Ten years ago, the Nigerian online market was almost non-existent. I use the word non-existent because, at the time, online market in Nigeria was nothing but an idea. Over time Nigeria has witnessed the growth of economic opportunities by giving potential physical markets a web address. Jumia online market made a difference in 2012. It was one of the first online markets in Nigeria and first to do it right. Slot ltd was present earlier but their online market wasn’t so prominent. Online markets at first were a risk the Nigerian consumer was not willing to take due to the fraudulent nature of marketers. Though they were familiar with foreign online stores, they would rather purchase from foreign outlets due to their strict enforcement of laws and work ethics. Thereafter, other online markets surfaced, namely Konga, Kaymu, Payporte, Buyrite, Jiji, Olx, are some of the cheapest online shopping sites in Nigeria more.
An online marketplace is an e-commerce service where information and products are provided by multiple third parties, however, transactions are managed by the service operator. This virtual market allows the consumer beat time and distance in terms of purchasing desires. Theon sphere allows the marketer a larger customer pool not bound geographically, making them easier to reach. The online market also creates a ground for competitive pricing, this makes product prices affordable and fair. It provides the consumer wider variety to choose from.
Nigerian online markets dispelled the fear of paying for a product and not receiving it with the pay on delivery option. Trust negative factors to find a way, some criminals have found a way to deliver something other than, usually inferior, to what they advertised online. This is where authority comes in. There are various platforms with numerous trustworthy partnered sellers and are verified by site operators. With more Nigerians purchasing online, some citizens make it their duty to expose fraudulent vendors, usually Instagram vendors on their social media pages to create awareness. From variety markets, businesses have managed to establish online stores which cater to unique needs of a certain target audience. These needs could be hair and hair care, makeup and beauty, clothes and shoes, electronics, art supplies, event tickets etc.
The following online sites have made a mark in the online market industry within a short time. Here are popular online markets.
Jumia formerly, Africa Interest Group (AIG) is an internet retail, e-commerce site, and marketplace. Jumia was founded in 2012 by Tunde Kehinde and Raphael Afaedor and its headquarters is in Yaba, Lagos, Nigeria. Jumia has an estimated 3000 staff strength. Jumia started out as a shopping website for electronics and fashion. In subsequent years it launched Jumia Market, Jumia Travel, Jumia Car, Jumia House, Jumia Food, Jumia Jobs and Jumia Deals. In 2015 the company launched an office in Uganda and as at 2017, there were 126 websites working across 23 African countries. With over 3 million customers, Jumia is one of the go-to markets for products and prices. You can find anything and everything on Jumia. On today’s Jumia, you can make deals, purchase and rent homes, wears, appliances, electronics, book travel tickets and hotels, cars and food.
Konga is one of the big three in the online market industry. It was founded in July 2012 by Sim Shagaya, with 20 staff. Konga is a Nigerian e-commerce company that offers a third-party online market space, as well as first-party direct retail. Products on Konga cut across various categories including consumer electronics, fashion, home appliances, books, children’s items, health care and personal care products. Konga started as a Lagos only-based online market, offering only baby and personal products. These categories were expanded in December of 2012. Over the years Konga has launched KongaPay, Konga Express, Konga Marketplace and Konga Self-Fulfill Mode.
Kaymu was launched in 2013 as an online marketplaces, providing customer to customer and retail products. The platform enables buyers and customers meet and agree on the purchase or of new and used items in categories of fashion, home appliances, jewellery and mobile phones. In inception, Kaymu launched in Nigeria and Pakistan. Within 27 months, Kaymu had expanded and across 32 countries. In subsequent years Kaymu increased its country reach to 35, 17 of which are African, and the rest cut across Asia and Europe.
Payporte was launched in September of 2014. Describing itself as your preferred online store, Payporte runs operational offices across the UK, U.S and China. Payporte provides a wide variety of products including fashion and accessories, fabrics, furniture, home appliances, tech gadgets and more. Payporte pioneered the industry’s first every 1k store to support its customers in the economic downturn. Now operating in Nigeria and abroad, Payporte still aims to provide quality shopping experience and products for their urban target market.
Jiji is a Nigerian online marketplace that represents customer to customer and retail transactions. Jiji was founded in 2014 by Anton Wolyansky and has its headquarters in Lagos, Nigeria. Over the years, Jiji has attracted 160,000 customers with 7 million users per month, looking for household goods, cars, mobile phones, fashion bargains and jobs. In its years active, Jiji has launched Jiji Blog in 2015, held its first sellers conference in 2016 and is available in form of a mobile app.
Olx is an online marketing platform owned by a South African media and technology group, Naspers. Olx has its headquarters in Amsterdam, operates in 45 countries across the globe with 4,000 employees. Olx was launched in Nigeria in 2012 but has been operating in other countries since 2006. By 2015, Olx could boast of 3 million Nigerian users, selling items ranging from electronics to cars and more. in 2018 Olx announced the shutting out of operations in Nigeria.
Slot Systems Limited was Nigeria’s first major mobile phones, electronics, laptops, and accessories retailer with both physical and online stores. Slot was founded by Nnamdi Ezeigbo and it is a household name for quality and original products with the best prices. Slot expanded rapidly opening branches all over the country, however, its online transaction presence suffered due to the ease of reaching a physical store and the lack of awareness that customers could purchase online. Slot, however, remains a leader in providing quality products and services at good prices.
Eventbrite is an online platform that allows event organizers to plan, promote, and sell tickets to their events and publish them across social media platforms to enhance target audience reach. Eventbrite was founded by Kevin and Julia Hartz and Renaud Visage. The company has over 500 employees. Eventbrite allows customers/attendees to find and purchase tickets to listed events. Headquartered in San Francisco, Eventbrite opened their first international office in the UK in 2012. The company now has local offices America and Europe. Nigerian event managers have taken a liken to this online market as most events in Nigeria now have their event tickets available for purchase on Eventbrite.