OmniRetail, a fast-growing African B2B e-commerce platform, has appointed Steve Dakayi as the Country Lead for Ivory Coast as part of its strategic expansion into Francophone Africa. Dakayi, a seasoned e-commerce professional, brings over a decade of experience to the role, including his time as the founder of BetaStore, a B2B e-commerce startup launched in 2020, and as the commercial and fulfillment lead for Jumia, one of Africa’s leading online retailers.
Strategic Expansion into Francophone Africa
The expansion into Francophone Africa is a significant move for OmniRetail as it seeks to tap into the region’s promising economic landscape. The decision to enter markets like Ivory Coast, Cameroon, and Senegal aligns with the company’s strategy to explore new geographies with high growth potential. Francophone Africa has been particularly attractive due to its stable currency, which is pegged to the Euro, thereby providing immunity from the currency volatility that often plagues other regions in West Africa.
High economic growth is another factor that makes the region favorable for expansion. The International Monetary Fund (IMF) has identified six out of the seven fastest-growing economies in sub-Saharan Africa as Francophone countries. This growth has led to a burgeoning middle class with increased purchasing power and evolving consumption habits, creating a ripe environment for B2B e-commerce platforms like OmniRetail to thrive.
Dakayi’s Vision for OmniRetail in Francophone Africa
Steve Dakayi’s appointment is seen as a strategic move to leverage his deep knowledge of the e-commerce landscape in Africa. “Francophone Africa is very underestimated,” Dakayi noted, emphasizing the region’s untapped potential. He believes that OmniRetail’s focus on Fast-Moving Consumer Goods (FMCG) will be particularly successful in these markets. Rather than focusing on the competition, Dakayi is committed to driving business growth through strong unit economics and maintaining an asset-light model, which he believes is crucial for profitability in the region.
Dakayi will report directly to Deepankar Rustagi, CEO of OmniRetail, and will lead the company’s expansion efforts starting with Ivory Coast. His appointment comes at a pivotal time for OmniRetail, which has been recognized as one of the fastest-growing companies of 2024. The company is now intensifying its focus on profitability and aims to become the leading e-commerce platform in Africa.
Looking Ahead: OmniRetail’s Future in Francophone Africa
OmniRetail’s move into Francophone Africa mirrors the expansion strategies of other B2B e-commerce competitors like Wasoko, signaling a growing recognition of the region’s economic potential. The company’s emphasis on building strong partnerships and maintaining an asset-light approach will be key to its success in these new markets. With Dakayi at the helm of the Francophone expansion, OmniRetail is well-positioned to capitalize on the growth opportunities in Ivory Coast and beyond.
This expansion is not just a testament to OmniRetail’s ambition but also highlights the broader trend of African e-commerce platforms seeking growth in less saturated, yet economically promising, regions of the continent.