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Digital economy, still scratching the surface

February 22, 2018 6:58 pm Opinions and Analysis

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.

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.

 

Chinwe Egwim
Macroeconomist and Fixed Income Analyst

Source: The Guardian, 19 February 2018
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