“Nigeria Social Commerce Market Intelligence and Future Growth Dynamics Databook – Q2 2023 Update” report has unveiled a dynamic trajectory for Nigeria’s social commerce industry.
Bucking expectations, the sector is poised for an astonishing annual growth rate of 43.3%, projected to catapult the industry to a substantial $1.19 billion by the end of 2023.
According to Research And Markets, Beyond this immediate milestone, the report charts an even more impressive journey, forecasting a staggering Compound Annual Growth Rate (CAGR) of 33.4% from 2023 to 2028.
This meteoric rise in the Gross Merchandise Value (GMV) is set to see the industry’s worth ascend from $1.19 billion to an eye-popping $5.04 billion by 2028.
The report’s data-centric analysis provides an intricate assessment of the social commerce landscape, offering businesses an invaluable understanding of market opportunities and associated risks.
With over 50 Key Performance Indicators (KPIs) specific to Nigeria, the report grants a comprehensive grasp of this dynamic market’s size, forecasts, and market share statistics.
Crucially, the report illuminates the nuances of social commerce dynamics, enabling organizations to uncover emerging opportunities and key trends spanning the years from 2019 to 2028.
It also unearths opportunities within various end-use sectors, equipping companies to assess and capitalize on growth prospects across diverse segments effectively.
Moreover, by pinpointing growth segments and specific opportunities, companies can tailor their social commerce strategies strategically, factoring in market-specific trends, drivers, and risks within this evolving industry landscape.
The report’s extensive scope covers various facets of the Nigerian social commerce industry, including market size and future growth dynamics based on key performance indicators, retail product categories, end-use segments, devices, locations, payment methods, and platforms.
In addition, the report delves into consumer demographics and behavior, dissecting the market by age, income level, and gender, offering a holistic view of the evolving landscape.
The social commerce boom in Nigeria, as projected by this report, presents a remarkable opportunity for businesses to tap into this burgeoning market, providing a fresh avenue for growth and innovation in the country’s ever-evolving digital economy.