Facilitating e-commerce for the digital economy, By Inyene Ibanga

Evidently, social media is a essential aspect driving the development of the flourishing e-commerce sector. As a excessive yielding device for advertising, promotion and gross sales, it helps e-commerce companies establish prospects, have interaction with them, construct belief, achieve gross sales alternatives, and ship fast help.
Social media is a robust device for communication. It has the potential to attach and share data with anybody on earth or with many individuals throughout geographical divides concurrently.
It may be very helpful for conducting transactions, directing customers towards a brand new product or a lovely deal, participating with them and creating a way of neighborhood or togetherness.
Social media refers to web sites and functions which are designed to permit folks share content material rapidly, effectively, and in real-time. They are computer-based interactive applied sciences that facilitate the sharing of concepts, ideas, and knowledge by way of the constructing of digital networks and communities.
By design, social media is Internet-based and offers customers fast digital communication of content material. Such content material contains private data, paperwork, movies, and images. Users have interaction with social media by way of gadgets akin to computer systems, tablets, or smartphones, by way of web-based software program or functions.
Forums, blogs, micro-blogs, wikis, social curation, social bookmarking, social networking websites, photo-sharing websites, immediate messaging, video-sharing websites, podcasts, and widgets are amongst the many sorts of social media.

There are over 103 social media networks which are obtainable to assist subscribers construct useful connections in numerous areas of curiosity. Some examples of common social media websites/platforms embody Facebook, Instagram, YouTube, Twitter, LinkedIn, Snapchat, Reddit, Wikipedia, Tik Tok, and Clubhouse, amongst others.
According to DataReportal, there have been 4.48 billion social media customers round the world in July, representing virtually 57 per cent of the complete world inhabitants. These figures counsel that greater than 9 in 10 web customers now use social media every month.
As at January, there have been 33 million social media customers in Nigeria. This was equal to fifteen per cent of the complete inhabitants inside the similar interval. It confirmed that the variety of social media customers in Nigeria elevated by 6 million between 2020 and July 2021.
Basically, billions of individuals round the world use social media to share data and make connections amongst totally different communities. Social media permits folks to speak with family and friends, study new issues, develop their pursuits, and be entertained.
E-commerce companies are main drivers of development and diversification of Nigeria’s financial system. The sector is boosting the financial system by growing productiveness, encouraging innovation, bettering data administration, educating buyer and driving finer buying experiences.
Also, different people use social media to broaden data in a specific discipline and construct skilled networks by connecting with different professionals in a particular business.
Now, on account of the COVID-19 disaster and the improve in digital improvements, the retail sector has undergone unimaginable modifications. As a outcome, retailers are embracing social media as a communication methodology to succeed in out to prospects and stay related in the cyber market panorama.
Globally, the galloping pandemic has continued to gasoline an enormous upsurge in the variety of e-commerce web sites and platforms catering to the numerous pursuits and tastes of consumers. E-commerce is essential to the promotion of bodily distancing and avoidance of crowded buying environments, thereby serving to to cut back transmission of the virus.E-commerce (digital commerce) refers to the shopping for and promoting of products and providers, or the transmitting of funds or knowledge, over an digital community, primarily the web. It covers each type of enterprise transaction carried out on-line.
Online buying is the hottest instance of e-commerce. However, e-commerce can even contain different sorts of actions that embody on-line auctions, cost gateways, on-line ticketing, and web banking.
Evidently, social media is a essential aspect driving the development of the flourishing e-commerce sector. As a excessive yielding device for advertising, promotion and gross sales, it helps e-commerce companies establish prospects, have interaction with them, construct belief, achieve gross sales alternatives, and ship fast help.
In phrases of buyer suggestions, social media makes it straightforward for prospects to inform an organization and everybody else whether or not their experiences with that firm are good or dangerous. Using social media, companies are capable of reply in a short time to suggestions, attend to buyer issues and preserve, regain or rebuild buyer confidence.

E-commerce-based companies are main drivers of development and diversification of Nigeria’s financial system. The sector is boosting the financial system by growing productiveness, encouraging innovation, bettering data administration, educating buyer and driving finer buying experiences.
The present e-commerce spending in Nigeria is estimated at $12 billion, and is projected to succeed in a powerful $75 billion in revenues every year by 2025, in keeping with the International Trade Administration.
To maintain its contribution to the digital financial system, e-commerce corporations should channel efforts towards constructing belief to encourage the confidence of shoppers, present extra supply choices (logistics), undertake extra cost options, and spend money on advertising and know-how.
Jumia, Konga, Payporte, Jiji.ng, Ajebomarket, VConnect Nigeria, Printivo, Obiwezy, OLX, Kara.com.ng, Kusnap, and Supermart.ng are amongst the e-commerce platforms in the nation.
These e-commerce web sites haven’t solely made a gradual contribution to the nationwide GDP in the final three years, however they’ve additionally created over 1,000,000 direct and oblique jobs and lowered youth unemployment. So, the e-commerce sector is a big contributor to Nigeria’s financial prosperity.
Surveys carried out by Statista in 2020 present that vogue and wonder, meals and private care, and shopper electronics have been the most frequent objects bought on-line by Nigerians. This confirms that Nigerians have a really constructive perspective in direction of on-line buying.
Social media analytics, social media advertising, social buyer relationship advertising are necessary enterprise instruments for communication, advertising and networking that assist to spice up web site views and improve conversion or precise patronage by prospects.
Social networking permits e-commerce corporations to attach inside and exterior people who share comparable enterprise pursuits or actions. Social instruments allow staff’ entry data and sources they should work collectively successfully and resolve enterprise issues.
Again, public social media platforms assist an organisation keep near their prospects and make it simpler to conduct analysis that they’ll use to enhance enterprise processes and operations, akin to various modes for the supply of things.
Despite logistic points, authorities insurance policies, a number of taxes, poor Infrastructure, and safety points, extra Nigerians are, nonetheless, demonstrating a brand new fondness for on-line buying.
Considering the growing degree of patronage by Nigerians, it will be important for e-commerce companies to focus consideration on constructing model consciousness, efficient customer support and social listening to reinforce their on-line presence.
To maintain its contribution to the digital financial system, e-commerce corporations should channel efforts towards constructing belief to encourage the confidence of shoppers, present extra supply choices (logistics), undertake extra cost options, and spend money on advertising and know-how.

Inyene Ibanga writes from Wuye District, Abuja.

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