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May 10, 2022, 11:15 ET
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DUBLIN, May 10, 2022 /PRNewswire/ — The “Nigeria Social Commerce Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Social commerce industry in Nigeria is expected to grow by 82.4% on annual basis to reach US$1,003.8 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 71.3% during 2022-2028. The social commerce GMV in the country will increase from US$1,003.8 million in 2022 to reach US$23,817.4 million by 2028.
With the evolving technology landscape, increasing smartphone and social media users, and the traditional way of making purchases online – via e-commerce – changing in the country, the social commerce market has gained significant growth in Nigeria.
Over the last few years, selling products in the country has evolved from brick-and-mortar stores to e-commerce platforms and now social media. An increasing number of small business owners and entrepreneurs are setting up social media stores, thereby carrying out transactions and making sales through social media platforms.
In the last four to eight quarters, social commerce has gained a substantial foothold in online shopping, especially on Facebook and Instagram. These platforms are excessively used by online merchants because of their reach, communities, ability to grow consumer following, and targeted ads. Moreover, consumers are also using these platforms because of their interaction with brands.
Innovative social commerce startups backed by global venture capital firms are supporting the market growth and generating increased sales and revenues in the country. With these firms looking to scale their operations across the region, competition and innovation are expected to further intensify in the social commerce market over the next four to eight quarters.
Moreover, with a ban on Twitter lifted and social media giants such as Facebook and Instagram pumping millions of dollars into their social commerce strategy, the industry is poised for recording strong growth from the short to medium term perspective. As the sector continues to grow and become more lucrative for investment, the publisher expects more global investors to invest in the Nigerian social commerce market in the next 24 months.
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Scope
Nigeria Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Nigeria Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by Location, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028
Nigeria Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour, 2021
For more information about this report visit https://www.researchandmarkets.com/r/yx39h1
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SOURCE Research and Markets
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