Digital commerce is becoming the fastest growing commerce in the Nigerian market, even as the director of African Operations, Jiji Africa, Yuliy Shenfeld, has attributed the growth to the increasing adoption of technology and the rise of online payment platforms in Nigeria.
A report by statista.com, revealed that the e-commerce sector of the Nigerian economy is expected to peak at $9.02 billion in 2023 with an annual growth rate of 11.74 per cent, resulting in a projected market volume of $14.06 billion by 2027.
Shenfeld, while speaking to NATIONAL ECONOMY on the trends that are expected to shape the Nigerian e-commerce sector this 2023, stated that, although the Nigerian e-commerce industry faces several challenges, including poor infrastructure, payment infrastructure, a general lack of trust in online transactions, non-reliable logistics and delivery networks, these challenges have in no way hindered the growth experienced in the industry.
“The reason being that e-commerce has the potential to play a significant role in the development of the Nigerian market by offering increased accessibility for Business owners and Job creation in areas such as software development, marketing, logistics, and customer service. It is a major growth driver that would improve the competitiveness of the Nigerian market on the global stage,” he stated.
On the growing interest in online payments, Shenfeld said trust in online payment platforms is growing in Nigeria, making it easier for consumers to make purchases online. This trend has continued this 2023, as more consumers are becoming comfortable with digital transactions and online payment options, he added.
E-commerce companies are also placing greater emphasis on providing seamless and personalised customer experience, from browsing to delivery and beyond, Shenfeld averred, adding that, this 2023, e-commerce companies have continued this trend as they strive to differentiate themselves from their competitors and build customer loyalty.
Shenfeld, however, stated that, the Nigerian e-commerce industry is poised for continued growth this year, even as these trends continue to shape the industry and play an increasingly important role in the growth of the Nigerian market.
