Five E-commerce Trends Online Business Owners in Nigeria Should Watch Out For In 2023.
E-commerce has undoubtedly found its roots in Nigeria as it has continued to thrive and thrive over the years, contributing its quota to the growth of the economy in Nigeria and the world in general.
E-commerce is the future of business in Nigeria, and anyone who is business inclined would be smart enough to harness the opportunities it presents.
As you grow as an e-commerce business owner, staying on top of the trends is not debatable. It is of great necessity. To remain relevant and competitive in the e-commerce space, you must keep up with the trends.
E-commerce Trends for Small Business Owners in Nigeria
Here are five trends to look out for as a business owner in 2023.
Technology is becoming the order of the day. More and more people are becoming acquainted with smartphones. Research shows that about 7.26 billion people use a mobile phone.
A further prediction is that by 2026, there will be an increase in mobile phone users.
Many mobile phone users want to be able to access almost every basic need of life through their phones. They want to connect with people through their phones, glimpse different parts of the world, and shop through their phones.
It will be wise for every online business owner to harness this opportunity and make their products and services available and purchasable through a mobile device. This is because many mobile users prefer mobile commerce as their shopping channel, with a projected sales figure of about $4.5 trillion by 2024. At this point, ensuring your website is optimized and easy to access is essential.
Here are a few things to improve your website for mobile eCommerce
Simple Navigation Menu:
The Navigation menu of your website should be as simple as possible and very user-friendly. Make it self-explanatory and easy to understand.
Fast Website Loading Time:
An average internet surfer will only waste time on a website that spends less than 5 secs loading before jumping to another that opens up more quickly. You want to optimize your website's loading time.
This approach won't just reduce your bounce rate; it will also help improve user experience.
Over the years, businesses have used social media to reach more customers and increase their sales, and it will only get better.
Social media has become one of the fastest channels through which business owners and brands connect and transact. Customers do not hesitate to go directly to social media platforms in search of products and services to purchase.
About 59% of the world's population is actively using social media platforms, which is predicted to increase over the years.
Social media platforms were predicted to generate $1 trillion in 2022 in global sales and increase to $2.9 trillion in 2026.
If you want to take your business to the next level, you want to engage on social media. Use social media platforms like Twitter, Facebook, Instagram, Snapchat, and Pinterest, as they are currently the most popular and well-used platforms.
Here are a few steps to take to boost your business using social media.
Create high-quality content:
Nothing keeps people interested in your content, like high quality. High-quality contents make your social media page attractive.
Ensure to package your products in the most attractive way possible using high-quality photos or videos displaying enough product information.
People do not just want to see your products; they want to know what it does before coming into your DM.
Use The Right Channels:
Study your products and services, discover your target audience, and then strategically choose the social media platforms you can use. You can get a different audience on Facebook than you would on Instagram.
Know your target audience and study the social media platforms that help you connect to them.
Live shopping is another e-commerce trend that online business owners have employed to boost their sales. The live stream market is gaining popularity and has been predicted to reach $237 billion by 2027.
In live shopping, business owners present their products on social media platforms. This helps to give customers a real-time experience of shopping as they can ask questions, carry out negotiations, receive answers instantly and make purchases.
Sustainability is a business's ability to operate with minimal environmental effects. Many businesses have had their positive and negative impact on the environment over time.
The future e-commerce promises to reduce adverse effects on the environment while still meeting the needs of its customers.
As you build your business, aim for sustainability. Create environment-friendly products that meet your customers' needs without jeopardising society and human well-being.
Over the years, business owners have provided better customer services and experience using Artificial Intelligence(AI). AI solutions help e-commerce businesses carry out daily activities with efficiency.
Customers can now get 24/7 services with or without the business owner's presence.
One of these AI services is the Chatbots. With the Chatbot, customers can get answers and guidance 24/7 and still get the same experience as though it were human.
What is the Future of E-commerce In Nigeria?
Nigeria is currently the 38th largest market for e-commerce, generating a revenue of $7.6 billion in 2021.
The Nigerian eCommerce market contributed 18% to the worldwide growth of the global market, with an increase of 44% in 2021. The Revenue of the Nigerian e-commerce market is projected to reach $6.62 billion in 2022. It is expected to show an annual growth rate of 16.27% resulting in a projected market volume of $14.06 billion by 2027.
The market is driven by high internet penetration, an increasing rate of card-based payment systems, and advanced infrastructures. E-commerce has come to stay in Nigeria as more and more business owners are plunging into the space. Its advantages over other forms of business are high and have made it the next big thing for every business owner in Nigeria.
What are the Best E-commerce Businesses in Nigeria in 2022?
E-commerce has become an essential part of the life of the average Nigerian and is expected to generate a market volume of $14.06 billion by 2027.
If you are looking to plunge into the eCommerce space, here is a list of the e-commerce businesses that made waves in 2022:
- Fashion and beauty business
- Baby Accessories
- Wellness and health products
- Food/Groceries business
- Cosmetics business
These are some of the trending businesses for 2022 in Nigeria. So if you are thinking of a business niche to delve into, you can settle for any of these.
If you still need to board the train of e-commerce business owners, you want to start by creating a website for your business. Visit www.tradift.com to build your online store today.