Wysada.com, the Middle East’s first e-commerce platform offering luxury home interiors at exceptional prices, has announced a strategic partnership with MENA Venture Investments, an angel investment fund focused on providing growth capital and business consultancy to start-ups. In addition to early-stage investment, MENA Venture Investments will provide expert consultancy and support to Wysada.com to help accelerate its growth and expansion in the Middle East.
The opportunity came amidst the increasing presence of e-commerce within the region. Statistics reveal that the estimated number of internet users in the Middle East is 90 Million and only 15% of Middle East businesses have an online presence. B2C eCommerce sales in MENA will reach an estimated $15 billion in 2015 (up from $9 billion in 2012) .
With a focus on the luxury home interiors vertical – a highly untapped sector in online flash sales – Wysada.com brings a proven business model to the Middle East that offers quick returns to retailers and suppliers. Since its launch earlier this year, Wysada.com has attracted hundreds of thousands of members and enjoyed a first quarter sales conversion rate of 3%, double the industry average. While the concept of online purchasing is still in its infancy, online bookings are making significant success in countries including the UAE and Kuwait.
Wysada’s vertical focus is also proving a winning strategy among customers. More than 60% of members make repeat purchases on the site while its product return rate is less than 4%, just one-sixth of the average return rate experienced in other ecommerce verticals.
Walid Faza, Investment Manager of MENA Venture Investments said, “We are always looking out for promising ventures that have strong growth potential and which are contributing significantly to the development of the regional technology sector. Wysada’s platform and growth strategy are very impressive and we are confident that the business has what it takes to succeed in a competitive market like the Middle East.”
Mohammad Musleh, Founder & CEO of Wyasda added, “In a short period of time, Wysada.com has gained excellent traction from members and partners alike. The strategic partnership with MENA Venture Investments not only allows Wysada.com to expand and improve business operations but also provides the right competitive edge and expert counsel to do so. This partnership is an important milestone for us in our start-up journey.”