Buying and selling online has become a major source of business in Nigeria and throughout the world. With the growth of internet penetration and influence it has on perceptions, decisions and actions, there is no doubt that e-commerce has come to stay.
E-commerce has been revolutionizing the business world, growing steadily across industries. In a report released by the Ministry of Communications Technology, Nigeria’s e-commerce industry has experienced a massive increment in the last three years. In 2012, it was worth $35 million about N6.95billion, and now it valued at $550 million about N109.4billion and projected to have a $13 billion potential worth if well harnessed. The country’s increasing population and the growth of internet and smartphone penetration have been a catalyst for the rapid evolution of the sector.
‘Nigeria is gradually moving from the era of brick and mortar to click and mortar.’’ Kaymu’s Head of Communications and Offline Marketing, Tomiwa Oladele stated in a release by the company.‘’Online shopping particularly in business to consumer (B2C) has risen primarily due to the increased internet education and penetration in Nigeria. Some other reasons for such rapid development could include the availability and cost of data and smartphones and devices, as well as the lease of life e-commerce provides”, she further expounded.
E-commerce offers a world of convenience to consumers. Consumer’s purchasing power is at the click of a button. In addition they can conduct price comparisons across e-commerce platforms.
In the last decade, organizations have realized that technology advancement could impact largely on online shopping, as such more and more organisations are embracing e-commerce.