Nejree has acquired $15 million in a Series A funding round for its 'try now, buy later' marketplace | MENA startups, innovation, and tech news

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Nejree has acquired $15 million in a Series A funding round for its ‘try now, buy later’ marketplace
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Nejree has acquired $15 million in a Series A funding round for its ‘try now, buy later’ marketplace

Article’s highlights:

 

  • Nejree, an e-commerce platform, received a $15 million Series A financing from the Impact46 growth fund.
  • Nejree, which was founded in 2018 by Ibrahim Almogren, uses the try now, buy later (TNBL) concept to fill a crucial gap in the virtual showroom experience.
  • The e-commerce start-up promises to offer the greatest customer experience at scale using big data and AI technologies.
  • Nejree will be able to increase its operations, expand its “Nejree Closet” into more categories and brand offers, and enter new markets thanks to the new funding.

 

Nejree, a Saudi fashion e-commerce site, has raised $15 million to expand a service that allows clients to try on clothes at home before purchasing them. The money came from Saudi investment company Impact46, bringing Nejree’s total raised to $19 million since December 2019, when it was granted $4 million.

About Nejree.com;The Middle East’s online retailer for branded sports shoes

 

Nejree was founded in 2018 by Ibrahim Al-Mogren and first offered footwear before expanding into apparel. Adidas, Nike, Lacoste, Puma, Under Armour, Reebok, and Converse are among the brands it sells.Its newest feature is Nejree Closet, a free service that allows consumers to try on shoes or clothing at home before making a purchase.

 

According to www.mihnati.com, it is a one-of-a-kind business that sells branded sports shoes online. They provide the greatest sports branded shoes in one convenient location at an unbelievable price. They aim to ensure that their clients get the most out of their unrivalled selection. Their IT department has created a user-friendly website with secure information and payment channels. Customers may use any mobile or desktop device to browse their website and contact them. They don’t only fulfil orders; they also get to know their clients and do their best to meet their needs for athletic footwear.

 

As per www.nejree.com, their objective is to inspire the community to be healthier and more active while also looking more attractive by wearing sneakers, simply because the elegant style makes one feel confident and at ease.

 

Accomplishments of Nejree

 

The inclusion has led in a 50 percent rise in the average order value, according to Nejree Closet, which has sent about 100,000 products so far.“In much less than 60 days, we delivered 5 unique versions of app updates to give the Nejree closet enjoy at scale,” al-Mogrenquoted. “We are investing significantly in our whole in-house supply chain and infrastructure, from logistics to operations to actual-time updates and automation.” He concluded.

The CEO predicted that the try-now, buy-later approach will become commonplace among e-commerce platforms in the near future, particularly in the apparel industry.

 

According to a recent survey performed by SAS, over half of Saudi Arabian customers (48 percent) will continue to utilise online shopping and banking more than they did before COVID-19, even after the epidemic has passed. According to the research, 75% of respondents have permanently changed their purchasing patterns as a result of the epidemic, while just 17% of customers in the Kingdom anticipate things to return to normal soon.

 

The path ahead

 

Nejree has been steadily growing, having the end-user in mind as it develops its technology, platform, and services. In a statement, Ibrahim Al Mogren stated, “Every day at Nejree, we aim to upgrade and innovate, by offering the most convenient, dependable, and unique experience possible, leveraging big data, AI, and creative digital solutions.” As e-commerce and Fintech start-ups in Emerging Venture Markets gradually propose new models such as Buy Now Pay Later solutions, Al Mogren predicts that the TNBL model will ultimately be adopted by the whole industry, marking this as a bold step into the future.

 

Since the pandemic, the number of new digital users in the MENA area has grown by 27 percent, the most of any region examined, according to SAS. More than half of the respondents (56%) utilize digital channels, which is the greatest percentage of any area. According to statistics company Statista, revenue in the Saudi e-commerce sector is expected to reach $7.05 billion in 2021. In the following years, the numbers are predicted to rise at a 5.38 percent annual pace, culminating in a market volume of $8.69 billion by 2025.

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