DigitalNews Today: eCommerce: Revolutionizing Transactions in Nigeria Beyond The Brick & Mortar Store

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eCommerce: Revolutionizing Transactions in Nigeria Beyond The Brick & Mortar Store

Wednesday, July 29, 2015

E-commerce is now an alternative and convenient way of conducting transactions globally. This revolutionary way of conducting transactions has since broken down the boundaries of the brick and mortar stores. 

Internet Technology Driven Business (eBusiness) has continued to be a catalyst to accelerate economic growth in many developed countries around the world such Singapore, Denmark, Switzerland, United States of America, China, just to mention but a few. It is now a form of globalization and has also been on the front burner in revolutionizing business in Nigeria as it continues to grow steadily across sectors.

This process of buying and selling online is gradually emerging a major mode of transacting business in Nigeria and was made possible with the growth of internet penetration and influence it has on perceptions, decisions and actions.

A report released by the Ministry of Communications Technology indicated that Nigeria’s e-commerce industry has experienced a massive surge in the last three years.

The report disclosed that in 2012, it was worth $35 million about N6.95billion, and now it is valued at $550 million about N109.4billion and projected to have a $13 billion potential worth if well harnessed.

NigerianCommunications Commission (NCC) recently released statistics also showing that Nigeria has achieved over 87milion internet users through the mobile devices.

According to, the country’s increasing population and the growth of internet and smartphone penetration have been a catalyst for the rapid evolution of the sector.

‎Kaymu’s Head of Communications and Offline Marketing Tomiwa Oladele in a release by the company said “Nigeria is gradually moving from the era of brick and mortar to click and mortar”.

She explained that online shopping particularly in business to consumer (B2C) has risen primarily due to the increased internet education and penetration in Nigeria.

“Some other reasons for such rapid development could include the availability and cost of data and smartphones and devices, as well as the lease of life e-commerce provides”, she further expounded.

E-commerce offers a world of convenience to consumers. Consumer’s purchasing power is at the click of a button and can conduct price comparisons across e-commerce platforms.

Organisations over the last decade, have realized that technology advancement could impact largely on online shopping, as such more and more organisations are embracing e-commerce.

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