e-Commerce to Hit $75bn by 2025, Predict Experts
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Agusto & Co, has predicted that online transactions involving the small and medium scale enterprises (SMEs) in the country will hit as much as $75 billion in the next four years.
This was as Nigeria had last year recorded $12 billion transactions on online purchases.
In a report titled: “2021 Small and Medium Sized Enterprises (SMEs) Report,” from Agusto & Co, e-retailing involving cement distributorship and apparels has continued to rise.
According to THISDAY Newspaper, the report notes that there has been growing surge in e-retailing, adding that this would continue with the spread of information technology and internet penetration increasing to 46.6 per cent in 2020 from 23.7 per cent in 2015.
Part of the report reads, “Consumer spending on online purchases is estimated to stand at $12 billion in 2020 and is expected to reach $75 billion by 2025. Through e-commerce, players enjoy a wider customer reach with the ability to simultaneously connect to millions of consumers locally and globally.
“We note that the emergence of COVID-19 positively impacted the sector, with players recording a gush of customer orders particularly during the lockdown period.
“We expect this trend to continue into the emerging post COVID-19 era premised on the rising rate of adoption of online shopping by consumers on the back of the relative convenience it offers.”
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