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GoshenCoin Set To Go into Mainstream: Expect Massive Price Increase- Experts

With the recent news in the media about the CBN's approval of Cryptocurrency and the blockchain technology, there have being support for this decision. Especially for those in fintech industry who see this as a bold step for the government to align itself with the latest technology trends.

Among those who received the news with much excitement is Mr Eugene Nwoji, co-founder of GoshenCoin, an indigenous owned Cryptocurrency with its own blockchain. The GoshenCoin (GXP) cryptocurrency, he claims will solve the major problems experienced by Nigerians in diaspora when remitting funds back home. This cryptocurrency also has designed, and developed an infrastructure for the online business community.

As the CBN shops for the ideal cryptocurrency to adopt, the pertinent questions that come to mind are if it will create an entirely new cryptocurrency, or to adopt an already existing one. Creating a new cryptocurrency is an onerous task, since this technology is still new, and there are very few globally who have to technical know how.

The more convenient option is to adopt an already existing cryptocurrency. Does that mean that the CBN will go for bitcoin, or litecoin. In line with this administration's drive to promote locally made products, the indigenous created GoshenCoin cryptocurrency becomes the best choice.

Whatever option the CBN goes for, it is apparent that there will be a surge in the acceptance of Cryptocurrency as a payment mode by merchants, resulting in higher demand. This, experts believe, gives GoshenCoin an early advantage, and a possible 1,000% increase in its current price of N1.50.

This may just be your best time to invest in GoshenCoin.

Source http://amibor.com/goshencoin-set-to-go-into-mainstream-expect-massive-price-increase-experts/

#gxpOverTheMoon Trading Program

The #gxpOverTheMoon Trading program provides a platform for new, and experienced traders to learn basic fundamentals and trading techniques, and also hold trade positions that will guarantee at least 500% returns within 30 days.

It earns the trader N36,500 (36,500) in 30 days from an initial trade seed of $20. No registration payment is required.

All they have to do is follow the directives of our experienced traders, and they're assured of earning from their trades.

The directives are

1. Coin to buy
2. How to buy
3. Where to buy
4. How to sell
5. When to sell
6. Where to sell

How to Participate

1. Visit https://wallet.goshenco.in/ to create your own GoshenCoin (GXP) wallet for free. If you already have an account, you can skip to next step.

2. Join the official GoshenCoin Telegram Community. Check signature.

3. In the group you will receive guidance on steps to follow to place your trade. Your $20 trade seed should be in bitcoin. You can buy bitcoin with Naira from localbitcoins or from friends.

4. Even if you're new to bitcoin or cryptocurrency, you will receive assistance all the way until your trade earns you $100.

The trainings are online, through the GoshenCoin Community on Telegram, and offline in various training centers around, beginning with Lagos state. You can send me chat on whatsapp, check my signature.

GoshenCoin is a decentralized peer-to-peer exchange system for communicating value among users, anywhere around the world. GoshenCoin is denominated in GXP and it is presently valued at 1GXP = N1.50 (One Naira fifty kobo). It can also be exchanged for bitcoin on Novaexchange (https://novaexchange.com/market/BTC_GXP).

Introduction

In trading, the term "to the moon" refers to a trading instrument steadily increasing in price, caused by more buyers than sellers of that particular instrument. This trading instrument could be forex (foreign exchange), commodities (oil, gold), cryptocurrency (bitcoin, goshencoin, litecoin).

#gxpOverTheMoon is a program created to ensure that GoshenCoin (GXP) attains it's maximum potential in terms of user base, value and market price. This program comprises of several different projects and initiatives running concurrently, which are presently at different stages of completion.

And so the debate began. "show me a truly matrix system that everybody wins, and I'll give you my full support" quipped Ejike.

Tony wasn't deterred. He was bent on having his way, at least it was a quick means of making money, not minding whose ax is gored.

Tony had being involved in a lot of 'systems' and he believed that business was all about trying one's luck. "You win some, you lose some", was one of his most popular sayings.

They both needed to find a common ground. This was business, and they were in it for the money.

If you're reading this, it ain't a story from any literature novel, but a narrative on how a system that is designed to last till the next generation was born.

Welcome to 4th Life

Checklist #2

Get the relevant skills

Coming from a background of computer engineering and networking with a knack for research, I realized that much more was needed to be successful in online business. Getting the relevant skills then seemed a very vital item that had to be checked on my checklist.

You see, if all you want todo online is to sell your products, then your aim should be knowing the best products to sell, understanding the market and the segment you intend to service, and best of all knowing how, when and where to source your products at the best price.

Ecommerce runs basically on the web, and going higher in the value chain means that you'll one day own your own online store. Possibly designed by you, or by a team put together by you. The store also needs dedicated administrator(s) depending on the scale it is. There is logistics - storage, delivery, packaging, invoicing etc.

For the technical aspect, skills like HTML, CSS, JavaScript, PHP, MySQL, ASP.net, MSQL should be on your list. As the operations scale, additional hands would be required, and thats where your managerial skill comes into play. For logistics, there are a number of short courses, and if you're a fast learner, you should grab the fundamentals in 3 days.

Most importantly, getting the right people on your team will guarantee how far your business can go. That's what differentiate the average players from the exceptional ones.

Checklist ... is a comprehensive list of important and relevant actions, or steps to be taken in a specific order.

I will be outlining my checklist for setting up and running a successful Ecommerce business in Nigeria, though in no specific order. Because they will be addressed as they come to mind.

The idea behind this thread is to assist in decision making, both for those who are new and those who are already into Ecommerce.

For each item stated on the checklist, there will be notes stating why it is important, relevant information, steps taken etc

Suggestions, comments, questions are welcome

1. Get Facts to Support Move from Offline to Online Business

Years back, running a shop from the same building with my home, there was certainly lots of ideas and great expectations of achieving so much. Unfortunately, the atmosphere wasn't so friendly.

Had to handle local government officials who came with the slightest excuse to extort money from me - lock up permit, banner permit, radio and TV license, business center/ cafe permit etc. Then we had the NEPA officials always threatening to disconnect me cause one tenant was owing. And then we had the landlord to pay our yearly rent.

All these had to be paid for irrespective of the business' revenue. And we certainly weren't getting finance from any institution. These paint a picture of what to expect when running a business in Nigeria. Though a number of entrepreneurs have being able rise up t these challenges and excel in their endeavours.

Having my business online means that the local government authorities don't get to bill me for using space, or LASAA for putting up advertisement banner. These are statutory obligations and as such every well meaning citizen is expected to comply with the relevant government authorities.

The fact is that running an online business means I have to consider the virtual space ie where my business will be hosted, marketing strategy, branding, customer retainership, size of market, cost of day-to-day running of the business. At the end of the day, an online business runs at a fraction of what is required for offline. My market is spread through geographic regions, and reaching them doesn't require substantial spending in advertising.

5. Consulting - A lot of business organizations, particularly those into buying and seling, require participation in online sales. And most of these organizations don't know much about selling online. I currently consult for some organizations, and have had the opportunity to advice some others on the best possible way of selling their products online. They seek for those with relevant skill, knowledge and experience to guide their online business through the murky Ecommerce business. You should know your onions, and be ready to provide practical solutions that will produce positive results for them.

6. Affiliate Marketing - Even if you do not have your own products to sell, affiliate marketing allows you to earn commission for selling others' products. The commissions are usually specified when you sign up, and all you have to do is advertise the products on your blog, social media account, electronic newsletter, or any other electronic media that you have a modest audience. It's a convenient way to start if you don't have the required start up capital to purchase your goods.

7. Web Development - All online stores, whether retail or marketplace, run on the internet. They are websites designed for displaying products, and with features that enable you to order and pay online. These online stores are built by web developers and they don't come very cheap. Those with basic web development knowledge like css, php, mysql etc can familiarize themselves with the skills needed to create and host online stores. New stores are coming online daily, and more merchants are itching to have their their own stores up and running, especially as they realize that the changing policies of established marketplaces seems to hit them negatively.

8. Mini Importation - Nairaland is filled with a lot of information on mini importation and how to get your products from countries like China and America, into Nigeria. Ecommerce provides a platform for quick sales of products imported and therefore encourages more people to get involved in the trade. And best of all is that it doesn't require massive capital outlay to get started.

9. Warehouse Leasing - Ecommerce retailing is a game changer for logistics, especially as regards to warehouse and storage leasing. Warehouses are usually large, and mainly used by importers and manufacturers for storage of their goods. Today, warehouse goes beyond serving as storage, but also provides some value added services which many now refer to as fulfillment centers or hubs. Services like self storage, sortation, order processing, cross docking, reverse logistics etc, are also provided in this new type of warehouse. Ventures like this require that you have substantial capital outlay to buy or own the warehouse for providing such services.

10. Photography - Products sell better with great images. These can be achieve if the images are taken with good photographers with professional cameras, and excellent lighting. Gradually, these services are being increasingly demanded. And those already practicing do not require additional capital outlay to service this need.

These are my 10 best, of course there are other business opportunities.

As we anticipate the signing of this year's budget, which many believe will stimulate the economy and increase economic activities. There are indicators that almost all sectors have being hit by reducing patronage, increasing production cost all fall in demand of produced goods and services.

There are however prospects of growth and increasing patronage particularly in Ecommerce retail sales. Driven largely by the convenience of placing an order online, and having it delivered to your doorstep. More consumers are exploring this option for buying their basic necessities.

I have detailed Nigerian online users and Ecommerce stats on previous threads, and would therefore not dwell on that here. They show the potential of Ecommerce business in Nigeria and how those who are ready can tap into it.

Below are 10 business opportunities in Ecommerce with great prospects

1. Selling online - Sell your products and services on already established online stores, the popular ones are Jumia, Konga, Dealdey, Kaymu, and also Efritin, olx etc. They offer marketplaces and other platforms for you to sell your products, and usually charge a commission for each completed sale. We have B2C (Business to Consumer) sales which are mainly done on the marketplaces, whil C2C (Consumer to Consumer) sales which can be done on online listing sites.

2. Owning your own Marketplace - There are proliferation of new marketplaces, which allow merchants to sign up and then sell their products. Most are free while some charge you a fee or are subscription based. Vconnect requires you to pay a fee for selling on their platform, while Konga recently introduced the monthly subscription fee for merchants. Having your own marketplace means that you could make money from sign up or subscription fees, commission on sales, and delivery cost paid by buyer for their ordered products. However, a substantial capital base is needed in order to make a success of this.

3. Logistics/ Delivery - An online transaction is said to be complete after the order has being received by the buyer, and this has to be done within the stipulated time frame. With increases in demand comes increase in number of deliveries for fulfilling these orders. Lagos currently remains the largest market, and as such, more than 40% of orders made online are by Lagos residents. So deciding to deliver within Lagos only (because of limited means) can still sustain a delivery company. One or two delivery motorbikes are enough to get started and with charges ranging from N600 to N1,000 per delivery, getting good customers and repeat businesses will lead to success.

4. Social Media Marketing - We live in an age where social media has revolutionized the way we interact with each other. This is also used as a marketing tool as brands use this medium to interact and get information from their customers. Brand ambassadors can be recruited from here and encouraged to reach out to those in their sphere of contact. The social media savvy run promotions and ads campaign, build fan base, share information about brands to their followers. Others manage the social media accounts of these companies and are paid based and agreed terms.

rev2214:
Would they (fedex) collection my cash for me on delivery. Because the transaction is pay on delivery. You may drop the other contact pls. Tnx

JESS Delivery Express Whatsapp – 08181011208

They cover Lagos, Asaba, Warri, Benin, Auchi, Ekpoma, Calabar, Port Harcourt, Uyo, Owerri, Ibadan, Abeokuta, Yenagoa, Ilorin, Sango, Afikpo

rev2214:
How do I send item to buyer outside Lagos and receive payment on delivery. This is a major challenge for me now. Kindly help

You'll have to use FedEx. I could also send you details of a delivery company that contacted me recently. Though I haven't used them yet.

elprint:
Bro, can I have ur no.? I would need it so that I can communicate with u. I want to hit the ground running as soon as possible. Thanks

Check my signature

omoteamac:
which shipping company do you use to send out of lagos

I currently sell only to residents of Lagos.

africanman85:
I posted a msg on your whatsapp but no reply. It seems u are not using d whatsapp again.

If no early response on watsapp, pls call

africanman85:
How can I participate ? I stay in Abia

You can reach me through my signature

omoteamac:
do you still make the 1m in sales on dealday or not?

For January and February didn't, but for March I've done a quarter of that already

rev2214:
What is the position of Dealdey now?

The delay between payments have being greatly reduced, and they have promised that their automated payment system would start working today

1stCitizen:
Running a delivery business with even a bicycle without proper Nipost license is illegal in Nigeria. A lot of people have been arrested in Lagos and their motorbikes impounded for running such business

Thanks for the info

1stCitizen:
N300k cannot set up a logistics outfit in Nigeria with licensing fees that are over N2Million Naira for just intra state coverage

We're talking starting out with 1 delivery motorbike. Of course there are licenses that goes with establishing a courier/ haulage outfit, but we're looking at starting out with self fulfillment

scott1010:
If logistics is that easy Jumia will not pull out of pick ups,even at start up konga involves the service of DHL but they later back out as big as they are,e-commerce delievery is peculiar and sensitive than other forms of delieveries,

Very true. However, there's an aspect of logistics referred to as reverse logistics. This handles returns, cancelled, rejected orders etc and if not properly run it will eat deep into the finances of the company.

That's the major problem that most logistics and Ecommerce platforms face, including Jumia

Demmah:
Eye opening write up I must say. Can I please give you a call concerning this piece? My number is 08033344312

ok

lade007:
Very nice information @ OP.......You will surely be rewarded for this someday....Keep up the good works. God bless you

Thank you

rev2214:
You need to be paid for this info.

Abeg, you said somewhere on the thread that if someone have an order, he need to make a printout for jumia. Is it like a delivery form that will facilitate the delivery? Kindly explain further. And where can someone find their office? I stayed around Agege.

With every order in Jumia, you'll have to print out a Shipping Label, which is usually 3 pages. And 2 copies of the Carrier Manifest. This is be both signed by you and the receiver of items in Jumia office.

Their office is in Adeniyi Jones in Ikeja.

EnterPRO:
thanks for the reassurance.

its very comforting to know that people will continue to buy things online, even if/when prices eventually double.

Don't forget that informed buyers are driven by value, not price

EnterPRO:
hello op,

do you think this model will still be sustainable at N400-N500 per dollar? or N1000 soon sef.

I foresee a lot of online shops closing down. do you share the same thoughts?

It's in the news today that certain sectors of the economy still recorded increased sales, despite the rising prices occasioned by the falling value of the naira.

Yes its very sustainable, it just means that you the merchant will have to work harder in sourcing your products, find ways to reduce cost, and handle your business more efficiently so that your selling price will still be competitive. Don't forget that the dollar affects every other merchant.

Why did I put up this thread?

To get people more aware about this need that needs to be filled. And considering the fact that it doesn't take as much money as previously thought to set up.

Secondly, and very importantly, I'm in need of a logistics outfit that can handle my teeming orders, as it seems that the current one I use isn't as efficient as it used to be. Especially with our Ecommerce store set up with lots of orders to handle

Nigeria currently has about 90 million internet users, out of which half have carried out at least 1 online transaction within the past 12 months. A clear picture of the potentials in Ecommerce business and the growth prospects. This is even as the economy seems to be contracting due to fall in crude oil prices, and the crashing of the naira against the dollar.

Statistics like these have given rise to a number of Ecommerce businesses rising to service this growing market. Online retail stores and marketplaces are a common site, and anyone can mention some of them off the top of the head. With these come opportunities for other players in the sector, and one such opportunity is logistics.

It may surprise you to note that the bane of most Ecommerce stores is logistics. When you hear that an online store is downsizing, laying off staff, retrenching, the root cause most often is logistics. And it is always obvious in the way they eventually restructure their organization.

First it was Konga, where they separated K-express services from the Konga online stores. They had initially wanted merchants to pay before shipping their orders, but the negative response made them change their mind. Jumia used to do pick up from the merchants' location, but now you have to drop off in their warehouse closest to you. Dealdey had a warehouse where merchants supplied products ordered, but now it's a case of self fulfillment.

The list goes on and on. An experienced IT personnel once stated that if you can get logistics right, you'll do excellently in Ecommerce. There are huge prospects in Ecommerce logistics and delivery. I would like to highlight certain information required to get you started in this business, and if properly managed, will ensure financial success.

Logistics, simply, is the branch of business that deals with the management of procurement, distribution, inventory, maintenance and replacement of personnel, materials, information to achieve an organization's goal. It deals with all the actors and activities involved in getting products and services from a supplier to the consumer. It is also actively involved in the manufacturing and production processes.

However, logistics in Ecommerce does not include production, just the movement of products and services from the seller/ merchant to the buyer. It includes information/ communication with buyer, movement of products, inventory, cash handling, between the seller (or outsourced logistics/ delivery outfit) and the customer.

Logistics requires quite a substantial outlay of capital for equipment and man power, but a scaled down version can be started with less than N300,000. With this amount, you can buy or build a cargo bike, get mobile phone(s) for communication, stationery and other items needed for keeping your records.

With between N220k to N250k, you can get a good motorbike equipped with the plastic container to carry the products. Driving around Lagos is quite hectic, but with motorbikes, one can easily meander through the traffic. After the motorbike, the rider is the next most important factor to consider.

The rider is so important that the person you choose may make or mar the project. The rider has to be ready to work, conversant with Lagos cities, possess good phone manners (you'll have to train him), must be honest cause he'll handle cash, and also products.

You need at least 1 mobile phone for the rider to make contact with the buyers. If you're the one managing the outfit, you'll also need to be in constant touch with the rider in case the need arises. Other stationery can be acquired along the way. If you have more to invest, you can consider getting a space, computer, software and 1 or 2 more staff.

From my discussions on a logistics trainer/ consultant, it is possible to deliver an item anywhere in Lagos at the cost of N200. With the added benefit of delivering in volumes, this cost can be conveniently reduced as the cost would be spread out. If you have a smart and efficient rider, you can considerably reduce overhead expenses.

A typical Lagos delivery cost N500. The logistics outfit charges that much to deliver around the state. Some charge more to deliver at the extremes of Lagos eg. Ikorodu, Agege, Okoko, Alaba International. As a new entrant, you can maintain a flat rate of N500 for the time being.

Good places to get sellers who will use your service are Konga, Kaymu and Dealdey, where merchants are allowed to self fulfill. For instance, 2 of my stores sell an average 100 items monthly. The delivery outfit handling this just needs to get 9 more customers like this, and they're sure of about 1,000 deliveries monthly.

There's an arrangement with Dealdey, and the delivery company charges between N300 to N400 for 1kg delivered around Lagos. That translate to

1,000 (deliveries) X N300 (minimum delivery charge) = N300,000

monthly in revenue. Of course expenditures like fuel, oil, recharge cards, bike maintenance , rider's salary, miscellaneous will be deducted from revenue. If you're able to beat down cost efficiently, it's possible to go home with between N50,000 to N150,000 a month.

For your marketing, you have to devise creative ways to reach out to online merchants. You are only limited by your imagination.

Selling on your own retail store

This option is for the experienced hands, or those who are very adventurous. Reason being that it requires a lot of resources to turn this business model into a success. Here, you handle virtually every aspect of your online business ranging from store design, hosting, administration, operations, logistics, inventory, marketing etc.

In actual fact, you run the show. You're not subject to the rules and regulations of any marketplace. And if you so wish, you can even create your own marketplace where other merchants can register on your platform.

Advantage of this is the total liberty you have over what to sell, and how to sell. You don't have to wait 7 days, or even a month before the money received for your item gets to you. If you own the logistics outfit, you can get paid same day your products are delivered.

The big setback to this model is the huge financial outlay involved. Cause you'll be spending much for skilled individuals to work on the project, warehouse in case you'll be having inventory, delivery vehicles, advertisements etc. My advice is that you don't go into this business simply because others are doing it. You'll definitely get your fingers burnt. Do your research thoroughly to determine if there's a much more convenient way of going about it.

Certain aspects of the business can be outsourced, just like some online stores have adopted. This is the trade-off between control and cost.

The ultimate goal of every online merchant is to own their own online store so that operations can be easily scaled to tap into the thriving Ecommerce business

DISADVANTAGES OF SELLING ON ONLINE MARKETPLACES

The advantages of registering on online marketplaces being run by another organization is enormous. For one, it's a very convenient way to start up your online business. You only need to have the products or services you intend to sell, every other aspect of the business - customer care, marketing and advertising, delivery, operations etc will be handled by your 'hosts'.

The major disadvantage in using this business model is that you have to be subjected to the policies (rules and regulations) of these platforms. While these policies are designed improve the positioning of their platforms, in some cases the merchants are adversely affected by them. It's on record that most of the newly introduced policies by these online market places has resulted in reduction of sellers on their platforms.

This can only mean one thing - they were less favourable to the sellers. A lot of sellers are familiar with what I'm talking about as they've being affected by these policy changes. You should read the rules properly, and be sure that you can meet up with their conditions. I got a call from one of my account officers about a prospective store front to sign up for. After detailing what the benefits were, he said it would cost me N10,000 to register on this store front.

Another online store which most of us are familiar with has decided to charge a monthly fee of N2,500 for selling on their platform. Which used to be free. Don't get me wrong, these policies are designed to make the platforms more competitive, but as a merchant on them, you need decide if they're rules that you can convenient abide by.

EnterPRO:
when I read 'your own online retail store' I was expecting a comparison of marketplaces vs yourname dot coms.

seems marketplaces are the winners any day though.

That's actually the purpose of this thread. To weigh the pros and cons.

The remaining parts will contain the rest.

It is no longer news that more people are shopping online, considering the benefits of it. One of which is the opportunity of buying products which are not locally available. I've had to ship products using courier services and also waybills to other parts of the country. The most recent is shipping a Giorgio Armani Si perfume to Port Harcourt.

To meet the growing need for online shopping, Ecommerce sites keep springing up on a daily basis, each with its own business model. The 2 prominent that comes to mind are marketplace and retail stores. Both are similar in the way they service the buyers, but different in their operations.

For the sellers, popularly known as the merchants, you can choose either of these 2 business models. I'm aware that Konga runs both, but most are only familiar with their marketplace. For Jumia, there seems to be plans to modify some or all its operations in its retail store.

As an intending or existing merchant, you'll need a model that adequately meets your expectations. Let's consider both of them

Selling on Online Marketplaces

A marketplace is basically where buyers and sellers meet in order to exchange products and services for money. Before the advent of online shopping, we were familiar with markets like Oshodi, Idumota, Ariara etc. The internet has made it possible to design avenues where most activities particular to those markets can equally take place.

The marketplace online is an Ecommerce model where an organization puts up a store, and allows other merchants to register and then sell their products and services, while earning commission on each sale. examples are Konga, kaymu and Dealdey. Lately, Konga has being toying with having merchants pay a monthly fee for selling on their marketplace. Reason given is that its a means of weeding out unserious merchants.

As a merchant, you sign up free. Some carry out some form of verification process, after which you're free to start selling on the platforms. You do not need to understand how operations are carried out, yours is to make sure that you have the exact items you have uploaded on your store.

Advantages of selling on this platform is that the business start up cost for you the merchant is very minimal, almost negligible. You only need to have stock of the items you're selling. And if you're like me, you can also run the modified drop shipping method I disclosed in my earlier thread.

You do not need much technical or IT skills as the major work done is uploading your products. You just need to know how to navigate around the merchant dashboard, and how to resize your product images to suit the different platforms' specifications. This gives you maximum time to focus on sourcing your products, and for those platforms that allow self fulfillment, the time to delivery your products to your buyers.

Marketing of your products are done by the owners of the platforms, so you do not need to invest in online advertising. Another way of saving cost.

This model is very attractive to the merchant in terms of cost, which are largely borne by the platform owners. The only way through which bottom line can be significantly affected is if the merchant keeps getting returned and cancelled orders, and most cases results in damaged packaging of products because of poor handling.

So how much does it cost to start selling on this platform? As much as you have to buy your products. Be sure you can purchase them at lower prices so you can mark up for your profits.