Latest Nigeria E-commerce Market Report | E-commerce Market to reach US$ 22.9 Billion by 2030, based on Market Analysis, Trends, Growth Opportunities Report by RationalStat, 2023-2030

Nigeria E-commerce Market was valued at US$ 8.8 billion in 2023 and is expected to grow at a significant CAGR of nearly 14.6% over the forecast period of 2023-2030, according to the published market report by RationalStat

Wilmington, Oct. 09, 2023 (GLOBE NEWSWIRE) — The Nigeria E-commerce market is expected to approach US$ 22.9 billion by 2030, with an annual growth rate of more than 14.6% 

Market Definition, Market Scope, and Report Overview

The e-commerce market, short for electronic commerce, represents a dynamic and rapidly evolving sector of the business world. It involves the buying and selling of products and services through electronic channels, primarily over the Internet. E-commerce has transformed the way businesses operate and how consumers shop, offering numerous advantages and opportunities for both sellers and buyers.

Nigeria has seen a steady increase in internet penetration, with more people gaining access to the internet, particularly through mobile devices. This expanded internet connectivity has broadened the potential customer base for e-commerce platforms.

• According to a deep-dive market assessment by RationalStat, the Nigeria E-commerce market has been analyzed on the basis of market segments, including model type, enterprise size, and geography/regions (including North East, North West, South East, South West, and Lagos). The report also offers Nigeria and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
• Market intelligence for the Nigeria E-commerce market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
• In addition, the long-term sector and products/services 10-year outlook and its implications on the Nigeria E-commerce market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Nigeria E-commerce Market: Segmental and Market Share Analysis

• On the basis of model type, the market is sub-segmented into B2B, B2C, and C2C. The B2B sub-segment is expected to hold major share of the Nigeria E-commerce market.
• On the basis of enterprise size, large enterprises is expected to hold a significant share in the Nigeria E-commerce market.

Report Synopsis

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Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Nigeria E-commerce market include,

• In June 2022, Jumia launched Jumia Food Mart, a quick commerce platform in Lagos. The new mart is launched to cater to the increased consumer demand for rapid delivery, and would deliver the online grocery order within 20 minutes.

Some of the prominent players and suppliers operating and contributing significantly to the Nigeria E-commerce market growth include Jumia, Konga, SLOT Systems Limited, Yudala, Amazon, Dealday, Kilimall, Supermart.ng, Jiji Nigeria, Obiwezy, Ajebomarket, Kusnap, and peppa.io, among others.

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RationalStat has segmented the Nigeria E-commerce market based on model type, enterprise size, and region

• Nigeria E-commerce Market Value (US$ Million), and Market Share (2019-2030) Analysis by Model Type
  • B2C
  • B2B
  • C2C
• Nigeria E-commerce Market Value (US$ Million) and Market Share (2019-2030) Analysis by Enterprise Size
  • Small & Medium
  • Large
• Nigeria E-commerce Market Value (US$ Million) and Market Share (2019-2030) Analysis by Region
  • North East
  • North West
  • South East
  • South West
  • Lagos

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Key Questions Answered in the E-commerce Report:

• What will be the market value of the Nigeria E-commerce market by 2030?
• What is the market size of the Nigeria E-commerce market?
• What are the market drivers of the Nigeria E-commerce market?
• What are the key trends in the Nigeria E-commerce market?
• Which is the leading region in the Nigeria E-commerce market?
• What are the major companies operating in the Nigeria E-commerce market?
• What are the market shares by key segments in the Nigeria E-commerce market?

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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About RationalStat LLC                    

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support Nigeria and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards. 

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