OLX Shuts Down Office In Nigeria - Business (2)

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Why We Are Closing Our Nigeria Office - OLX / OLX Shuts Down Office In Nigeria… See Full Details!!! (2) (3) (4)

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Re: OLX Shuts Down Office In Nigeria by Kobicove(m): 8:05am On Feb 07, 2018

This is not good for e-commerce in Nigeria

Re: OLX Shuts Down Office In Nigeria by descrisom(m): 8:05am On Feb 07, 2018

Verifications...time to rub people
People should just becareful of the details
they collected.

Re: OLX Shuts Down Office In Nigeria by Seequadry(m): 8:06am On Feb 07, 2018

Hnmmm

Re: OLX Shuts Down Office In Nigeria by CaptainMarvel(m): 8:09am On Feb 07, 2018

AishaBuhari:

Forget Ghana, Talk Naija - Or Are We No More The Giant Of Africa?

This is a public forum and a whole lot of people here learn a lot from here. We should be objective I'm our assertions.
The guy above who made the statement about organic growth has no doubt within minutes enlightened many people out here.
Thanks

5 Likes

Re: OLX Shuts Down Office In Nigeria by babino22: 8:10am On Feb 07, 2018

I know it will soon show up here since yesterday.

it is important to note that you can still perform your normal buying and selling it's just that the whole moderation will be done from SA.

1 Like

Re: OLX Shuts Down Office In Nigeria by OboOlora(f): 8:11am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

Chai c person with sense. Can I buy u a drink? embarassed

4 Likes

Re: OLX Shuts Down Office In Nigeria by dingbang(m): 8:14am On Feb 07, 2018

BruncleZuma:
They have refused to Pivot...that's the first rule of startups...if X ain't your thing pivot.

explain this pivot thing please

2 Likes

Re: OLX Shuts Down Office In Nigeria by BruncleZuma: 8:17am On Feb 07, 2018

dingbang:
explain this pivot thing please

If igbo pass your power smoke cigarettes, if chewing gum too expensive buy bitter kola...but in all do something. That is pivot in laymanese .

grin

When you switch to a different business model or idea to help bolster your startup or business.

3 Likes 1 Share

Re: OLX Shuts Down Office In Nigeria by dingbang(m): 8:19am On Feb 07, 2018

BruncleZuma:
If igbo pass your power smoke cigarettes, if chewing gum too expensive buy bitter kola...but in all do something. That is pivot in laymanese .

When you switch to a different business model or idea to help bolster your startup or business.

confam.. I get it now

Re: OLX Shuts Down Office In Nigeria by Nobody: 8:22am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

Best comment so far so good.

Re: OLX Shuts Down Office In Nigeria by chronique(m): 8:26am On Feb 07, 2018

As much as this is not a very good news,it's a plus to me. With Olx shutting down, I'd have lesser worries when launching out. Olx would have been a money spinning venture but they refused to think outside the box. A little bit of tweaking here and there,would have done the trick.

1 Like

Re: OLX Shuts Down Office In Nigeria by Mayflowa(m): 8:30am On Feb 07, 2018

kagari:
I saw this coming, it's not customer funded so it can never be sustainable on the long run

They are not shutting down the website. They want to cut jobs in Nigeria while operating the website maybe from South Africa. They want to make more money knowing there is no regulation that ask them to keep Nigeria office opened

7 Likes

Re: OLX Shuts Down Office In Nigeria by Nobody: 8:31am On Feb 07, 2018

always re invest your profits in the biz, dont use profits to buy cars, build flashy edifice and do useless PR ,investing on drug fuelled celebrities.

2 Likes

Re: OLX Shuts Down Office In Nigeria by BiafranBushBoy: 8:37am On Feb 07, 2018

BruncleZuma:
If igbo pass your power smoke cigarettes, if chewing gum too expensive buy bitter kola...but in all do something. That is pivot in laymanese .

When you switch to a different business model or idea to help bolster your startup or business.

I just learnt. Thanks.

Re: OLX Shuts Down Office In Nigeria by babino22: 8:37am On Feb 07, 2018

Mayflowa:

They are not shutting down the website. They want to cut jobs in Nigeria while operating the website maybe from South Africa. They want to make more money knowing there is no regulation that ask them to keep Nigeria office opened

Exactly.

2 Likes

Re: OLX Shuts Down Office In Nigeria by dipsy2009: 8:40am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

If only I could like this post a thousand times!

1 Like

Re: OLX Shuts Down Office In Nigeria by Darahson: 8:43am On Feb 07, 2018

Another opportunity for Nigerian start-ups... Lets get started folks.. grin

2 Likes

Re: OLX Shuts Down Office In Nigeria by cbrass(m): 8:47am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

I agree with you but not absolutely

Re: OLX Shuts Down Office In Nigeria by cbrass(m): 8:52am On Feb 07, 2018

sisisioge:

Every business has it's own strategy. All these you summarized would have translated into the much needed profit if the outlined were well utilized. Besides, anything online that opens door to millions of individual sellers without absolute control of their conducts and wears ( eg Jumia) is bound to have a huge infiltration of fraudulent beings. That's what I think killed it. Their kind of website requires a high level of confidence and goodwill to thrive but it is absolutely lacking of these two essential elements. God's speed to them, I hope Jiji is learning. We don't wanna lose you too.

By the way, don't compare OLX and NL, they offer absolutely two different businesses. If all NL does too is strictly online commercials, Seun would have grayed out by now.

You gave a balanced view of the situation. This sam issue of credibility you raised killed fansbox18.com. Some people don't know that Nigerians are weary of fraudsters

Re: OLX Shuts Down Office In Nigeria by tdayof(m): 8:54am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

I know of a Nigerian company who was about to raise $5m from foreign investors but cancelled the deal later on due to the conditions attached to it. People said alot of things but man, raising $5m doesn't guarantee your company will be running in the next 3 years or making profit.

Alot of people just jump into it because of the money. Apparently, the guy made $7m in revenue in a year all by himself now. His target is x3 of that now.

The truth is, VCs can ruin your company. Sure they want to make money but being a professional doesn't mean they're perfect. You may be an economist or a marketing strategy planner but you sure do not understand the market up to a formidable founder.

People should stop jumping into investments. If you're not making profits then it's not making sense.

2 Likes

Re: OLX Shuts Down Office In Nigeria by DriveByKiller: 8:54am On Feb 07, 2018

OLX has always had poor UX, mediocre webpage design that is awful in navigation. Their app is poor.

Getting to place adds is also difficult as their program takes more time to recognize and approve items. Email response is also very poor with no real feeling of connection between buyer and seller.

JiJI on the other hand has a master class app and easy to use user experience. There’s chat button for prospective buyers to chat up sellers and a one-touch virtual button to call the seller right from the advert page.

Putting your product online on the platform is easy and staff of JiJI routinely ask their clients about the atttitude and conduct of sellers via email.

It is no suprise why you hardly scroll through the pages on JiJIi without bumping into sponsored ads.

9 Likes 1 Share

Re: OLX Shuts Down Office In Nigeria by stankezzy: 8:56am On Feb 07, 2018

222Martins:
This is beyond Buhari. The business model was faulty from day one. Hype and Vanity metrics cannot sustain a business.

who said it is beyond buhari , na lie , his hands must be there , since it happened during his tenure he contributed to it , check out how ordinary morroco thrashed our home team is bubu not a failure?

Re: OLX Shuts Down Office In Nigeria by seyiojomu(m): 9:01am On Feb 07, 2018

I dont know you personally, but will like to.

Giving you kudos for the rightly said words, you just spoke my mind.

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

2 Likes

Re: OLX Shuts Down Office In Nigeria by kokomaster3d: 9:02am On Feb 07, 2018

Darahson:
Another opportunity for Nigerian start-ups... Lets get started folks..

Yakata.com.ng is making wave already. 100% owned by Nigerians.

Re: OLX Shuts Down Office In Nigeria by tolajay: 9:06am On Feb 07, 2018

Wow!

This is so shocking to my spirit, right now. Just when we thought we've seen the end of growing businesses falling apart in Nigeria, OLX, swiftly joined the league.

Just another bad testimonial for the business space in Nigeria/Africa.

But then, I think it's not right to describe OLX as a startup. By its years of operations, OLX doesn't pass as a startup having existed for over 3 years.

They're falling out will have tones of mismanagement, dead creative and innovation culture, poor business and finance management and of cos hostile business environment of the countries of operations.

We really have a long way to go in this country/continent.

Re: OLX Shuts Down Office In Nigeria by IbnIbrahim: 9:07am On Feb 07, 2018

222Martins:
This is beyond Buhari. The business model was faulty from day one. Hype and Vanity metrics cannot sustain a business.

JUMIA readily comes to mind.

Re: OLX Shuts Down Office In Nigeria by ponti93(m): 9:10am On Feb 07, 2018

kokomaster3d:

Yakata.com.ng is making wave already. 100% owned by Nigerians.

as 222martins said its nt abt starting and making waves... It takes little or nothing to cook up a site... Its abt where it would be in 5-10yrs frm now

Re: OLX Shuts Down Office In Nigeria by 9ja4show: 9:11am On Feb 07, 2018

Now Konga has been sold to a foreign company, are there no buisness men that can buy it here?? You see these Indians and Chinese people , they see the good in Nigeria more than it's citizens..wake up Nigerians

1 Like

Re: OLX Shuts Down Office In Nigeria by kokomaster3d: 9:12am On Feb 07, 2018

ponti93:
as 222martins said its nt abt starting and making waves... It takes little or nothing to cook up a site... Its abt where it would be in 5-10yrs frm now

you are right. But lets give them some time and see where they will end.

Re: OLX Shuts Down Office In Nigeria by oreayo2011: 9:17am On Feb 07, 2018

this has to be the best business comment ever on nairaland.Wa gbayii.

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

Re: OLX Shuts Down Office In Nigeria by ponti93(m): 9:19am On Feb 07, 2018

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

dear martins... What are olx and jumia doing wrong apart frm these ones u mentioned... It would help tech startups in our midst learn...

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