A report by Swedish investment firm Kinnevik AB on its investments in E-commerce startup Konga, revealed that even though Nigeria boasts a population of 180 million, Konga has just 184,000 active customers.
Is the market big enough to sustain an e-commerce business? Take a look at the thread below.
https://twitter.com/DoubleEph/status/758252206902669312
https://twitter.com/DoubleEph/status/758252658876612608
https://twitter.com/Gidimeister/status/758267939439140864
https://twitter.com/oged07/status/758270829809500160
https://twitter.com/Gidimeister/status/758271408204111873
https://twitter.com/oged07/status/758271826262884352
https://twitter.com/Gidimeister/status/758272399594913793
https://twitter.com/Gidimeister/status/758272617329680384
Based on the fact that only 0.5% of Nigeria’s population (1,000,000 people) earn N200,000 a month and above, and the minimum wage is N18,000 a month, how many E-commerce businesses can thrive in this environment, particularly in a time of recession? Time to face reality perhaps.
