A recent publication by ECDB reveals that Nigeria is positioned at 40th place in global e-commerce and is poised to generate $6.65 billion by the close of 2023. The nation’s e-commerce sector is on the brink of a transformative revolution, with an anticipated growth rate of 10.8% from 2023 to 2027.
Black Friday, renowned as Nigeria’s premier shopping season, sees consumers actively seeking unbeatable deals. Interestingly, the unsung heroes driving this retail fervor are the small businesses empowered by e-commerce platforms.
This Black Friday, we shine a spotlight on the pivotal role played by Nigeria’s leading e-commerce platforms, such as Jiji, Jumia, and Konga, in empowering these small enterprises.
Small Businesses – The Backbone of Nigeria’s Economy
Small and medium-sized enterprises (SMEs) constitute the backbone of Nigeria’s economy, contributing 48% to the GDP and employing over 84% of the workforce, as per the National Bureau of Statistics. However, these businesses often encounter challenges in scaling up, particularly during major shopping events like Black Friday.
E-commerce platforms have emerged as a lifeline for these businesses, offering a unique opportunity to thrive and prosper.
The Nigerian E-commerce Renaissance
In recent years, Nigeria has experienced a flourishing e-commerce ecosystem, led by platforms like Jiji, Jumia, and Konga. This transformation has not only revolutionized the way people shop but has also created a thriving marketplace for small businesses.
Majolie Obaje, PR and Marketing Head at Jiji Nigeria, shared insights on how the platform supports small businesses: “At Jiji, we’re committed to assisting small businesses in boosting their sales and revenue, especially during special seasons like Black Friday. We provide them visibility to our vast audience of 12 million+ users, affordable Boost Packages for up to 50x more sales, dedicated support managers, and educational resources. This Black Friday, we’ve also introduced special price discounts on all our Boost Packages to support their businesses. Our dedication is to continually empower small business owners and sellers to not just survive but thrive, even in challenging times like now. And we’re doing this for over 200,000 businesses and sellers on our platform.”
The Empowering Role of E-commerce on Black Friday
E-commerce platforms level the playing field for small businesses during Black Friday, offering opportunities that include:
Global Reach: Small businesses can showcase their products and services to a nationwide, and sometimes international, audience.
Cost-effective Promotion: E-commerce platforms provide affordable means of promoting Black Friday deals, allowing businesses to allocate more resources towards improving their products and services.
Secure Transactions: Platforms like Jiji, Jumia, and Konga prioritize trust and security, 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 this transformation.
Black Friday stands as an annual reminder of the potential and impact that e-commerce can have on Nigeria’s small businesses.