Nigeria: Digital Economy, Still Scratching The Surface

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The growing appetite for mobile data usage, as well as increased network coverage, has increased the potential of Nigeria’s e-commerce market.

The potential impact of a thriving e-commerce market is improved trade activity as it provides a cost-effective method of connecting producers and merchants directly to customers and a faster way to increase their visibility.

Industry sources suggest Nigeria’s e-commerce market value could hit US$50bn over the next decade. These spreads across retail, content distribution as well as travel and tourism amongst others.

To accelerate online retail platform usage, consumers must be open to making payments with e-payment solutions.

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Development of e-commerce could be a sign of rapid growth in consumer demand as well as an emergence of the middle class. Alternatively, it is a case of shopper migrating from online to conventional store purchases.

E-commerce has been the creation of a global marketplace where consumers can purchase products across the globe from the comfort of their homes.

Mall for Africa has positioned itself as a leading e-retail platform championing this global market connectivity. The retail platform provides access to over 200 premium stores in the United Kingdom and United States.

In August 2017, Mall for Africa partnered with eBay and DHL to allow vendors from African countries sell products on eBay’s US shopping site; Mall for Africa screens and selects the retailer as well as handles payments on its proprietary platform while DHL functions as the shipping partner. This is laudable. However, for Nigerian retailers to leverage fully on this platform, the standard of products created for sale need to be high to ensure a strong competitive advantage.

Read Also:  Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access
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The potential impact such partnerships could have on growth for SMEs within Nigeria is enormous. Digital platforms could offer a workaround for buyers and sellers to increase business interactions across regions.

The gradual growth of the digital economy is also playing a pivotal role in Nigeria’s e-tourism industry. Based on data from Jovago (a leading hotel booking company), 27% of Nigerians use online platforms to book and pay for hotel rooms while 73% pay on arrival. In addition to this, 51% of Nigerians prefer to book less than a week in advance. Mobile data usage has had a positive impact on the e-tourism market, deeper internet penetration will accelerate migration of offline travellers to the e-travel space.

 

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Latest News

Hong Kong ICT Awards 2021 opens for enrolment

HONG KONG SAR - Media OutReach - 23 April 2021 - The Hong Kong ICT Awards (HKICTA) 2021 is open for enrolment today (April 23). Entries of locally developed information and communications technology (ICT) products and solutions are invited to compete for the Grand Awards in the eight award categories, and the top accolade of the competition - the Award of the Year. The deadline for enrolment is July 16, 2021.


Steered by the Office of the Government Chief Information Officer (OGCIO), the HKICTA 2021 is organised by eight local industry associations and professional bodies. The award categories and respective Leading Organisers are listed below:


Award Categories

Leading Organisers

Digital Entertainment Award

Hong Kong Digital Entertainment Association

FinTech Award

The Hong Kong Institute of Bankers

ICT Startup Award

Hong Kong Wireless Technology Industry Association

Smart Business Award

Hong Kong Computer Society

Smart Living Award

Hong Kong Information Technology Federation

Smart Mobility Award

GS1 Hong Kong

Smart People Award

The Hong Kong Council of Social Service

Student Innovation Award

Hong Kong New Emerging Technology Education Association


A Grand Award will be granted in each category. A Grand Judging Panel, to be led this year by the President of the Hong Kong University of Science and Technology, Professor Wei Shyy, will select the Award of the Year from the eight Grand Awardees.


Since its debut in 2006, the HKICTA has endeavoured to recognise and promote outstanding ICT inventions and applications, thereby encouraging the pursuit of innovation and excellence among Hong Kong's ICT professionals and enterprises to meet business and social needs, bring benefits to the community through adoption of innovation and technology, and foster Hong Kong's smart city development together.


Details of the HKICTA are available on the thematic website (www.hkictawards.hk). Enquiries can be made to the OGCIO at 2582 4318 or by emailing [email protected]


Nigeria: Digital Economy, Still Scratching The Surface - Brand Spur
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