With Africa’s eCommerce market expected to expand at a 10.5% compound annual growth rate (CAGR) to $46.1 billion by 2025, certain online stores are positioning themselves strategically in African countries, particularly Nigeria.
Africa’s eCommerce market is expected to reach $46.1 billion by 2025, with thriving businesses in Nigeria and across Africa.
With revenue of $7 billion in 2021, Nigeria became the 33rd biggest eCommerce market globally.
With a 30% growth in 2021, the Nigerian eCommerce market contributed to the 29% global growth rate.
Jumia is one of the online businesses contributing to the growth of the eCommerce market on the continent.
The e-commerce store, often called the Amazon of Africa, is a pan-African network that operates in three zones, including 11 African nations that jointly account for over 70% of the continent’s total gross domestic product (GDP).
Jumia’s overall market of 1.4 billion customers presents a profitable opportunity.
Based on net sales, here are the top online eCommerce stores in Nigeria.
Jumia, an online retailer with a Nigerian focused market, was launched in 2021. ECART, an Internet Services company, manages the store.
In 2021, it became the largest participant in the Nigerian eCommerce Market, with a turnover of US$22 million and rated 4,762 internationally.
Its eCommerce net revenues are almost entirely generated in Nigeria. In terms of product categories, Jumia is an all-around online shop, with items spanning from food & personal care to electrical gadgets, fashion, and others.
SLOT Systems Limited is an internet retailer with a Nigerian customer base. Nigeria accounts for the majority of its eCommerce net sales. In 2021, it made $8.3 million in sales and rated 8,920 globally. Other countries, like the United States, contributed little to the eCommerce net sales.
Although the company’s products are diversified, mobile phones, computers, accessories, and other types of electronics account for the majority of its eCommerce net sales.
The eCommerce net sales of Ajebomarket are mostly generated in Nigeria. In 2021, it generated approximately $6 million in sales, putting it in third place in Nigeria and at 10,595 globally.
The majority of the revenue was generated from the fashion segment. Also, products from the Toys, Hobby & DIY segments contributed to it.
Chrisvicmall is a global online retailer that derives most of its eCommerce net sales in Nigeria. In 2021, it generated $5.5 million and ranked 11,054 in the world.
This is followed by Ghana, which has the second-highest eCommerce revenue for the company. Chrisvicmall focuses on the food and personal care categories in terms of product range, particularly personal care.
Obeesi was founded in 2014, and most of its eCommerce net sales are generated almost entirely in Nigeria. In 2021, it generated $3.4 million and ranked 13,723 in the world.
The greatest part of its eCommerce revenue was from the fashion toys, hobbies, and do it yourself (DIY) categories.
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