There is still an ambiance of fear in the arena of online transactions in Nigeria as customers are still growing to trust the banking system and online means of payment because of past experiences of failed trust in the Nigerian banking system.
Ecommerce organizations in Nigeria have evolved from large organizations operating as entities offering services varying from shopping, food delivery, and payment processing to single individuals working remotely on social media to provide services through their craft.
The Nigerian e-commerce space has witnessed an influx of foreign organizations trying to scale their ventures backed with funding from venture capital to private equity organizations with an inclination to capture the African market starting with Nigeria based on the premise that she is the giant of Africa.
Technologies like artificial intelligence, machine learning, virtual reality, augmented reality are relatively new to industries in Nigeria even the e-commerce space. There is hope that such technologies would drive more change in both the e-commerce space and other industries in Nigeria soon.
As the economy of Nigeria is recovering despite the recent pandemic, there is still room for budding entrepreneurs to tap into the ever-evolving e-commerce space in Nigeria as the buying habits of Nigerians is changing to meet their demands.
Nigeria is open to more entries of businesses as the demand for goods is far greater than the supply depending on the market segment entrepreneurs are choosing to serve.