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Major e-commerce trends in Nigeria 2023

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By Usman Oladimeji

Nigerian e-Commerce market revenue is expected to hit US$9.02 billion in 2023.

The Nigeria’s e-commerce market is fast growing as e-commerce retailers are leveraging the rapidly evolving digital commerce technology to enhance their operations and provide high-quality customer service. This was supplemented by the industry’s versatility to adopt new technologies in order to satisfy consumer demand. Also, these diverse digital opportunities are being leveraged to develop a seamless marketing process by offering customers a broad range of goods and services as well as exploring new methods to engage customers through online shops.

Business owners are making strategies to stay on top of current market trends, seize emerging opportunities, and mitigate the effects of possible disruptions. Millions of individuals around the nation have embraced internet marketing as the industry has grown over the last three years. A report indicates that the Nigerian eCommerce market will increase by 44% in 2021, contributing to a global growth rate of 18%. The market revenue for the industry is predicted to reach $9.02 billion in 2023.

Social media for e-commerce is expected to gain more momentum in 2023.

Additionally, with an annual growth rate of 12% between 2021 and 2025, Nigeria is predicted to exceed the global average of 10%. However, with these forecasts, there are several big and disruptive e-commerce trends that might be used to better consumer experience while also boosting businesses. One of these is highlighted as the increase in leveraging social media for e-commerce, a trend that is projected to receive more incredible speed in 2023. Although some business owners are already embracing social media platforms such as WhatsApp and Facebook, among others, to promote their sales, it is projected that it will expand more.

E-commerce company owners are capitalizing on the current social media trends to increase brand recognition and consumer base for their goods and services. With consumers able to purchase across many channels simultaneously, omnichannel is another development to keep an eye on in 2023. They move freely across channels during the buying process (e.g., researching items, comparing pricing, making a purchase, etc.). The vast majority (89%) of internet users have made online purchases, and an additional 24% are predicted to follow this trend in the near future, according to the National Communication Commission (NCC).

Payment providers can take advantage of e-commerce opportunities.

Many e-commerce platforms, like Jumia, operate specifically for this purpose, providing seamless services and ensuring their channels are easily accessible. So, users may access their accounts from any device, either the app or the website. This convenience is likely to encourage more people to purchase online. A further development worth discussing is the rise of cashless payment methods. The CBN’s new withdrawal limit regulation would encourage more consumers to use electronic payment methods.

Meanwhile, the growing need for digital payment systems is a huge benefit for the companies that provide such services. KongaPay and other payment solution providers may capitalize on the booming e-commerce market in Nigeria, driven by the country’s rapidly increasing young population, rising purchasing power, and widespread use of smartphones. Ultimately, there is customer personalization, which is referred to as the use of artificial intelligence and machine learning in e-commerce. To boost e-commerce and increase online sales, it is essential to personalize the buying experience for each client. Businesses may use these technologies to enhance client interactions, increase the precision of suggestions, and make better overall choices.

Quality and method of service delivery in the sector have increased.

The e-commerce platform in Nigeria has been increasingly successful as a result of widespread adoption by the country’s growing young population, as well as various rules put in place so far. It has improved the quality and technique of service delivery while also offering a cost-effective means of connecting merchants and customers online at the convenience of both sides. Companies that are flexible enough to respond to these shifts in consumer tastes and preferences will be able to record more growth and expansion in their businesses in the near future.

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