There are a couple of factors that have contributed to the exponential growth of online retailing/sales in Nigeria. One very obvious factor is the widespread adoption of smartphones.
Nigeria has the largest and fastest growing mobile phone market in Africa and according to statista, the number of smartphone users in the country is forecasted to grow to more than 140 million by 2025 – a big enough market for any online retail business to scale.
Another factor is smartphone user behavior. How smartphone users (your potential customers) interact with their device; online platforms they visit (Instagram, for instance), the number of hours spent online, etc.
Nigerians spend an average of 3 hours 36 minutes engaging with social networks during a typical day, which explains why we’re seeing a significant increase in the number of retail brands online (Social media & eCommerce stores).
Also, it might interest you to know that at the moment, eCommerce spending in Nigeria is estimated at $12 billion, and is projected to reach $75 billion in revenues per annum by 2025. There is no better time to start an online store in Nigeria.
Benefits of an online store
Before you take that decision to start an online store in Nigeria, here’s a look at all the benefits you stand to gain:
While the COVID-19 pandemic forced a lot of businesses to shut down, and others recorded massive losses, eCommerce/online retail companies like Amazon doubled their profit during that period. In Nigeria, companies like SuperMart, Jumia, Nkataa also recorded massive increases in orders.
This is because, with an online store, there’s no need for a physical outlet to sell. Customers do not need to travel to your store (at the risk of getting infected) to purchase their needs. They could easily do that online (website or social media page) from the comfort of their home.
Better Customer Reach
The most interesting thing about owning an online store in Nigeria is that you can set up your store from the comfort of your home in Lagos and sell to a customer in far away Abuja – but you are restricted to your immediate environment with a physical store.
An online store increases your chances of scaling your business and reaching profitability in no time.
Low Setup cost
When setting up a physical store for your business, you have to factor in various setup and running costs; rent, utility, sales persons, etc. While setting up an online store for your business will cost you relatively lower.
How to Start an Online Store in Nigeria
Setting up an online store for your business will require that you hire a website designer, purchase a domain name (your website name), and pay a yearly hosting fee, which, if looked at critically, is still a lot to set up a business.
This is why we have created the Glade Store feature to help you move your business online and reach more customers. The Glade store allows you to set up an online store with absolute zero cost, no hosting fee, domain fee or hidden charges.
While the Glade Store lets you upload images, price, and other details of the item(s) you intend to sell, you can also accept payments for items sold on the Glade platform in real time, on the platform.
Want to see how your online Glade store will look when you create one? Visit mustee.glade.ng.
You can then visit glade.ng to create your own store
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