Nigeria has experienced a significant increase in e-commerce activities in recent years, with the industry growing at an impressive rate. According to Statista, the e-commerce market in Nigeria was worth $13 billion in 2020, and this figure is expected to reach $34 billion by 2024.
One of the key drivers of e-commerce in Nigeria is the increasing adoption of smartphones. As of 2021, there are over 140 million mobile phone users in Nigeria, and this number is expected to grow to 170 million by 2025. This growth in mobile phone usage has led to an increase in the number of Nigerians accessing the internet, which in turn has led to an increase in e-commerce activities.
Nigeria’s e-commerce market is rapidly growing, with a projected market size of $13.34 billion by 2028, at a CAGR of 11.82% during the forecast period (2023–2028). Two of the major players in the Nigerian e-commerce market are Jumia and Konga.
The rise of online marketplaces is also contributing to the growth of e-commerce in Nigeria. Online marketplaces like Jumia and Konga offer a wide range of products at competitive prices, and this has made them popular with Nigerian consumers. These marketplaces have also made it easier for small businesses to sell their products online, which has helped to boost the e-commerce industry in Nigeria.
In terms of logistics and overall market share, Jumia dominates Nigerian e-retail stores. Its biggest obstacle is still its geographic dispersion, though. Standard deliveries to other Nigerian towns take at least two weeks, which is a huge turnoff for customers. This is a problem that Main Market Online is aiming to fix.
Overview of Nigeria’s Emerging Markets
One of the key drivers of economic growth in Nigeria’s emerging markets will be e-commerce. This is why these markets require platforms that connect buyers and sellers across the country. The Main Market Online should be the go-to platform for businesses to sell their products and reach a wider audience.
Launched in 2019 by Cyriacus Ifeanyi Nwankwo, Main Market Online is a fast-growing online multivendor marketplace that has redefined the customer experience in Nigeria. The platform offers unbeatable prices and speedy delivery worldwide, making it an excellent choice for businesses and consumers alike.
The company’s strategy is designed to promote growth in trade and businesses in emerging markets like Onitsha, Aba, and Port Harcourt. Overall, Nigeria’s emerging markets are playing a crucial role in the country’s economic growth, given their wide range of businesses that are driving commerce.
With the total number of e-commerce customers in Nigeria still below 10 million, a far cry from available data about Nigeria—200 million people—Main Market Online is capturing more of these abandoned over 190 million people. Main Market Online is the first major effort to connect previously neglected big e-commerce markets in Nigeria, such as the Onitsha Main Market, one of West Africa’s largest markets.
The company offers a unique online shopping experience to both traditional brick-and-mortar merchants and consumers of quality products.
Curbing Business Challenges
Trust is a critical factor in e-commerce, particularly in emerging markets where online shopping is still a relatively new concept. Main Market Online has built trust with its customers by providing high-quality products at unbeatable prices. The platform also has a robust customer support system in place, ensuring that customers can get help whenever they need it.
Overall, Main Market Online is an excellent choice for businesses and consumers looking to buy and sell goods in emerging markets. The platform’s focus on logistics, payment systems, and trust has made it a reliable and trusted partner for businesses and consumers alike.
Also, the online marketplace has tackled logistical issues head-on by partnering with reliable logistics providers to ensure speedy and efficient delivery of goods. The company has also invested in its own logistics infrastructure, including warehouses and distribution centers, to ensure that goods are delivered on time and in good condition.
Conclusively, with more Nigerians in emerging cities growing into the middle class and having more disposable income to spend on goods and services, the demand for more e-commerce platforms like Main Market Online with a particular focus on these markets is needed.