Importance of E-commerce in Nigeria will be discussed in this article. We hope you read and discover why you should be engaged in it.
E-commerce is becoming more and more important because of the electronic drift of businesses due to the increasing number of internet users.
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A study shows that 80% of internet users either make online purchases or get involved in a couple of E-transactions daily. If you are contemplating using E-commerce, this article will fill you in on the importance of E-commerce.
Importance of E-commerce in Nigeria
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Here are 7 Importance of E-commerce in Nigeria, as well as reasons why you should use E-commerce as a Nigerian:
1. E-Commerce saves time
Transactions that utilize e-commerce are fast and nearly instant. For example, consider the time a person spends in gridlock (a common situation in Nigerian cities like Lagos, Abuja, and Port Harcourt) just to go make some bank transactions before the invention of e-banking which now makes it possible for such transactions to be done in a matter of seconds with mobile applications. The time that would have spent going saved and the cost of mobility too is saved.
2. Ease and convenience
With e-commerce in Nigeria, a lot of businesses can be run from the comfort of your house. You can buy a lovely dress for your birthday without having to go to the markets where you are likely to have your phone stolen as you make your way through a crowd of buyers and sellers. In E-commerce, the applications to use are mostly very user-friendly and easy to understand.
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3. Reduction in the risk involved in carrying raw cash
The cashless transactions made possible with the use of debit cards reduces the risk you will be subjected to when you carry money around.
In the past, when wholesales businessmen had to travel to Aba, Onitsha, and Lagos with cash to purchase their goods, they got nabbed by robbers and lost their money.
These days, e-commerce has made it possible for money transfers to be made and it saves the situation of such losses.
4. E-Commerce allows for exciting offers and shopping deals
Many businesses do promotions, bonanza, and give-aways sometimes during festive periods like Eid-Kabir discounts, Christmas and Easter discounts on clothes, shoes, jewelry, cosmetics, and food items.
A very common exciting shopping deal is what is called Black Fridays. Black Fridays are usually one or more of the Fridays in November of every year.
Many online markets such as Jumia and Konga do this and give very attractive discounts on gadgets, electronics, dresses, and a lot more.
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5. Marketing opportunities
E-commerce increases marketing opportunities and this is what small businesses need to grow. In Nigeria, where entrepreneurs, small business, or enterprise owners dominate, only a search button visibility can increase chances of scalability and reach a wider audience.
Not only does e-commerce reduce the amount spent on advertising, but it also eliminates physical boundaries in markets and customers have no geographical limitation.
Also, the 24-7 service options made available with e-commerce can help Nigerian business owners to earn even during public holidays because customers can make purchases at any time.
6. E-commerce makes for more transparent business systems
In developing countries like Nigeria, where there is a high tendency for shady deals and fraudulent activities, E-commerce features such as POS (point of Scale) machines; bank account details, credit and debit alerts in internet banking and the checks and balances e-commerce affords makes business systems to be transparent.
In Nigeria, eCommerce also makes it possible for the government to trace accounts with doubtful activities and track down the owners for EFCC scrutiny.
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7. Reduction in the cost of inventory management and labor
E-commerce in Nigeria reduces the cost incurred on record keeping and makes it easier for audits to be done. The software could be used to keep tabs on all the purchases done and items sold and this goes a long way to ease the inventory management for Nigerian supermarket owners and reduce the cost of hiring more workers.