With the spread of the internet and telecommunication technologies, the e-commerce industry in Africa has grown exponentially. Aided by a young demographic with high mobile phone penetration and increased use of digital payments, online shopping on the continent has seen consistent growth since 2015.
According to Statista, e-commerce businesses in Africa have a market base of 281 million online shoppers, with Nigeria, Kenya, Libya and Mauritius with the highest shares of internet users. E-commerce now outpaces retail shopping for growth in Africa, and projections have it that by 2023 the amount of money spent via e-commerce will double.
The projections bode well for the e-commerce businesses and entrepreneurs in this industry looking for ways to capitalise. To achieve that, they have to pay attention to technological trends.
Technology has always been the bedrock of e-commerce. The internet, one of the most technological inventions in civilisation, is the primary reason there is an industry called e-commerce. But it hasn’t stopped there. Over the years, e-commerce giants have continually used technology for growth.
Today, we are in the middle of a technological revolution, more disruptive than any other in human history. Today’s digital technologies are emerging at far greater speed and with more significant year-to-year impact than other developments of recent decades, such as the personal computer, the internet, and the mobile phone.
No industry, company or individual can escape the influence of these developments.
For the e-commerce industry, new technological advancements are essential for growth.
We look at five of them.