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Cairo: Capiter, a B2B marketplace that brings together FMCGs, wholesalers, and merchants on one platform, announced its plans to achieve total revenues of USD 1 billion by 2023. This comes as part of the company's ambitious strategy to increase its business tenfold capitalizing on the remarkable results the company achieved in 2020 despite the COVID-19 pandemic.
By bringing together FMCGs, wholesalers, and merchants, Capiter introduces a new concept to the Egyptian retail market through one platform with three different applications. These applications provide several features that help merchants to gain insights into the FMCG market, allowing them to develop their projects and boost their work output. With cutting-edge technology and machine-learning algorithms, Capiter aims to digitalize Egypt’s conventional commerce to enhance the efficiency of the whole supply chain by delivering a fast, high-quality, and user-friendly service.
“We were driven by an ambitious vision to serve a broad segment of the Egyptian market, which is the FMCG as one of Egypt's most important sectors responsible for creating more jobs in the local market," said Mahmoud Nouh, CEO of Capiter. “This has helped us create hundreds of job opportunities for youth across different sectors. At Capiter, we are always keen to support Egypt’s labor market by bringing the best talents from across the globe while giving the chance for young talents and fresh graduates. We aim to capitalize on the enormous growth the e-commerce sector has achieved as Egypt takes steady strides towards digital transformation across all fields,” he added.
Capiter currently provides its services in Cairo and Giza with aspiring plans to expand geographically in Egypt and cover additional cities and governorates in addition to increasing the number of items offered through the platform to more than 30,000 products by 2023.
"Since we launched our operations last year, we have successfully expanded our customer network through numerous partnerships with various companies and government entities allowing us to serve thousands of merchants and complete millions of transactions,” said Ahmed Nouh, Chief Operating Officer at Capiter. “This achievement can be mainly attributed to our unique platform that offers fast, high-quality, and user-friendly services at the best prices for all elements of the supply chain through a well-trained team of more than 800 employees,” he added.
Capiter strives to provide promotional services for all items on display by highlighting the top-selling products to give consumers insights into the quality of products they are purchasing. By providing studies and information on market demands from merchants and FMCGs perspective, Capiter plans to provide a holistic view of the market in terms of opportunities and challenges addressing some of the merchants’ problems such as pricing variance, inadequate payment terms, poor demand on a number of products and other factors that negatively affect the merchants. The platform enables online purchasing, applying for finance, provides a diversified portfolio of products in addition to technical support for merchants.
It is worth mentioning that the demand for digital payment services has increased dramatically as a result of the COVID-19 pandemic. As a result, e-commerce sales in Egypt jumped by 80% and 15% of Egyptian businesses reported a surge in their online sales compared to pre-pandemic levels. According to a recent report by the MCIT, the ICT industry was the fastest growing in Egypt during the fiscal year 2019-2020, with a growth rate of 15.2%, valued at EGP 108 billion compared to the previous year, and contributing 4.4% to the country's GDP.
© Press Release 2021
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