Going.co.za launches online auction platform
Less than five months in trading, Going.co.za has already seen extensive growth and the new auction platform comes as a result of increased demand for surplus consumer goods, particularly into African countries.
Traders in South Africa are eagerly utilising the Going platform as the informal retail space grows.
Paul Greenberg, Chairman of Going.co.za, said: ‘’Informal traders are buying surplus inventory from retailers as they become increasingly aware that such platforms are a great way to invest relatively little money and resell inventory items for a significant profit.’’
Only a few days into trading, the online auction platform has already attracted extensive traffic and Going believes that this will continue to grow over coming months as more traders become aware of the auction mechanism.
The actual process for locating and arranging to buy surplus inventory in South Africa is somewhat fragmented according to Greenberg, but his company, which recently launched the online trading platform, is giving small businesses access to inventory normally only available to well-connected traders and established bulk buyers.
Greenberg, who founded one of Australia’s largest online retailers, Deals Direct, suggests that entrepreneurs and traders must identify potential markets for the inventory they wish to purchase.
“By assessing the potential to resell the goods in a short period of time, it is possible to determine if buying the inventory is worth the time and effort involved.
“Assuming small traders have access to consumer markets where goods can be offered with little difficulty, investigating the surplus inventory channel in greater detail may be worth your while” explains Greenberg.
He added: ‘’We have only been trading for four months and are already selling product to Nigeria, Ethiopia, Kenya and Tanzania.
“We have found that there is a shortage of cheap product across the continent and while South Africa remains a large market for us, we have been opening up trading linesinto several African states. Several years ago exporting into Africa was seen as difficult and problematic, but now things are vastly improving.’’
Visit www.going.co.za to see the online auction platform.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.