WeMENA, the region’s e-commerce marketplace for wholesalers, is launching another first-to-market offering: the chance to spread the cost of online purchases thanks to an innovative new digital payment platform, Spotii.
WeMENA – which offers organisations in excess of 25,000 wholesale products via its free to use online catalogue – is helping SMEs thrive in the pandemic with the chance to spread purchases over installments with no interest, no cost, and no catch.
The latest feature offered by WeMENA, the tech-forward online purchasing platform – which began operations in January – is the result of a partnership with Spotii, a disruptive UAE-based start-up that aims to ease the burden of costly purchases.
Pali Banwait, co-founder of WeMENA, says: “We immediately saw synergies with Spotii, and were keen to work with them to provide another advantage for our ever-growing customer base. Spotii’s trustworthy, reliable and innovative payment mechanism helps WeMENA in our mission to help the local SME market, by allowing them a less stressful way to maintain stock without the worry of the sometimes crippling initial outlay. We applaud the Spotii team for seamlessly integrating their fantastic concept with ours – this is truly a partnership made to benefit everyone, at a time when it’s most needed.”
A free WeMENA account brings easy, safe, online access to a myriad of products, and now members can set up their account with the confidence of knowing the cost of sometimes vital business purchases can be spread over four cost-free payments.
After signing up for an account with Spotii – which only requires ID and payment card details, SMEs can enjoy purchases via WeMENA with a 25% upfront payment, followed by three equal payments which purchasers make biweekly. Spotii never charges interest and there are zero fees when payments are made on time.
Anuscha Iqbal, co-founder and CEO of Spotii, says: “WeMENA provides a unique value proposition to SMEs. We are thrilled to be partnering with them to enhance the offering. By allowing WeMENA’s clients to Shop Now and Pay Later, Spotii is providing small retailers with the ability to better manage their cash flow during these uncertain times.”
Ziyaad Ahmed, co-founder and COO/CFO of Spotii, adds: “The partnership with WeMENA is very natural, as we share their commitment to supporting local SMEs. Spotii was born out of a desire to accelerate and enhance the online ecosystem. Providing truly cost-free installment programmes helps reduce online payment friction and support buyers.”
“This partnership allows Spotii to provide WeMENA’s clients with deeper capabilities to move inventory faster and more efficiently, extending our support to the local SME community.”
Among the website’s 25,000 strong product line – with hundreds of more products being added every week – is everything companies might need to protect key workers, staff, and their families from contracting and spreading the virus.
WeMENA brings bulk purchasers together with reliable, trustworthy manufacturers, distributors, and wholesalers. Buyers include retailers, hospitality outlets, offices, and the procurement departments of large organisations – all of which can spread their procurement costs over six weeks, rather than in one immediate, lump-sum payment. WeMENA provides sellers with hassle-free access to new business customers, providing them with reliable payment solutions, while also handling all delivery logistics and post-delivery customer service issues.
The site provides buyers with easy access around the clock to the latest products at highly competitive prices, not only saving the time and hassle of product sourcing, but also negating the need to visit tradeshows and wholesale markets – something which isn’t possible in the current circumstances.
WeMENA removes trading risks for sellers by providing instant access to 1000+ buyers across the region and handling delivery and customer service.
As well as the Spotii “Shop Now, Pay Later” concept, trade credit facilities are also available, further easing the burden of the current situation. Recent additions to the site’s product lines include catering supplies, electronics, and stationery.
Despite the current crisis, H1 2020 has seen $659M invested in MENA-based startups, which is already 95% of total funding full-year 2019. Discover more data, including country and industry trends by purchasing our H1 2020 MENA Venture Investment Report.