandaux was able to address this by providing a way for buyers to acquire products easily and at an affordable cost without the unnecessary stages on the supply chain that are often contributing to the highers prices for the final consumers.

Lagos State Manager, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bunmi Kole Dawodu, while addressing the issue of collaboration and policy making, emphasized the need for strong Public-Private Partnerships, urging stakeholders to proactively engage with the government.

He connected Zandaux’s mission to the broader AfCFTA agenda, highlighting its role in integration.

He stressed the need for ongoing participatory conversations around policies that will foster and support MSME growth.

Chief Executive Officer, Thinkbikes Limited, Tolulope Olukokun, shed light on the pressing challenges hindering intra-African trade, particularly in logistics and currency exchange.

He underscores the untapped potential within the continent and the pivotal role technology plays in overcoming these hurdles.

Reflecting on his positive experience with Zandaux, Olukokun emphasised the platform’s ability to connect businesses across African nations seamlessly.
Chief Executive Officer, Trade Lenda, Adeshina Adewumi, emphasized the pivotal role of technology as an enabler and catalyst for digital transformation. Highlighting that 50 per cent of Nigeria’s GDP is contributed by small businesses, he underscored their key role in fostering growth.

Adewumi commended Zandaux for its commitment to propelling economic growth in Africa, specifically through the promotion of international cross-border trade, unlocking Nigeria’s full potential.