True that a whole lot of retailers need a great flow of funds to keep their business alive. Well, this is not always so as many of them rush to the bank to achieve this, but again, bank interest rates are not smiling at them. They are then left with either a stagnant or slow moving retail business.
iRetail (@iRetailNG on twitter) (could as well be labelled a startup) is a strictly on twitter platform (maybe for now), and helping to commonize retail. How it does this? The handle helps connect retailers to product sponsors. A product sponsor is a person who’s willing to sponsor a particular product for a retailer, while waiting for returns on the investment.
Retailer: Vicky's accessories, Ilorin
Product: Nerd glasses (40 pieces)
Initial sponsor amount: N66,000
Investment timeframe: 21 days.
Interested? DM for payment instructions.
— iRetail (@iRetailNG) January 2, 2018
For example, if a retailer wants to order for a particular product in bulk to resell, iRetail, after posting on their timeline, can get someone to provide funds for that. After the product is sold out, capital is returned to the sponsor and profit is split accordingly between the retailer, the sponsor and the platform. For now, retailers (to be sponsored) are handpicked by the platform while anyone can be a product sponsor.
To make sure sponsors don’t lose their investments in this, iRetail partner with very reputable and strong retailers. Once a retailer also gets sponsored, they work hand in hand with iRetail and informs when the product is sold out. The platform manages every other thing including paying returns and initial capital to the sponsor.
Sponsored. 💪💪 https://t.co/DfuigHbVPz
— iRetail (@iRetailNG) January 5, 2018
Sponsors can get up to a 21% ROI from sponsoring a product, which provides a viable short term investment opportunity for them. Though %ROI would be specifically stated by the platform, and would depend on the product’s profit margin.