Online searches rise by 43% as more businesses go online

At a time when the economic realities are forcing companies in Africa to fold up because of increasing overhead operational cost, Nigerian retail business owners are finding new ways to reduce the cost of running a business. One of such ways is taking the business online by subscribing to online market hubs and e commerce websites.

Internet penetration, increase in mobile phone usage, ability to source for items online, store-to-door delivery and online marketing platforms are some of the factors keeping most Nigerian retail businesses afloat.

A research by Western Mall, the country’s first auction platform, showed that more people listed products for sale on its website this first quarter, compared to last year. Dealers in electronics, mobile phones, computers, home appliances and fashion listings on the website have also increased by 35 percent.

The research also revealed that more shop owners, particularly the typical offline market or store, now use free marketing channels, such as Facebook, Instagram, Nairaland, Pinterets and others to showcase and market their goods and services as against seeking highly populated areas.

Attesting to the fact that the online market place is gaining more recognition in this part of the world, marketing activities on online market hubs and forum in the country shows a 22 percent increase this first quarter and at least 36percent of online shoppers completing purchase transactions.

Dealers in items sourced from other countries have also started the trend of ordering goods from abroad online, thereby  cutting off the need to travel to buy and the space where such items would be stored.

One of the dealers using the Western Mall website said he has been getting more inquiries and making more sales since subscribing to the online platform. He also said that his overhead is now lower since he works from his home and does not need to rent a shop or a warehouse.

Experts, therefore, suggest that more businesses can benefit from adopting the online market trend in Nigeria now. They say not only will it ensure that cost of operation is reduced, it will make commercial real estate more affordable as the need to rent shops will ultimately reduce.