Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Monycart will be the biggest online marketplace for businesses of all class, the platform will offer high quality e-commerce infrastructure and functionality at barely no cost. Monycart will offer unlimited possibilities for checkout process.

01.01 Describe your startup in more detail

Monycart will be the biggest online marketplace for businesses of all class, the platform will offer high quality e-commerce infrastructure and functionality at barely no cost. Monycart will offer unlimited possibilities from checking out with multiple currencies by buyers to managing the checkout process entirely by the merchant. There are loads of big businesses and retail outlets doing well on physical store but are yet to tap into the e-commerce Industry. Customers need a reliable e-commerce outfit that can offer them the flexibility to buy products in their preferred currency. There is need for customer to save up for a particular products to be reserved for them. We provide free training and workshop to enable potential merchants and business owners understand the importance and benefit of selling online and how to take advantage of the system, then we will help integrate their business into Monycart Platform

01.02 What is the main problem you are trying to solve?

There are loads of big businesses and retail outlets out there doing well on physical store but are yet to tap into the e-commerce Industry. Customers need a reliable e-commerce outfit that can offer them the flexibility to buy products in their preferred currency. There is need for customer to save up for a particular products to be reserved for them. A customer needs a reliable retail outfit that can offer true return and refund for product that does not meet his expectations or requirements. Need for an e-commerce system that allows merchant to control everything about their store. Nigerians need a true e-commerce system that will enable users buy original made in Nigeria products and services online from any location, and receive the products from the comfort of their home and office.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

One of the most important parts of Monycart business is that of training business owners who are ignorant of the e-commerce industry and the benefit of having their businesses online while providing the necessary tools and manpower to make the integration process easy and at no cost. Our business is modeled to fit into time shift by apply changes, improvement and grow with changes in technology. We will provide a functionality for users to save up for a particular product they want to buy. We build and maintain the solutions ourselves, because the owner is an expert developer and entrepreneur in the field. We are able to provide better customer care services. We provide best product for much lower price. We are always and continually improving our technology stack. We plan to deploy Point of Sale systems across various states, thereby making it easy for customers to instantly buy our product and receive there package almost immediately without having to wait for days to get it.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Our customers are those that access to Internet. But we primarily target the Nigerian people, which we hope to win 25% of the market. Although our customers can come from anywhere in Africa, we are narrowing down our target market to Start-up based in Lagos and Nigeria as a whole. Lagos has an estimated population of 27.5million while Nigeria has an estimated population of 180million. Out of these, we are targeting 25%. Research shows that most of the people who prefer to make purchases online fall within the youthful age which ranges between 18 – 50 years, which account for 80% of the population. 80% of 180million in Nigeria is 144million, hope to serve 25% of 144million people which is 36million. We provide free training and workshop to enable potential merchants and business owners understand the importance and benefit of selling online and how to take advantage of the system, then we will help integrate their business into Monycart Platform. Buyers can reserve product and sav

01.05 When was your company established?

2023-01-01

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

3

01.08 Among the other owners, how many are female?

2

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Marycynthia Chinemerem Nwokedi - Digital Marketing Chibun

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://monycart.com/

01.11 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Monycart is a platform that will enable individuals and business owners to sell their products and services to customers outside their current location which will enable them to make money that they would not had been able to make on their own, which in turn improve their standard of living.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Monycart is a platform that will enable individuals and business owners to sell their products and services to customers outside their current location which will enable them to make money that they would not had been able to make on their own, which in turn improve their standard of living.

02.03.01 My startup contributes to the Good health and well-being goal

4

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Monycart will be able to employment to the unemployed by allowing them to leverage on the platform for free to sell their products or skills. Users can engage in drop shipping through Monycart system.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Monycart is an innovative system that will provide powerful infrastructure to the set the pace in the e-commerce industry.

02.10.01 My startup contributes to the Reduced inequalities goal

4

02.10.02 Reduced inequalities - Justification for my startup

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

4

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification for my startup

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

06.02 The product/service represents an entirely new type of product/service.

5

06.03 The product/service could be described as a new technology.

6

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

6

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

5

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

06.09 Competitive Analysis

Jumia - They have lots of requirement which is unrealistic for regular individuals who wants to sell through them. Jiji - They do not verify sellers who use their platform so there are lots of spam, and they are not involved in the selling process.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?