In 2014 ecommerce in Nigeria recorded over $2 million worth of online transactions per week. According mobilemediainfotech, Nigeria’s e-commerce market is developing rapidly, with an estimated growth rate of 25 percent annually.
A study conducted in 2014 showed that 63 per cent of Nigeria’s 50 million internet users had bought at least one item online. Even with this number e-commerce penetration continues to encounter setbacks.
A random survey conducted on the street of Lagos showed that many Nigerians are still skeptical about buying goods online or making payment for goods purchased online.
Majority of the people said they were not comfortable giving out their financial details online because they cannot vouch for the security of such payment gateways. Others emphasized the problem of slow internet connection and time wasted trying to open web pages to view various products.
Bisi Oladele, a lawyer based in Lagos said she goes online to check for prices of items she intends to buy but prefers to walk into a supermarket or shop to buy the products she desires. She said her decision was based on the fact that she is not comfortable giving out her personal or financial information and the cost of delivering items is high.