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The e-commerce industry with emphasis on Nigeria and the UK

Since the COVID Pandemic, e-commerce has definitely grown bigger. In this article we are going to focus on the E-commerce Industry in Nigeria and the UK. E-commerce has grown significantly in the UK and Nigeria during the past several years. They might not be as big as the market leader China, but they have undoubtedly grown.

What is e-commerce?

E-commerce, which stands for electronic commerce, is the practice of purchasing and selling goods and services through the internet. Thoughts of online retailers like Amazon, AliExpress, Alibaba, and countless more come to mind when we hear the term "e-commerce platforms," but the e-commerce sector is far larger than that. We have online education platforms, financial service providers, etc.

The rise in popularity of Amazon, AliExpress, and Alibaba has compelled conventional merchants to alter their business models. To keep up with change and progress, individual sellers and retailers perform their private transactions on their individual websites.

E-commerce in Nigeria

As of a 2021 report, Nigeria is the 33rd biggest market for e-commerce with a $7 billion revenue, with the biggest player in the market being Jumia. Nigeria has a vast population and a huge number of internet users, but the e-commerce market is still largely underdeveloped and undervalued because of a lack of customer trust and logistical problems brought on by local variables. The sector has nonetheless seen development despite these problems, particularly in light of the COVID-19 epidemic, as evidenced by the Nigerian market's 29% growth rate in 2021.

Nigeria's e-commerce sector is growing and has a lot of promise so players in the industry need to concentrate on creating a trusting environment and eradicating the unfavourable perceptions of the sector and its brands.

According to a report by Business Insider, the American e-commerce titan, Amazon will be expanding its operations to five countries across Africa, Europe, and South America, with its headquarters still in the United States. The five countries mentioned are Belgium, Chile, Colombia, Nigeria, and South Africa.

When it debuts in Nigeria in April 2023, Amazon is poised to upend the nation's e-commerce industry. Konga and Jumia, the two major companies in the Nigerian e-commerce market, will face off against Amazon when it comes.

E-commerce in the UK

With $169 billion in yearly online sales, the UK has the third-largest e-commerce market worldwide according to a recent report. Online shopping is a big deal to the British. Tesco, Amazon UK, and Argos, the three major operators in the market, are highly well-liked, with the last player in the top 10 receiving at least 30 million monthly visitors. Online retailers have long dominated the market to the point that they have forced certain brick-and-mortar retailers out of business. More than 36% of the UK retail market is made up of consumer e-commerce (up from 20% in 2019).

In summary, e-commerce has changed how consumers purchase and use goods and services. More individuals are using their computers and mobile devices to place orders for products that may be delivered to their homes quickly. Globally, online shopping has become more popular as a result of rising smartphone use, improved internet connectivity, and the COVID-19 Pandemic. Industry boom won't be slowing down anytime soon. It is advisable to reassess both globally and locally because many consumers won't be returning to their former buying habits.

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