The Nigerian Online Retail Store Business is one of the fastest growing business opportunities you can find at the moment in Nigeria. A recent study done by one of Nigeria’s leading management companies – Philips consulting – showed that Nigerians spend more than N1.3 billion monthly on online shopping with Jumia enjoying 38% of the market and Konga coming second with 26% among others including dealdey, Olx and Kaymu. These are the top 5 online shopping malls in Nigeria and the funny thing is only 8% of Nigerian internet users have actually shopped online before. So imagine how much sales they could be doing if 40% of the estimated 48 million active Nigerian internet users were to shop online just once a month and spend not less than N10,000 on each transaction, we would be talking N19.2 billion per month in sales.

What you need to start an Online Retail Store in Nigeria
So you want to set up an online retail store and you’re wondering what you need to take off? Take note;

Good and well stocked Inventory
If you don’t have a product but put it up for sale, that is fraud and could land you in big trouble. So ensure that you have the products before displaying it for sale with pictures of course and price as well as product description among other details.

A well Optimized Website
It’s not enough to have a website, ensure you have one that not only ranks well for google searches but is also designed in a user friendly way. Customers shouldn’t waste their time whenever they visit your website.

Safe and Secure Payment System
If your customers pay for your goods would they lose their money? Can hackers access your database? Will their transactions be secure? If you can safely answer these questions and win their trust, you’re good to go.

An effective delivery system
After paying for your goods, would they be able to get prompt delivery – not when you state delivery within 5 days on your website but it takes 2 weeks for it to reach the customer.

Benefits of Setting up an Online Retail Store for the Nigerian Market
What are some of the things you stand to gain from owning an online retail store?

Low overhead cost
You don’t need a sales boy/girl, a cashier or even book keeper with an online store that means less money paid as salaries, no need for rent as you can keep your goods in your house. It also runs on auto pilot except for the part where you have to answer customer enquiries or deliver their goods.

Higher Profit Margins
With less overhead costs your profit margins increase so you can beat your chest that compared to a competitor who owns a shop where he/she pays N300,000 a year as rent or hires a sales person to work with you can keep that money for yourself as profit.

Strategic Partnerships
Websites like Kaymu and Jumia have arrangements whereby verified merchants can actually sell their products online through their website. So you can benefit from that partnership and increase your sales potential.

Runs 24/7 so you can do other businesses too
When you’re doing this business you can diversify and run other businesses as well. You may have a regular job from Mondays to Saturdays and still run this business. The challenge though would be with replenishing your stock.

Business Opportunities in Nigerian Online Retail Stores
You’d be amazed at how quickly Nigerian online businesses are transforming

Nigeria is going cashless really fast
According to a report monitored on Businessday, Nigerians transacted about N38 billion in 2013 using POS terminals. That is against N2.4 billion recorded in 2011 and N14 billion in 2012. POS terminals are not the only cashless option available, there’s mobile money, internet banking, electronic funds through quick teller and now paypal through first bank. Come back in 2015 and these figures would be very little to compare with.

Many Nigerian consumers have smart phones and mobile devices
More than 60% of middle income earners own and use smart phones in Nigeria. That’s a staggering 11.5 million people but less than 8% of them are active online shoppers. The challenge is getting more people to come on board and it’s only a matter of time before that happens.

Very tight work schedules for Nigerian workers
Many Nigerian workers are busy during the weekdays and are too tired to go shopping during the weekends, so they opt for the next best thing which is online shopping. It’s a trend that won’t die anytime soon.

Greater convenience
If all I have to do to buy what I want is to browse my phone and make a purchase on an online shopping website why do I need to stress myself driving from home or work through traffic, under the hot sun or in the rain, inside the congested market with so much noise and filth then return home again? Good man hours stressing myself meanwhile my goods just arrive at my doorstep when I shop online.

Variety in shopping
One thing shoppers love is variety, they want to see as many available items as possible rather than be forced to make do with what is before their eyes. Online shopping gives a consumer plenty of options to deal with making him/her feel they’re getting value for money.

Challenges of Shopping Online in Nigeria

Well it’s not all rosy there are still a few problems to with such as;
Cybercrime: how do you protect yourself and customers from internet fraudsters?
Cost effective marketing: how do you reach your target market without spending too much?
Stiff Competition: when you start there are at least a dozen others who are probably doing exactly the same thing like you.

Start-up Summary
Customize Shopping Website – N100,000
Inventory – N300,000
Cash at hand – N50,000
A Smart Phone (to constantly monitor sales and respond to customer enquiries) – N15,000

Total: N465,000

Source: http://lagosbusinesses..com/2014/09/how-to-set-up-online-retail-store-in.html

Information technologies (IT) over the years have become an important too! Not only for business but also for governance and personal use. The ICT revolution has not only altered the way we work conduct business and recreate, but has also created new infrastructures for business, scientific "advancement and social interactions (Uneca, 2001). This revolution has fueled the proliferation of new media and the globalization of business and finance.

The evolution of computer from different generations to its present age, which is information age, has contributed immensely to the improvement of business operation in various aspects of which insurance companies are even accountable. It is one of the technological inventions of man. Which has acted in the reduction of manual work to create opportunity for automation which has enhanced the life of many and as well as transformed business operations.

Over the years in the time past, there have been many contributions by different writers to encourage the insurance policy, which result basically from registration, or application of it through constructed documents, known as proposal form. Based on this, (Nagee, 1979), Property as proposal of insurance 3rd Edition stated that the policy form comprises of declaration, issuing an agreement, exclusions and condition. For example the insurance agreement contains the obligation assumed by the company. Conditions contain the condition for limits of liability and for the procedure to be followed in the event of a claim, as well as declaration contained the Understanding data required by the insurance company (underwriting are basic information like name, address, labor cost and so on).

Source - http://www.joeyarticles.com/comparison-internet-conventional-retailers-management-science/

Cool post, i guess i need to set up mine...

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You can create estore with Wordpress+WooCommerce I have loads of Woocommerce extensions you can use

Good tips OP. I am presently working on creating ecomerce presence in Nigeria.

I think the biggest challenge is the capital to start.

The second challenge is sourcing your products. It is really very difficult getting very reliable and consistent suppliers especially if you getting into a niche or something that has to do with authenticity and originality.

SwitemTech:
Prior to now, the technical and high financial costs of launching and maintaining an online store has discouraged many business owners from starting an online business. The average cost of designing a professional and well optimised e-commerce website in Nigeria is about N200,000. This cost is sometimes a bit high for startups, thus making them procrastinate on their dream of getting their businesses online.

Switem Technology Solutions https://www.switemtech.com is about to launch an ecommerce hosted platform tailored for the Nigerian market. From as low as a Thousand Naira (N1000), you would be able to launch and design a professional ecommerce website, even without having design or programming skills.

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Nice one. Quite affordable.

[url]VENDORFY.NET[/url] is a good place to start. when you think of creating an online store front to sell in Nigeria they offer cool features that can help you grow your business faster while you expose your brand to the world . You can read this post on Nairaland to learn more.

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HOW TO START AN ONLINE CLOTHING STORE BUSINESS
Most businesses in the 21st century have gone from having physical stores to actually operating online. This is of course, due to the fact that options are now available that makes it easy for individuals to actively run their businesses online without any issues and also decreasing the amount of work done especially as having a physical store involves even more work than doing it online. Almost everything done in a physical store can be done online and even easier. Infact, almost all businesses can be operated online as long as it able to reach its target audience online and also provide ways they can transact business. One of the most popular businesses that is practiced online is the online clothing store business.

An online clothing store is simply a clothing store online. Clothes get to be displayed to customers, they can buy it and have it delivered to them without moving or going anywhere to get it. Even as entrepreneurs or business owners, you don’t need to go anywhere or meet with the customer to get them their products. Everything is strictly done online and no physical interaction whatsoever is needed from both the seller and the buyer. The seller will of course need to get the products, and that is when they’ll need to move during the course of the business.

https://blog.kusnap.com/how-to-start-an-online-clothing-store-business/

Setting up an online retail store in Nigeria can be quite challenging for someone who is just starting out, because there are a lot of things you have to worry about, from cyber attacks to getting traffic to making sales, e.t.c. That is why I would advise that you setup your retail store on a marketplace like jumia, chotcut nigeria or konga. Setting up your store in a marketplace where thousands of buyers already exist would help you grow your online store with little cost. There are however some downsides to setting up a store on marketplaces but overall when you look at the cost and benefits, you would see that marketplaces would provide you with the visibility and the logistics you need to sell online.

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