**Set to hit $6.65bn by End of 2023
A publication by ECDB states that Nigeria ranks 40th in global e-commerce, and is set to generate $6.65 billion by the end of 2023. Nigeria’s e-commerce landscape is said to be on the verge of a transformative revolution, with anticipated growth from 2023 to 2027 at 10.8%.
Black Friday is arguably Nigeria’s biggest shopping season, where consumers hunt for unbeatable deals. Interestingly, the unsung heroes of this retail frenzy are the small businesses powered by e-commerce platforms.
This Black Friday, we spotlight the important role of Nigeria’s leading e-commerce platforms, like Jiji, Jumia, and Konga, in empowering these small enterprises.
Small Businesses – The Lifeblood of Nigeria’s Economy
Small and medium-sized enterprises (SMEs) form the backbone of Nigeria’s economy. According to the National Bureau of Statistics, they contribute 48% of Nigeria’s GDP and employ over 84% of the workforce. However, these businesses often face challenges in scaling up, particularly during major shopping events like Black Friday.
E-commerce platforms have emerged as a lifeline for these businesses, offering them a unique opportunity to thrive and prosper.
The Nigerian E-commerce Renaissance
In recent years, Nigeria has witnessed a burgeoning e-commerce ecosystem, with platforms like Jiji, Jumia, and Konga leading the way. This has not only changed the way people shop but has also created a thriving marketplace for small businesses.
In a chat with Majolie Obaje, PR and Marketing Head at Jiji Nigeria, on how the platform supports small businesses, she said: “At Jiji, we’re dedicated to helping small businesses increase their sales and revenue, especially on special seasons like Black Friday. This is why we give them visibility to our vast audience of 12m+ users, affordable Boost Packages to make up to 50x more sales than they would unboosted, dedicated support managers, and educational resources. This Black Friday, we’ve also prepared special price discounts on all our Boost Packages to support their businesses. Our commitment is to continually empower small business owners and sellers to not just survive but thrive, even in trying times like now. And we’re doing this for over 200,000 businesses and sellers on our platform.”
The Empowering Role of e-Commerce in Black Friday
E-commerce platforms offer small businesses a level playing field during Black Friday. The opportunities presented by these platforms include:
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Global reach
Small businesses can showcase their products and services to a nationwide, and in some cases, international audience. Black Friday becomes a time when local artisans can become national entrepreneurs.
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Cost-effective promotion
Traditional advertising can be expensive for small businesses. This is why E-commerce platforms provide affordable means of promoting Black Friday deals. Thereby allowing these sellers and business owners to channel more resources towards improving their products and services.
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Secure transactions
Platforms like Jiji, Jumia, and Konga prioritise trust and security, which reassures buyers and facilitates more successful transactions. This is especially crucial for small businesses aiming to build credibility.
The future of Small Business empowerment
As Nigeria’s e-commerce landscape continues to evolve, the role of small businesses in the national economy is expected to grow to 10.8% by 2027. The promise of sustainable growth and empowerment of small enterprises are at the heart of the transformation.
Black Friday remains an annual reminder of the potential and impact that e-commerce can have on Nigeria’s small businesses.