Capiter, the e-commerce platform specialising in the field of fast-moving consumer goods (FMCG) and foodstuffs, has announced that it aims to achieve revenues of $1bn by 2023. The target comes as part of the company's ambitious plan to multiply the volume of its business tenfold, after achieving fruitful results during 2020 despite the novel coronavirus (COVID-19) pandemic crisis. Capiter presents a new concept for the Egyptian market in retail trade, by serving as a link between consumer goods makers, major companies, and wholesalers in the field of retail trade. This takes place through three different applications, interspersed with multiple features that help the merchant to create a comprehensive knowledge of the food market in Egypt. The knowledge gained helps the merchant develop their project and increase the volume of work. This helps in restructuring the traditional means of trade in Egypt and converting it into a digital system, which increases efficiency in the entire supply process by using modern technology to provide fast, high-quality, and easy-to-use service. Mahmoud Nouh, Co-Founder and CEO of Capiter, said, "We had an ambitious vision aimed at serving a broad segment of the business market in Egypt, which is the consumer and food sector." "This represents one of the most important sectors of the Egyptian economy, which contributes to creating more opportunities in the local market, and enabled us to create hundreds of opportunities for hundreds of young people in various fields," Nouh added, "Capiter seeks to create more opportunities and encourage the labour market in Egypt." He said that this would take place through bringing the best talents from around the world or by giving the opportunity and betting on new talents and recent graduates to benefit from the tremendous growth witnessed by the e-commerce sector. This comes particularly with Egypt's efforts to support digital transformation in all fields. Nouh added that Capiter now offers its services in Cairo and Giza, with the aim of expanding in Egypt to include more governorates. This will also see the company expand the list of products available through the platform to more than 30,000 products of various foodstuffs and groceries by 2023. Ahmed Nouh, Chief Operating Officer of Capiter E-Commerce Company, said, "Since the beginning of our operations last year, we have succeeded in expanding our customer network through many partnerships with various companies and government agencies." "This helped us serve thousands of merchants and complete millions of operations through the platform from providing fast, high-quality, easy-to-use service at the best prices for all elements of the supply chain through a trained team of more than 800 employees," he added. Through the platform, Capiter aims to provide promotional services for all offered products by highlighting the best-selling products, to give buyers an insight into the quality that they will get when purchasing the product. The company plans to provide the latest studies and information on market requirements by merchants and commodity companies. It is worth noting that the demand for digital payment services and financial technology has witnessed remarkable growth thanks to the COVID-19 pandemic. E-commerce sales in Egypt jumped by 80%, while 15% of companies in Egypt reported an increase in their online sales during the pandemic compared to what they were before the pandemic, according to a statement by the Ministry of Communications and Information Technology. The information and communications technology (ICT) sector was the fastest growing in Egypt during fiscal year (FY) 2019/20, with a growth rate of 15.2% compared to the previous year. This saw the sector earn the equivalent of EGP 108bn, to contribute 4.4% to the GDP.
