by Francesca Uriri

Oyindamola Honey Ogundeyi, founder of e-commerce platform, Fashpa.com shares her journey of starting an online retail store, her vision for building a sustainable business, the importance of women contributing to Africa rising, and the beauty of maintaining balance. She is the Leading Lady Africa for the week. Be inspired!

Officially, Fashpa.com has been in operations since 2013. How has business been so far?

I am very pleased with what the team and I at Fashpa.com have accomplished in such a short period of time. We have established a position as Nigeria’s leading online fashion retail store. It is still very early days for us and borrowing from Jeff Bezos this is still very much day zero in terms of where we are taking the business, but we are positioning for growth and we are encouraged by the feedback and patronage from the fashpa.com community who have really taken to the brand.

You have a varied professional background in banking, consulting and branding. What made you take the leap to become an entrepreneur?

By profession I would call myself a Management Consultant with experience across-different industries ranging from Banking, Brand Management, Internet and Telecoms. I come from a family of entrepreneurs, and growing up I saw first hand the challenges of growing a business and initially I was more attracted to structured 9-5-type path. However, along the way I discovered that the roles I enjoyed most professionally where the ones that where entrepreneurial. I thrived when I was tasked with growing a business or starting something from scratch. I have also always had a passion for technology and fashion, so eventually I plucked the courage to go and work on an idea that I had for a very long time that I was passionate about and that was how to make Fashion more accessible for Africans.

How did you source funding to start Fashpa.com?

The initial funds to start Fashpa.com came from myself. We started from my bedroom, expanded to the living room and eventually we got an office. If you have an idea, especially in Africa, the easiest way is to smart small with funding from yourself and family/ friends. Bootstrapping in the early days of business gives you discipline especially as you refine the model and better understand the business.

Would you say Fashpa.com is a tech startup or a fashion start up? Or is it a mixture of both?

Fashpa.com is an ecommerce startup. I would say at the core of what we are is a retail startup using technology .Our main focus is providing on trend clothing at affordable prices ,we use technology to reach our audience. Our Major focus areas as on online retailer are with sourcing, logistics, customer service, user experience and using technology is at the heart of that.

The online retail space is one that is already populated in these climes, what would you say is the major difference Fashpa.com brings to the table?

Nigeria has a population of a 170 million and one the fastest growing population of Internet users in the world, and an extremely undeveloped formal retail structure. It is hard to be able to declare in 2014 that the space is populated because the market isn’t even fully developed yet. Two or even four players for example cannot be defined as over populated. At Fashpa.com we are going after a clear opportunity that is underserved in Nigeria/ Africa and that is to serve a fashion conscious customer who wants to be able to access the best fashion and lifestyle brands. We focus on providing access to the best fashion retail brands international or local, the latest trends and all at great prices. If you love your fashion as most Nigerians do, there is no better place online in Nigeria to shop for it that Fashpa.com.

What were some of the reasons that influenced your decision to start Fashpa?

Ten years ago, I came back to Nigeria after university to complete my NYSC before starting out at Mckinsey & Co. I wanted to purchase a pair of shoes and the options were basically super expensive at a brick and mortar store or cheap knockoff version at an open air market and I ended up ordering a pair abroad. I remember thinking there must a viable option in Nigeria if you don’t want to sacrifice on price or brand and still want a cool pair of work shoes at good price. Since that time, I gained a lot of experience in technology, retail and business and moved back to Nigeria. The problem of accessing trendy clothing at great prices still existed .However this time the Internet provided a unique opportunity to solve it at scale and build a fashion brand that would serve a fashion conscious customer. As they say, planning met opportunity – it was the perfect time to start Fashpa.com.

You were one of the speakers at the Africa Rising Summit in London, in June. Why do you think you were one of those selected?

I was happy to be able to contribute to the Africa Rising summit, where I spoke about the Online Retail Opportunity in Nigeria and broadly Africa. There is a lot of interest in investment opportunities in Africa and it was great to be able to contribute and share the Fashpa.com story and discuss the industry wide innovation and early successes we are seeing in the ecommerce industry in Nigeria.

In your opinion, is Africa really rising? And where does the woman fit into the growth and development of the continent?

Africa is definitely rising and women have always played a key role in that growth. There has never been a better time to be an entrepreneur from and working on the continent. The next growth opportunity in many sectors will come from Africa and that is a fantastic opportunity for us as women especially in non-traditional sectors for example Entertainment, Retail, Agriculture and Technology sectors. These are huge opportunities of a lifetime and Africa is definitely open for business and rising.

Who are your mentors?

I am hugely inspired by anyone on top of his or her game so there are probably too many to mention! In Nigeria, I would say Omobola Johnson, Ndidi Nwuneli, Tony Elumelu and Sim Shagaya. These days I am very tech/retail focused, I follow closely the business journeys of Demet Mutlu, CEO and Founder of Trendyol.com and Sophia Amaruso CEO and Founder of Nastygal.com, Sheryl Sandyberg at Facebook.com, Larry Page at Google and Beyonce Carter they would be my dream mentors today.

What were some of the challenges you faced in setting up Fashpa?

Starting a business is very hard; starting a business in Nigeria can be even more difficult. The main issues I would say are around four buckets.
People: Building a team. Finding the people with the right skills and culture fit to get on board and really believe in your vision for the company. I also have a pet passion for raising the quota of women in technology, so at Fashpa.com, we have a super team of women leading the way.

Funding: Access to funding is still a huge challenge, especially in a market, where is no Angel or Venture Capital ecosystem.

Awareness: Getting the Nigerian customer to be aware of our site www.fashpa.com and to trust that they can shop online. There is a lot of work still to do on educating the consumer.

Infrastructure: Lack of basic infrastructure is still a major roadblock. As an online player there is also a lack of ecommerce enabling infrastructure such as logistics, good payment structure. This has meant we have to do a build a lot of that in-house.

You are one of the 2014 ambassadors for the Junior Achievement of Nigeria (I am JAN) campaign, tell us about that.

Junior Achievement Nigeria (JAN) is an economic education non-profit that inspires and educates young people to become conscientious business leaders. The Nigerian chapter was founded by Simi Nwogugu, who is a phenomenal woman and I have been amazed to find out the program has reached over 500,000 students. I am passionate about technology and education, and was great to be selected as a 2014 ambassador. I really have benefitted in my career from having great Mentors and am pleased to be able to work with JAN to inspire and work with the next Generation Business Leaders. It’s a great opportunity and was truly honored to be involved.

What drives you as a woman and an entrepreneur?

I am driven by the desire to leave an impact and contribute to the growth of the African Economy. Entrepreneurism is a journey and you learn a lot about yourself, business, team work, the fine art of balance but mostly its gives you an opportunity to be able to make a wider impact in your community as a whole.

In her book ‘Lean In’ Sheryl Sandberg maintains that to be truly successful, women would need trade-offs in business, career and family. Do you agree with this view point?

I love that book! I think for sure we often have to make trade-offs at different times. This is true for both sexes by the way, but sometimes for difficult for women. As a career woman, the most important aspect is to be able to plan and if you have a partner, have one who is supportive of your career. The trade offs will always exist but you will be able to make enough time to have your career, business and family. I find it fulfilling to have a great family life but to still be able to pursue passions and business interests.

What is your personal mantra?

I am not sure I have one. I am a firm believer in hard work, being driven, and never giving up. I am driven by unusual conviction to succeed and over achieve in all areas of my life.

What were the things in your experience as a paid employee that prepared you for being an entrepreneur today?

I am thankful for the experience of working in some of the best companies in the world, McKinsey, Google, Ericsson. The work experience, the networks and the access to the best in class work practices you gain from these companies are second to none. I have brought a lot of that into my own business today and try to create a great culture and good working environment at Fashpa.com. I think to be really good entrepreneur it is important to get some work experience before, It makes you a well-rounded employer.

 

Fashpa is a unique and evocative name, how did you come about it?

Fashpa is a short form of the phrase “Fashion Parade”. The expression was used when I was in high school to describe Fashion Pageants or competitions or as an expression when someone was looking particularly dressed up. I wanted a name for the site that Nigerians could identify with and also had strong links to Fashion.

Mention some of the challenges you’ve faced in running Fashpa?

I am a sole founder of Fashpa.com and work across all areas of the business— from selecting the pieces to delivering the item to the customer’s home. To be a successful online retailer, you need to be an expert on all areas from fulfillment and logistics, marketing, production, sourcing—and of course, technology. In the beginning I did everything myself. Today, I am lucky to have a small team; we work really closely together to build out our vision for the company. I am also lucky to be able to rely on a group of advisors, family, friends and now customers who I can always reach out to for a second opinion to challenge some of my thinking and give feedback on our ideas.

How do you maintain the balance between spending time with your family and running your business?

The honest answer to that question is that it’s not always easy maintaining that balance especially if you are a perfectionist like me and I want to excel in all roles. I deal with a lot of guilt! At the end of the day family always comes first and mine have been a source of strength and inspiration in doing what I do. Running your own business can be a very lonely journey, I spend the time when am not working with my family. I also think it’s important to keep some ME time so still make time for things I enjoy, such as a good workout and dancing!

Where do you see yourself and the Fashpa brand in the next 5 years?

I would like to remain in the leadership team of the company. We would have launched new categories and offer more collections that our customers will be love. In five years time, I see us a leading Fashion brand from Nigeria with a great online shopping experience. Along the way we would have changed the way the African consumer accesses fashion, built a great team and be one the best workplaces in the world and be on the move towards being a billion dollar business.

Name 3 of the favorite books you’ve read that you’ll recommend to others

The Everything Store (Brad Stone): I was gifted this book by a Colleague at Google, it tells the story of Amazon.com. It is great read for anyone interested in ecommerce and startup ventures.

Lean In (Sheryl Sandberg) Great read for women in business. Parts of the book really resonated with me. If you have ever been called aggressive in the workplace instead of ambitious read this!

There was a Country (Chinua Achebe) Fascinating read on Nigeria’s history. To understand our present you must understand the past, loved this book.

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The Leading Ladies Africa Series is a weekly interview series that focuses on women of African descent, showcases their experiences across all socio-economic sectors, highlights their personal and professional achievements and offers useful advice on how to make life more satisfying for women.

It is an off-shoot of Leading Ladies Africa; an initiative that seeks to effectively mentor and inspire women, with particular emphasis on the African continent.

Do you know any woman of African descent doing phenomenal things? Send an email to [email protected] and we just might feature her.