In 2012, Amazon, a leading online retail store in the world hit a gross profit of 17 billion USDollars. E-bay and Wallmart rank amongst the top e-stores across the globe; boasting of huge profits annually. In Nigeria, e-trading is relatively new but with the covid 19 pandemic, its popularity is now growing with increasing interest in the use of internet. Though a lot of Nigerians are aware that shopping can be done online, they are often skeptical about the entire process with a negative feeling that they may lose their hard earned money in the process and should they get themselves into trouble, there may be no one to hold accountable since they don’t transact physically with the seller but this is a wrong feeling. Most indigenous traders are also caught in the same web and often choose to maintain their ‘regular store’ outfits.
Shopping online in the right way is one of the easiest and safest way to acquire consumer goods ranging from phones, computers, electronics, provisions, shoes, bags, wristwatches to food items. It is easier in the sense that trading activities can be done from the comfort of the home and from anywhere in the world in as much as there is internet connection, an internet enabled device like smart phones, tablets and computers and a pay/credit card. It is safer because a simple card not cash is needed for financial transaction to take place. It saves the buyer the risks associated with cash handling and transport.
Jumia.com.ng, buyam.com.ng, konga.com, slotlimited.com, taafo.com are some of the leading e-stores in Nigeria and they are already achieving appreciable degrees of success especially in the urban areas. With excellent internet connection, a great population and a large residential bearing, Nigeria is indeed a more fertile ground for more establishment of online retail stores. Retailing is very common here and it still and we continue to thrive; introducing an e-trade platform to it would make it stand out. Most working class Nigerians work far from home. They are naturally caught in the 5am to 9pm routine schedule every working day that often leaves them completely stressed-out. An easy way to buy stuffs without having to work about or travel long distance such as the online stores offers would definitely be appreciated and patronized, even for the food items like fish, vegetables, spices, etc. Surprisingly, there is hardly any online store in the Country selling common food items.
Using online stores, customers make orders for goods, pay using a pay card and the goods are delivered to their homes or other stated locations within a short period of time. For instance, establishing more online retail store in Nigeria where foods items are sold at moderate prices will attract huge traffic especially if these items can be delivered to the homes of the buyer(s) in good conditions and in less than five hours because it will save women the stress of moving from their home to the conventional rowdy and untidy local markets to get food items to prepare a meal for their families after a stressful day. They can always make orders while at their places of work and receive the items as soon as they get home, so they don’t have to face the impending additional stress. But this is not to say that there are no lower ends to online retailing. Technical risks like erratic power supply, hacking, poor network strength, etc and other associated risks are important factors to consider. However, with the huge market and profit potentials, setting up more online retail stores in Nigeria is indeed the way to go
Intv Enterprenur’s Delight
