How To Make Money With Ecommerce Business In Nigeria

how to make money with ecommerce business in Nigeria
Ogbonna Ohakwe November 15, 2023 No Comments

How To Make Money With Ecommerce Business In Nigeria

Learn How to Make Money With Ecommerce Business In Nigeria

E-commerce is one of the “money wells” online. If you are looking for a business model to venture into online and make cool money without much stress, then e-commerce is what you should consider.

Do not get bothered about how to get started; our team of researchers and business experts with vast experience and results in e-commerce have compiled the information in this article to guide you.

This article acts as a guide to show you what e-commerce is, the types of e-commerce, and how to start an commerce business in Nigeria.

Read on!

What is E-commerce & How To Make Money With Ecommerce Business In Nigeria?

The word “commerce” is simply the act of buying and selling goods/products and services. E-commerce (Electronic Commerce) is a business model that deals with buying and selling products and services ONLINE. 

This means that the process of buying and selling is predominantly done online. Also, the buyers and sellers may not see each other physically.

These products can be physical products or digital products. By physical products, we mean those goods you can see and touch, like chairs, electronics, clothes, shoes, etc. Digital products can not be seen or touched. Examples include ebooks, digital course tutorials, etc.

With the digital wave across the internet and the emergence of digital marketing, doing business online has become the quickest and easiest way to make online, and e-commerce is at the forefront. 

If you can take your time to read, study, and implement everything we will share in the subsequent sections, be sure to earn your first N1,000,000 online. Yes, with e-commerce.

Who Can Venture Into E-commerce Business And Make Money?

Anyone who understands the business model and is ready to invest time, effort, and capital is eligible to venture into e-commerce. 

Understand that e-commerce is not an effortless way to reach your financial freedom. No, you need to dedicate quality time and, above all, have some capital to start with, especially if you wish to run ads.

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Types Of E-commerce Business Models / Marketing?

Before you jump into the steps below, here are one of the surest ways how to make money with ecommece business in nigeria and the list goes on and on.

There are many types of e-commerce, but basically, we have three types. They include:

  • Business To Consumer (B2C)
  • Business To Business (B2B)
  • Consumer To Consumer (C2C)

1. Business To Consumer (B2C)

This is a type of e-commerce model where a business sells directly to the consumers. This means that the visitors to the e-commerce store are mostly individuals or end users. Examples are Allbirds and Kylie Cosmetics. There are sub-categories of B2C which include;

 

  • Direct to consumers (DTC): Here, your business manufactures the products and sells them directly to the consumers. 

 

  • Subscription (DTC): This has to be done only on a subscription basis.

 

  • White/Private Label: A white-label business model is where a business pays a supplier to manufacture and supply products. They now do the branding and uniqueness and sell to the consumers. If the product supplies are exclusive to your business, then it is private labeling, but if not, then it is white labeling.

 

  • E-retail: This model can be likened to shopping malls and grocery stores. They make purchases from other brands and stand as a middle-man between these brands and consumers.

2. Business To Business (B2B)

When one business sells to other businesses online, that is a business-to-business e-commerce model. One thing about this model is that the volume of purchases is usually higher.

3. Consumer To Consumer (C2C)

This model has to do with the consumers selling directly to consumers. This can be seen much in the Facebook marketplace.

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Benefits/Advantages Of E-commerce 

Having known the different e-commerce business models, here are the advantages of e-commerce business in Nigeria;

 

  • The cost of starting is relatively low
  • You will always be available, and customers can come in anytime.
  • Your business can easily collect data insights from your e-commerce stores
  • With e-commerce, you have an increased chance of scalability.
  • You have an increased profit margin 
  • You will have a broader range of products or services. 
  • You will also have a broader range of customers. 
  • You have more access to relatively cheap marketing and advertising.

Top 10 E-commerce Stores, Websites Or Platforms In Nigeria 

There are tens of e-commerce stores in Nigeria, but here are the top 10;

 

  • Jumia
  • Konga
  • Payporte
  • Slot.ng
  • Kara
  • Printivo stores
  • Jiji Nigeria 
  • Obiwezy
  • Ajebomarket
  • Kusnap
  • SellPass.co

 

We encourage you to carefully research each store and choose the one that suits you best.

With these benefits, your next question would be, “How to start an e-commerce business in Nigeria?” well, let’s explore that in the next section.

How To Start An E-commerce Business In Nigeria In 2023

Here is a step-by-step guide to starting an e-commerce business;

Step 1– Choose A Business Model

We explained the three types of e-commerce business models. Choose one and be ready to remain committed to it. 

Step 2– Select A Product

This is the first step to take. You have to choose a product or service that you want to market. Ensure that the product is profitable, and it’s a hot one.

Step 3– Get Your Capital 

We noted earlier that you need capital to run an e-commerce business. Running a business demands capital. Hence, we encourage you to estimate the cost of running your chosen business model.

Step 4– Get A Supplier

If you are not the manufacturer of your desired product, do not waste your time; look for a reliable supplier. If it is a physical product, ensure the goods are readily available to avoid disappointing your customers.

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Step 5– Create An E-commerce Store

This is the next step to take. There are a lot of e-commerce stores, and most of them are free. Sign up on any of the ones we listed earlier and start uploading your products.

Step 6: Register Your Business 

To legalize your business and avoid getting knocked out by business authorities, register your business with CAC. This also adds credibility to your business and boosts customer’s trust and loyalty. 

Step 7: Create A Page

Social media is a strong tool for a successful e-commerce business. You can create one or two social media pages on your desired platforms. Master the art of content creation and leverage it to build a strong online presence for your business.

Step 8– Have A Reliable Delivery Service

Delivery is one of the problems faced by people who run an e-commerce business. Ensure you have a reliable delivery service. You can partner with logistics companies to avoid delays or disappointments.

Step 9– Advertise Your Products 

Apply all your marketing strategies and skills to market your products. The more you sell your products, the more leads you generate and the more money you make.

 

If you have a budget for paid or sponsored advertising, kindly run some ads to generate more profit.

Conclusion 

E-commerce is a lucrative business adventure. The process may look challenging and complex. However, by choosing a hot product, an e-commerce store, and a reliable supplier, you are on your way to making millions.

Remember that you need capital for this business. Most importantly, patience and hard work are imperative.

We are confident that you now have the needed information to launch out; feel free to share your thoughts and ask questions about this topic below. We shall respond swiftly!

CLICK HERE TO GET STARTED WITH ECOMMERCE BUSINESS IN NIGERIA

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