Small and medium-sized enterprises (SMEs) in Nigeria have been urged to harness the potential of eCommerce to enhance sales and foster business growth. This advice was emphasized by Ijeoma Arum, the Chief Commercial Officer of Jumia Nigeria, during her presentation at the inaugural edition of Ecobank Nigeria’s MySME Growth Series.
The MySME Growth Series, a novel training program initiated by Ecobank Nigeria, is designed to empower SME operators across the country, with a target to train over 1 million SMEs in 2024.
Ms. Arum highlighted the challenges faced by African SMEs, including limited access to financing, intense competition from established brands, and regulatory compliance. However, she emphasized that technology, particularly eCommerce, holds the transformative potential to address these challenges.
In her presentation, Arum pointed out that eCommerce enhances product and service reach, provides insights into customer behavior, and enables targeted marketing campaigns. She stressed that the convenience of online shopping, coupled with the ability for businesses to streamline the sales process, can significantly boost profitability for small enterprises.
Acknowledging the dynamic nature of eCommerce, Arum mentioned challenges such as social media and other platforms competing for consumer attention, inconsistent stock supplies, and issues related to trust. She identified key factors influencing consumer preferences in eCommerce, including quality, price, delivery fee, and delivery waiting time.
Head of SME & Partnerships at Ecobank Nigeria, Osahon Akpata, highlighted the bank’s commitment to powering the success of SMEs. The MySME Growth Series, under the theme “Scaling up your SME in 2024,” will conduct webinars every other Thursday throughout the year. Akpata outlined the series will cover essential topics like accounting, credit, sales & marketing, taxation, and inventory management. Additionally, Ecobank plans to launch an SME Mentorship program and provide practical tools and resources, including budget templates and guides on leveraging technology.
With SMEs contributing significantly to Nigeria’s economy, Ecobank aims to equip them with knowledge and resources essential for sustainable growth and success.