Change might be the only constant in business, but it can greatly throw off course the best of companies. Such a situation emerges with Kenya’s B2B e-commerce company, MarketForce, which finds itself in a tough spot. It’s in the process of shutting down its B2B e-commerce wing, RejaReja, dedicated to serving informal merchants or mom-and-pop stores. Let’s dissect this unexpected turn of events and the factors influencing them.
1. Wave Goodbye to RejaReja
RejaReja, MarketForce’s B2B e-commerce venture, is preparing for a shutdown. Targeting informal merchants, RejaReja aimed to revolutionize how local businesses interact with suppliers and customers. However, after a tumultuous two-year journey, the company decided to pull the plug on the venture.
2. The Two-Year Rollercoaster Ride
MarketForce’s journey has been nothing short of an adventurous rollercoaster ride. The past two years saw the company drastically scale down its operations. Its ambitious endeavor to transform local commerce faced major setbacks, some self-inflicted and others as part of broader economic challenges.
3. The Withdrawal Begins
The axing of RejaReja did not happen overnight. Months before the official announcement, MarketForce had already begun withdrawing its services from all its existing markets. This included both Nigeria and Kenya, signaling a significant blow to its expansive outreach.
4. The Future of MarketForce
With RejaReja shutting down, questions around the future landscape for MarketForce are only natural. The company now enters a crucial turning point where it must reinvent or repurpose the way it operates. Its decisions in the coming months will not only shape its future existence but also potentially influence the B2B e-commerce space in the region.
As we wrap up, this stark development sheds light on the harsh realities of the cut-throat world of startups. It illustrates the relative fragility of aspiring ventures and stresses the need for agile business strategies, contingency planning, and keen foresight. The story of MarketForce serves as an example – where shining potential and a groundbreaking concept sometimes still fall short against shifting market dynamics.
Credit: BBC. TechCrunch, Reuters
