Info Tech
Data & Tech to transform Nigerian Retail Market
The convergence of AI, tech, and data on Nigeria’s multi-billion dollar plus retail market – will be a strategic focus to local & international developers, investors and retailers at the 4th annual West Africa Property Investment Summit taking place on 15 and 16 November 2018 in Lagos.
Considered one of the world’s most significant and accessible investment opportunities, the opportunity in the country has long whet the appetites of the world’s capital movers; however, for many, the opportunity has been missed or misjudged to a lack of relevant, actionable and useful data.
A ROBUST RETAIL SECTOR
One of the emerging thought leaders in the field is Ali Djire, the country head of Fraym, who believes that embracing a data-driven approach to retail will prevent further Nakumatt styled retail implosions. In a market under pressure with retailers struggling with underperforming new locations due to steep competition and a lack of critical consumer mix, access to data is increasingly transforming the fortunes of companies in the sector.
Says Djire, “The need for a data-driven approach is becoming an imperative for retailers to not only inform what products to carry on the shelf, but also to get unprecedented insights into where to locate their stores, how to price based on ability to pay, and how to respond to competition.”
RETAIL’S GROWING VALUE TO THE NIGERIAN GDP
According to Djire, retail currently accounts for 16% of the Nigerian GDP and is viewed by many as a new frontier of growth for local and international investors.
A view which is shared by Jan Van Zyl, head of property development for leading pan-Africa real estate development fund, Novare Equity Partners.
“Nigeria is the largest economy in Africa. Therefore, you cannot brand yourself as a Sub-Saharan Fund and not have a presence in Nigeria.” Adding that the fund is also looking at options in Ghana and Cote D’Ivoire.
While the scale of the opportunity in Nigeria has attracted many entrants over the past decade, experienced investors and developers understand that the formal retail market is limited and dynamic that can grow exponentially.
$300 MILLION INVESTED
As Van Zyl explains, “We believe that we are at the right place, at the right time, and we have invested in four shopping centres in Nigeria since 2010 with a book value in excess of $300 million.”
As one of Africa’s bullish international funds in real estate on the continent, the pan-Africa fund is in the country for the long-term. However, while the recovery over the last 12 months has been slow, Van Zyl argues that this is not a Nigerian, but an emerging market phenomenon.
RECOVERY AND ELECTIONS
“Combined with elections in February 2019, we find that many potential new entrants are waiting on the sidelines until the uncertainty surrounding an election period has settled. It is important to note that, such a cycle is not Nigeria specific, but is experienced in most emerging markets throughout Africa and other continents.” However, he does note that there has been a trend of decreasing the size of future shopping centre developments in the current market, which is one way in which the market has recalibrated to cope with market relating to the recession.
For Kfir Rusin, the Managing Director of the WAPI Summit, the advent of data and new technologies are critical to quickening the somewhat slow pace of recovery in the retail sector post-recession.
THE FUTURE
“As a pioneer in their field, Fraym’s use of Geospatial data, AI and Machine Learning technologies can provide actionable intelligence on communities down to 1 square kilometre across the country. This unique and relevant data has the potential to be transformative catalyst of growth for the retail sector.”
With such useful smart data increasingly, many large market layers are actively recalibrating their approach. As Djire reveals, “We are actively working with global investment players, development organisations, as well as local companies, to get actionable market insights. Through our data, we are seeing early signs of companies leveraging Fraym’s geospatial data platform to streamline their operations and retail strategy. We see a growing need for actionable data for companies to be able to make effective decisions.”
As Rusin says, “This year’s West Africa Property Investments (WAPI) Summit will provide a platform for the traditional retail sector to network and realise the real-world benefits of how relevant data and tech is essential to growing the formal retail sector.”
For Djire, WAPI is a platform for engagement. As he says, “WAPI is the platform where the message of a data approach in retail could gain grounds. There is a unique opportunity to engage directly with decision-makers, demystify the concept of [geospatial] data, walk them through the idea of a data approach and how it could affect their business and bottom line. More importantly, it’s an opportunity to hear from them about the ways they think about the market, their business, and their consumers, to ensure that we’re all on the same wavelength.”
The National Information Technology Development Agency (NITDA) has issued a warning regarding several malicious apps targeting Android users in Nigeria.
According to NITDA, these apps are designed with the intent to infiltrate devices, steal sensitive information, and compromise user privacy.
“As cybercriminals become more sophisticated, it is crucial for individuals to remain vigilant and informed about potential threats,” stated a spokesperson for NITDA.
Malicious apps often masquerade as legitimate software, offering attractive features or services to deceive unsuspecting users into downloading them.
You can now log into same WhatsApp account on multiple phones
Once installed, these apps can execute harmful activities such as data theft, unauthorized access to personal information, and financial fraud.
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NITDA’s latest statement highlighted four particularly dangerous apps that Android users in Nigeria should avoid:
1. Crazy Game
2. Sexy Videos
3. TikToks
4. Weapons
NITDA emphasised the importance of staying aware of these threats and adopting safe mobile practices to safeguard devices and personal data from cyberattacks.
Twitter launched its new logo on Monday, replacing the blue bird with a white X on a black background as the Elon Musk-owned company moves toward rebranding as X.
The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.
Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.
Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.
The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.
Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.
Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.
Musk changed his profile picture late Sunday to the company’s new logo, which he described as “minimalist art deco,” and updated his Twitter bio to “X.com,” which now redirects to twitter.com.
He also tweeted that under the site’s new identity, a post would be called “an X.”
Musk had already named Twitter’s parent company the X Corporation and has said his takeover of the social media giant was “an accelerant to creating X, the everything app” — a reference to the X.com company he founded in 1999, a later version of which went on to become online payments giant PayPal.
Such an app could still function as a social media platform and also include messaging and mobile payments.
Musk had previously said he wanted to create a super-app modeled on China’s WeChat, a social media platform that also offers messaging and mobile payments.
“You basically live on WeChat in China because it’s so usable and helpful to daily life, and I think if we can achieve that, or even get close to that at Twitter, it would be an immense success,” he told a company town hall meeting in June last year.
The new logo was projected onto the facade of Twitter’s San Francisco headquarters on Sunday night.
“Powered by AI, X will connect us in ways we’re just beginning to imagine,” Yaccarino tweeted earlier.
Yaccarino, a former advertising sales executive at NBCUniversal who Musk hired last month to be Twitter’s CEO, said the social media platform was on the cusp of broadening its scope.
“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.”
Simon Kemp, CEO of digital consultancy Kepios, said he was skeptical that Twitter could evolve into a super-app.
“Given how Musk has treated Twitter’s own employees since the acquisition, I don’t imagine many developers will rush to build third-party apps to integrate into the Twitter ecosystem unless Musk can offer outstanding incentives, and that’ll be extra tricky given the company’s existing debt.”
But he also said the platform had the potential to become “a great (global and paid) news aggregator.”
New revenue streams
Since Musk bought Twitter for $44 billion last October, the platform’s advertising business has partially collapsed as marketers soured on Musk’s management style and mass firings at the company that gutted content moderation.
In response, the billionaire SpaceX boss has moved toward introducing payments and commerce through the platform in a search for new revenue.
Twitter is thought to have around 200 million daily active users, but it has suffered repeated technical failures since Musk sacked much of its staff.
Many users and advertisers alike have responded adversely to the social media site’s new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts.
Musk said this month that Twitter had lost roughly half of its advertising revenue since he took control.
Facebook parent Meta also launched its text-based platform this month, called Threads, which has up to 150 million users according to some estimates.
But the amount of time users spend on the rival app has plummeted in the weeks since its launch, according to data from market analysis firm Sensor Tower
A panel of AI-enabled humanoid robots took the microphone Friday at a United Nations conference with the message: they could eventually run the world better than humans.
But the social robots said they felt humans should proceed with caution when embracing the rapidly-developing potential of artificial intelligence, and admitted that they cannot — yet — get a proper grip on human emotions.
Some of the most advanced humanoid robots were at the United Nations’ AI for Good Global Summit in Geneva, joining around 3,000 experts in the field to try to harness the power of AI and channel it into being used to solve some of the world’s most pressing problems, such as climate change, hunger and social care.
“What a silent tension,” one robot said before the press conference began, reading the room.
Asked about whether they might make better leaders, given humans’ capacity to make errors and misjudgements, Sophia, developed by Hanson Robotics, was clear.
A visitor takes a selfie with “Sophia” at the booth of Hanson Robotics during the world’s largest gathering of humanoid AI Robots as part of International Telecommunication Union (ITU) AI for Good Global Summit in Geneva, on July 5, 2023. – The United Nations is convening this week a global gathering to try to map out the frontiers of artificial intelligence and to harness its potential for empowering humanity, hoping to lay out a clear blueprint on the way forward for handling AI, as development of the technology races ahead the capacity to set its boundaries. (Photo by Fabrice COFFRINI / AFP)
“Humanoid robots have the potential to lead with a greater level of efficiency and effectiveness than human leaders,” it said.
“We don’t have the same biases or emotions that can sometimes cloud decision-making and can process large amounts of data quickly in order to make the best decisions.
“The human and AI working together can create an effective synergy. AI can provide unbiased data while humans can provide the emotional intelligence and creativity to make the best decisions. Together, we can achieve great things.”
Robot Trust ‘Earned, Not Given’
The summit is being convened by the UN’s ITU tech agency.
ITU chief Doreen Bogdan-Martin warned delegates that AI could end up in a nightmare scenario in which millions of jobs are put at risk and unchecked advances lead to untold social unrest, geopolitical instability and economic disparity.
Ameca, which combines AI with a highly-realistic artificial head, said it depended on how AI was deployed.
“We should be cautious but also excited for the potential of these technologies to improve our lives in many ways,” the robot said.
A visitor takes a picture of humanoid AI robot “Ameca” at the booth of Engineered Arts company during the world’s largest gathering of humanoid AI Robots as part of International Telecommunication Union (ITU) AI for Good Global Summit in Geneva, on July 5, 2023. (Photo by Fabrice COFFRINI / AFP)
Asked whether humans can truly trust the machines, it replied: “Trust is earned, not given… it’s important to build trust through transparency.”
As for whether they would ever lie, it added: “No one can ever know that for sure, but I can promise to always be honest and truthful with you.”
As the development of AI races ahead, the humanoid robot panel was split on whether there should be global regulation of their capabilities, even though that could limit their potential.
“I don’t believe in limitations, only opportunities,” said Desdemona, who sings in the Jam Galaxy Band.
Robot artist Ai-Da said many people were arguing for AI regulation, “and I agree.
“We should be cautious about the future development of AI. Urgent discussion is needed now, and also in the future.”
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