In a 2010 report, the country’s retail market is pegged at $115billion while that of online is said to constitute a 30 per cent of it,which is about $35 billion.
It is against this backdrop that Morpheus, a parent company for Buyam., a new online retail market, disclosed recently that it had also come to play in the online space.
According to the company, with over 167 million people, living in Nigeria today and current Internet penetration at approximately 30 per cent, growing at an outstanding rate of 85 per cent, there is more growth expected in the rapidly burgeoning online retail space.
“The growing middle class makes up more than 23 per cent of the population, presenting opportunities for entrants to create a safe and dynamic online retail service.This is why Morpheus Limited, the parent company and promoters of the e-commerce platform, developed”
Briefing the media at the weekend in Lagos, Managing Director of the company, Emeka Mordi, said was basically an online shopping mall that officially launched operations in April 2013.
Said he: “With  108 registered retailers; stocking everything from electronics, books, to fashion and health care, we fully intend to meet the needs of our rapidly growing customer base.”
“We recognise that delivery is a key point of failure in this business, logistics will be handled by world class logistics provider, DHL Express, and will be supplemented by our own in-house logistics company, Thanet Deliveries.” He added that the  site was essentially a platform for both B2B (business to business) and B2C (retail commerce) customers to access goods and services directly from the merchants at no additional costs. And  one of the core objectives of the company is to create a web-based, global marketplace where a variety of products can be bought and sold. The site covers Nigeria and will eventually expand throughout the African continent.
Commenting on customers’security, Mordi said “Special efforts and measures have gone into fraud detection and prevention. Transaction repudiation and full consumer protection are provided, so our customers can shop in a safe and secure environment,” he said.
The boss also explained that deliveries are backed by insurance companies,saying, “We are backed by insurance companies and we have top on the line logistics partners like DHL,this is to make sure that regardless to what happen in terms of damage,customers do not incur any loss. We are very transparent in terms of delivery and deliver within 72 hours”. Noting that the company’s return policy is in line with its merchants’ policies but is currently running a free delivery that may not last forever. presently has over 105 different retailers which include: SPAR (Park n Shop), Cash ‘n’ Carry, Nulec, Storm London, Tribes Art, DaViva, Kiki Kamanu, Mega Plaza, and a host of other brands spread across various sectors.