How to Start an Ecommerce Business in Nigeria
It’s no hidden secret that learning how to start an eCommerce business in Nigeria is one of the fastest and smartest ways one can amass wealth.
In a country with over 190 million inhabitants, and almost 100 million with access to the internet, it’s no surprise why eager entrepreneurs want to be amongst the top ecommerce companies in nigeria
The phrase “eCommerce business in Nigeria” does not necessarily denote you’re required to have a site similar to Konga, Jumia, etc. This mindset has caused several individuals to have the belief that you’re required to have a lot of capital to kickstart a successful eCommerce business in Nigeria. Do not get me wrong; there are several facets in this business, but you don’t have to have hundreds of millions to start an ecommerce business in Nigeria
Now, let’s take a look at the steps for you to create and run your eCommerce business in Nigeria.
P.S – If you don’t know what ecommerce means, you can start with this resource that helps explain what ecommerce means.
HOW TO BECOME A TOP ECOMMERCE COMPANY IN NIGERIA
Step 1. Get a business name with CAC
The foremost thing you’re required to do is to pick a unique, memorable and nice business name for your eCommerce business. As soon as you have created a name, do a CAC (corporate affairs commission) search for your preferred name to check its availability.
If the name is available, you will be required to register your business instantly.
It costs around five hundred naira to do a name search on CAC. But if the name isn’t available, you will be required to pay another five hundred naira to search for another name.
As soon as you reserve the name, you will be asked to pay for the name registration process. This fee is normally about ten thousand naira, and this depends on your business.
Step 2. Create your business plan
It depends on your type of business; a solid and fantastic business plan will come in handy at all times. A business plan is even more important for companies looking to enter a new market. A business plan ensures you are fully equipped with the right tools and resources when going gets tough. A business plan consists of a marketing plan, a financial plan, feasibility studies, executive summary and more. If you are looking to for a good business plan writer, consider this resource.
Step 3. Create your website (online store)
The next stage is to get a functional online ecommerce store or sales page. The online store is the place your potential customers and customers will visit when they want to do any transaction with your business.
Creating a website is just like renting a physical store. There are different designs and features depending on what you sell and your brand colours. You will have to hire the services of a website design company to help you create an attractive and functional ecommerce store.. As of now, the price for creating an eCommerce website in Nigeria stands between #120,000 to #1,000,000. In some cases, the cost can run into 7 figures.
Step 4. Stock inventory
Inventory manangement is a critical part of running a thriving ecommerce business.
Except you are primarily focused on selling only digital products and services, Inventory management can make or mar your business’s growth. If you have a huge capital, we recommended you get a physical store or partner with a logistics or warehousing company.
Step 5. Partner with a company for logistics
Logistics is a critical part of your business. As soon as you stock you products and before you run adverts, you should partner with either one or two logistics companies who will be responsible for the swift delivery of your products whenever a customer makes an order. You will want to partner with a company that delivers nationwide or has enough resources to deliver in a certain region.
These are some of the most popular logistics companies in Nigeria:
- NBC Logistics
- Courier plus services limited
- GIG logistics
Step 6. Advertise your products
Advertising helps you create awareness for your goods or services. There are two types of advertising; online advertising (popular known as digital marketing) or the traditional advertising
After you have done all the important things, you need to advertise your products to your target audience and attract the attention of your potential customers.
Advertise your products everywhere online and hire a seasoned copywriter to help you write sizzling copy that attracts and converts.
One of the most common and quickest ways one can get started with eCommerce business in Nigeria for individuals who want to sell physical products is Mini Importation. There you have it; how you start an eCommerce business in Nigeria! Let us know what you think about eCommerce in Nigeria and its inherent challenges in the commerce section below.