Connect with us

Business

E-Commerce Trends In Nigeria For 2023

Published

on

E-Commerce Trends In Nigeria For 2023

Olushola Okunlade Writes

The rise of digital commerce has given birth to new ways for e-commerce retailers to improve their businesses and deliver an exceptional customer experience.

This is due to the industry’s constant adaptability to meet new demands and opportunities to create a seamless shopping experience by offering consumers a wide variety of products and services and finding new ways to connect with consumers through digital storefronts.

As a business owner or someone involved, staying current with market trends is critical to capitalize on upcoming opportunities and lessen the impact of potential disruptions.

Over the last three years, e-commerce has significantly grown, pushing millions more consumers to shop online. In 2023, the e-commerce industry is set to slowly take over the world, as revenue in the market is projected to reach US$9.02 billion in 2023.

Here are some of the most significant and disruptive e-commerce trends that could be adopted to enhance customer experience while also expanding businesses:

The Rise of Social Commerce

A trend that is expected to gain momentum in 2023 is the use of social media for e-commerce. Many businesses in Nigeria are already using platforms like Facebook and Instagram to sell their products, but this trend is expected to increase in the coming year as social media is a powerful tool for reaching potential customers and building brand awareness. Businesses that take advantage of this trend will be well-positioned for success.

The Rise of Omnichannel

Shoppers are no longer limited to a single device or channel as they research products, compare prices, complete a sale seamlessly across channels, and flip between devices without losing their place in the purchase journey. According to the National Communication Commission (NCC), 89% of internet users make purchases online, with another 24% planning to do so in the near future.

This trend has led many e-commerce platforms, like Jumia, to ensure that their channels can be accessed regardless of the platform or channel. As a result, consumers can log in to their accounts through the app or website on any device of their choice. This ease of shopping is expected to contribute to an increase in online sales.

Seamless Payment Options

Nigeria’s economic policy is gradually shifting towards cashless payment, with digital and electronic banking being implemented nationwide. Furthermore, following the announcement of the new withdrawal limit by the Central Bank of Nigeria, more transactions are expected to be conducted electronically.

This demand for electronic transactions has attracted payment facilitators from all over the world as Nigeria’s online commerce and financial technology industries are strengthened by a fast-growing youth population, expanding consumer power, and increased smartphone penetration. This is especially important for small businesses that use payment solution providers to ease the payment process for their customers. Payment Solutions Service Providers, like JumiaPay, can take advantage of these opportunities in the market.

Beyond this, payment solution providers, like JumiaPay, would also benefit from offering services for electricity bills payment, TV subscriptions, and airtime/data recharge to their consumers.

Consumer Personalization

Another important trend in 2023 is the increasing use of artificial intelligence and machine learning in e-commerce. These technologies can help businesses personalize their customer interactions, improve the accuracy of their recommendations, and make more informed decisions.

Personalizing a customer’s online shopping experience is crucial to increasing online sales and bolstering e-commerce success. Users are growing weary of algorithm-powered interfaces instead of user-generated or user-inspired interfaces and longing for tailored and customized experiences. Customers want to believe someone is paying attention to them behind a computer screen. It doesn’t have to be anything elaborate; it might be as straightforward as a customized email, a carefully chosen discount code, or something else.

Overall, the e-commerce industry in Nigeria is expected to see significant growth in 2023, driven by rising smartphone adoption, a growing middle class, and government support. Businesses that are able to keep up with these trends and adapt to the changing market will be well-positioned for success in the coming year.

Business

Sterling One Foundation Wins CSR Award of Excellence

Published

on

Sterling One Foundation Wins CSR Award of Excellence

Olushola Okunlade Writes

Sterling One Foundation has won AS+A Communications’ Award of Excellence for Corporate Social Responsibility in recognition of its positive impact across Nigeria.

As part of its annual award ceremony and commemoration of its Managing Director’s 70th birthday, AS+A Communications awarded the Sterling One Foundation its Corporate Social Responsibility Award of Excellence at an event held in Lagos recently.

The award presented by the company’s Managing Director, Mrs. Adenike Shobanjo, was in recognition of the foundation’s developmental legacies in the areas of health, education, and environment, in partnership with its corporate partner, Sterling Bank.

Mrs. Shobanjo during her opening remarks explained that her company hosts this annual event because of how important it considers social impact work and the role that corporate organizations play in ensuring that the transformation it brings is widespread and has long-term effects.

While presenting the award to Sterling One Foundation, she applauded the efforts of Sterling Bank in setting up the Foundation and empowering them to make a lasting impact in society.

She further charged businesses operating in the country to prioritize corporate social responsibility for the development of the nation.

In her words, “There are influential, well-placed, and endowed Nigerians who sit in their closets without any care for the underprivileged. This event is to encourage them to come out and join us in building a just and egalitarian society.”

“This award is in recognition of all the successes that Sterling has achieved over the years as a socially responsible organization, most especially in areas of health, education, and agriculture,” said Shobanjo.

Accepting the award, the CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, thanked the organizers while stressing the organization’s focus to contribute to the achievement of the Sustainable Development Goals (SDGs), as a way of improving the livelihood of Nigerians and Africans living in underserved communities.

She said that Sterling One Foundation’s focus areas; education, health, climate action, gender equality, and food security are all critical areas that require urgent attention for progress to happen.

She went on to highlight that; “In 2023, the Sterling One Foundation plans to focus on expanding its education programs to reach more out-of-school children, train and fund at least 100,000 youths, plant 10 million economic trees and adopt key primary health centers in at least 10 states through key partnerships.”

Continue Reading

Business

Promoting Private Sector Investments; IFC Visits BUA Cement HQ In Lagos

Published

on

Promoting Private Sector Investments; IFC Visits BUA Cement HQ In Lagos

By Moninuola Sulaiman

Abdul Samad Rabiu, CFR, CON, Chairman, and Founder of BUA Group today received a delegation from the International Finance Corporation led by Sérgio Pimenta, Regional Vice President for Africa, at the BUA Cement HQ in Lagos State.

Left-Right: Abdul Samad Rabiu, Chairman, BUA, in a discussion with Sérgio Pimenta, Regional Vice President for Africa, International Finance Corporation (IFC) during a working visit of the IFC to BUA Cement HQ in Lagos.

Continue Reading

Business

Tony Elumelu Encourages African Entrepreneurs, Opens 2023 Tony Elumelu Foundation Entrepreneurship Programme

Published

on

Tony Elumelu Encourages African Entrepreneurs, Opens 2023 Tony Elumelu Foundation Entrepreneurship Programme

…My Annual Letter to African Entrepreneurs January 1, 2023, Says Tony Elumelu, CFR

Written By Rashidat Olushola Okunlade

Chairman of Heirs Holdings, Tony O. Elumelu CFR, today announced the registration into the 2023 Tony Elumelu Foundation Entrepreneurship Programme.

The Tony Elumelu Foundation Entrepreneurship Programme 2023 commences today, the 1st day of January 2023 with the application portal on TEFConnect.net.

All aspiring entrepreneurs from all 54 African countries are encouraged to apply for the opportunity of a lifetime, to receive $5,000 non-refundable seed capital, world-class business management training, mentorship, and access to key networks and markets.

The Tony Elumelu Foundation (TEF) is the leading champion of entrepreneurship in Africa. Its objective is to empower women and men across the African continent, catalysing economic growth, driving poverty eradication, and ensuring job creation. TEF believes the private sector’s role is critical for Africa’s development and that the private sector must create both social and economic wealth.

The application is open to Africans from all 54 African countries with scalable business ideas or a business that has been operational for no more than 5 years.

Application Requirements:

a. Applicants must be 18 years of age and above.

b. All businesses must be business ideas or early-stage companies, in the range of 0 to 5 years old.

Benefits:

1. Non-refundable seed funding of $5,000

2. A world-class business training for 12 weeks

3. Access to TEF Alumni network with over 15,000 entrepreneurs across’ Africa

4. Mentoring and networking opportunities via Africa’s largest digital platform for entrepreneurs, TEFConnect.net. Click here to apply

Tony O. Elumelu CFR, Chairman of Heirs Holdings, an entrepreneur and philanthropist in his message said: “2022 was not an easy year. We escaped the pandemic, but none of us were untouched by global events. Prices have risen frighteningly, the cost of doing business has increased, customers are stretched, and we would all be forgiven for giving up, dialing down our entrepreneurial dreams, and maybe choosing an easier path. But I know you can take the challenges, take the long view, and show the resilience that all of us born in Africa inherit. I know you are still standing strong. You should be proud. I am proud of you. Resilience is that fiery passion that pushes you to never give up.

He urges African entrepreneurs to read his letter packed with lessons crucial to his success in 2022 which entrepreneurs would find helpful in their own entrepreneurial journey before applying. 

Elumelu while sharing some of his success tips said: “I have learned a few lessons, that were crucial to my success, and I think you will find them helpful on your journey:

Don’t be afraid to push the envelope: Did the tough environment cause me to retreat? No, on the contrary, now is the time to challenge your plans, go that bit further, and maintain the course. We took a big step at the Foundation. For the first time, my team and I journeyed to the Democratic Republic of Congo to announce the selection of African entrepreneurs, who successfully met all completion requirements for the 2022 Tony Elumelu Foundation Entrepreneurship Programme.

We wanted to show we are truly Pan-African, and highlight the role governments and policymakers must play in sharing, indeed lightening, your burden. We will be partnering more and more with African governments to promote entrepreneurship within their country.

Give back: I was born in Africa, raised in Africa, studied in Africa, worked in Africa, and achieved success in Africa. Beyond business success, always look for ways not only to give back but also to empower the generation coming behind us, so that they can go even further than we have. It can be big or small, as simple as giving advice, becoming a mentor, or broadcasting your success – yes broadcast, we need more beacons of African excellence, share your experience, and let your voice be heard.

Continue to define what success looks like to you: At the Tony Elumelu Foundation, we created an institution with a single focus: young African entrepreneurs. Twelve years ago, we knew that if we equipped young people with the tools and the opportunities to succeed, this was the only sustainable, dignified way to create a path to prosperity for all; substituting hand-outs for self-reliance and pioneering 21st-century philanthropy.

Earn your luck: I am a product of luck and hard work. I know first-hand that these factors are inextricable if you want to succeed. Entrepreneurship is years of hard work, long hours, and unquantifiable sacrifices. Your capacity to thrive and remain committed, despite temporary setbacks, will have a significant impact on realising your dreams.

A new year presents a clean slate – whether in your business, personal life, or relationships. It is your chance to set goals, commit to them, and prepare your mind for the discipline that is required for growth and success. This is why on this first day of 2023, we are once again opening the 2023 Tony Elumelu Foundation Entrepreneurship Programme Application portal on TEFConnect.net!

Continue Reading

Trending