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In an era where digital transformation is reforming industries worldwide, business owners in Nigeria are embracing online marketplaces for growth. The ability to reach a wider audience, streamline operations, and adapt to changing market dynamics has never been more critical.
Some may see this as fiction for reasons like increased competition and market saturation. Considering most online marketplaces host thousands of vendors across categories, this could make it challenging for small businesses to stand out.
Source: Facebook
Another is high platform fees since many platforms charge significant amounts for listings, transactions, and promotions. However, insights and testimonials from some players in the space seem to prove otherwise.
A recent forecast by Statista shows that 13% of all sales done in Nigeria by 2026 will be conducted online. This indicates that digital space in Nigeria is flourishing, with internet access currently at 55% and poised to grow steadily. Platforms like Jiji, Jumia, and Konga have become critical players in this digital revolution. This is why businesses leverage them to achieve significant growth, overcome challenges, and stay competitive in our digital world.
Tope Samuel, the Managing Director of Befitting Properties, describes the impact of e-commerce on his business.
Rise of online marketplaces in Nigeria
The shift towards online commerce in Nigeria has been nothing short of transformative.
With the increasing smartphone adoption estimated to reach 140 million by 2025, consumers are more connected than ever. This connectivity has paved the way for platforms like Jiji to transform businesses. They do this by offering them a powerful tool to reach customers beyond their immediate location.
For business owners, especially those in the real estate and automotive sectors, online marketplaces provide an invaluable platform to showcase their products and services. These platforms not only offer a space for listing items. They also come equipped with various tools that help businesses optimise their listings, engage with customers, and track performance. These result in a more streamlined and effective sales process that drives growth and improves customer satisfaction.
What traditional barriers can online marketplaces break down for real estate businesses?
The real estate sector is one of online marketplaces' most significant success stories. Traditionally, real estate transactions heavily depend on local networks and word-of-mouth referrals. But with the advent of online marketplaces, real estate businesses can now tap into a much broader audience, including international buyers and investors.
Take, for example, the case of Befitting Properties, a premium real estate firm in Lagos. During a chat with the Managing Director, Tope Samuel, it was noted that the business leverages online platforms like Jiji to boost its visibility and reach potential clients locally and internationally. He said:
“Jiji’s wide reach, user-friendly interface, and the ability to directly connect with serious clients made it our preferred platform. We’ve closed some of our biggest transactions on the platform, including a premium property worth nearly a billion naira on Banana Island.”E-commerce company celebrates one year in Nigeria
Legit.ng earlier reported that QNET, a Hong Kong-based e-commerce and direct-selling company, recapped its tremendous growth, recognition, and successes for 2022 in Nigeria.
The company attributed its success to high-quality products, a strong network of independent distributors, a commitment to ethical business practices, and Corporate Social Responsibilities (CSRs) for its seamless operation in Africa’s latest economy.
In April 2022, the company officially entered Nigeria by announcing a partnership with Transblue Limited, making it QNET’s partner and representative in the West African market.
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Source: Legit.ng
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