Facebook Launches E-commerce Business In Nigeria, Opening Up A US$12 Billion Online Market

According to the punchng website, social media giant Facebook launched the Marketplace e-commerce service in the West African country of Nigeria (Nigeria) in early February this year to help local consumers search, buy and sell goods online on Facebook. Filter by product category.

Prior to this, Facebook had launched this e-commerce service in South Africa, Ethiopia and Kenya in Africa.

According to Wikipedia, Nigeria is the most populous country in Africa and the seventh most populous country in the world, with a population of over 195 million and an average age of 18 years old. Benefiting from the promotion of a younger population, Nigeria has as many as 86 million Internet users, and the Internet penetration rate is as high as 46%, and it is still rising.

According to statistics, the current e-commerce consumption in Nigeria is approximately US$12 billion. It is expected that the country's e-commerce expenditure will increase significantly to US$75 billion by 2025. Therefore, the country has extremely high e-commerce development potential.

Adaora Ikenze, director of public policy for English-speaking West African countries, said that the Marketplace e-commerce service launched by Facebook in Nigeria can help promote trade activities in the country and strengthen connections between and within different communities. And as more and more people begin to trade goods on Facebook, Marketplace is expected to become an online shopping mall that facilitates the lives of Nigerian residents.

When explaining how Marketplace works, Facebook said that after a seller lists a product in Marketplace, the product will be included in Facebook's public list, and all Facebook users can see the product information list.

When sellers upload product information, they only need to simply take a photo of the product and upload it, enter the product name, product description, sales price and product shipping address, select and confirm the product category, and then publish it to Facebook's Marketplace.

However, items, products, or services sold by sellers must comply with their community standards and business policies.

In order to maintain the development environment of its e-commerce market, Facebook also made the following suggestions for buyers and sellers who plan to use Marketplace:

1. When buying high-value items such as watches and high-end bags, it is best for buyers to ask the seller for invoices or receipts that can prove the authenticity of the product and the purchase record;

2. It is best for buyers and sellers to meet in a public place and use cash, cash on delivery or person-to-person payment methods instead of using a payment link;

3. Buyers and sellers should not share their respective financial account information, such as payment login names, bank account information and passwords;

4. Buyers can refuse to purchase if they are not satisfied with the product or have concerns. Buyers also have the right to report sellers or products that violate relevant business policies.

In the past two years, Facebook has been vigorously deploying e-commerce business around the world. Interested sellers can also follow Facebook's footsteps and find new ways to expand overseas markets and increase online sales!