11 Sep Nigerian eCommerce Appetite For Fashion Drives Online Payment

Nigerians are mad about fashion and have a keen sense of dress which creates a real demand for fashion and clothing based multinational eCommerce companies entering the Nigerian market.  

Despite the economic challenges that have faced Nigeria over the past few years, eCommerce has continued to grow at over 30% per annum and retail is at the forefront of this sustained growth.

On a recent visit to Lagos, when you mention Macy’s, ears prick up and consumers and bankers get excited at the thought of being able to buy fashion items online from their eCommerce website.

According to a recent article in Nigeria Business News, Nigeria is the leading eCommerce economic powerhouse in Africa.  And this is just the start of an eCommerce explosion as a result of the financial and digital inclusion of its 170m and growing population.

eCommerce is expected to grow to $50bn plus over the 5+ years and Nigerians are making an easy leapfrog or organic transition from bricks to clicks.  Nigerians love shopping online and are internet ready and able to pay multinational eCommerce companies online through African Payment Solutions with their local Nigerian payment methods of debit cards, mobile money and bank transfer.

The growth in smartphone penetration, expanding 4G networks through MTN and other mobile providers, and local shopping sites like Jumia and Konga are pushing eCommerce boundaries to growth levels unseen by developed markets.

A recent Goldman Sachs investment into Jumia makes it a $1bn value company which gives an idea of the future value expected from eCommerce growth in Nigeria.    The Nigerian consumer appetite for fashion and increasing connectivity is expected to result in 10x growth in the next 5 years according to Euromonitor.

If you are a multinational eCommerce company looking to expand to Africa for your eCommerce payments then contact African Payment Solutions now



Our thanks for inspiration to Business Day for inspiration https://www.businessdayonline.com/nigeria-leads-rest-africa-e-commerce-opportunity/