Montblanc, the leading global Maison for luxury business lifestyle, has opened its first standalone boutique in Nigeria, together with longstanding partner Polo Luxury. Located in The Palms Shopping Mall, Lekki, Lagos. The boutique offers an immersive retail experience with dedicated areas for watches, writing instruments, leather goods, accessories and Montblanc’s growing range of technology devices…
 
More details through:
https://www.sunnewsonline.com/montblanc-unveils-new-store-in-lagos-reiterates-commitment-to-nigerian-market/

The federal government had said that e-commerce spending in Nigeria is estimated at $13 billion annually.
 
The Permanent Secretary in the Federal Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, said this in Abuja at the Second National E-commerce Roundtable Session in Nigeria. She said e-commerce is projected to rise to about $75 billion in revenue per annum by 2025.
 
More details through:
https://dailytrust.com/nigerians-spends-13bn-on-e-commerce-yearly-fg

Kohler and Sweethome Limited have announced the launch of a showroom for bathroom fittings in Lagos.
 
Kohler, an American retail brand, would be operating the showroom, while Sweethome, a bathroom and kitchen accessories manufacturer operating in Nigeria since 2001, would be supplying the products from its manufacturing base in Thailand.
 
According to a statement, the showroom is targeted towards high-end customers who crave style and functional bathroom fittings…
 
More details through:
https://punchng.com/thai-american-firms-open-showroom-in-nigeria/
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More Nigerians are now embracing online shopping leading to a rise in the number of online shoppers to 51 per cent of total shoppings in Nigeria. According to the latest Ericsson ConsumerLab report, a survey of 2,000 respondents between the ages of 15–79, revealed that more Nigerians are willing to continue online shopping even after COVID-19. Ericsson in the report noted that online shopping in Nigeria stood at 35 per cent before the COVID- 19, adding that the pandemic pushed the figure to 51 per cent. “Before COVID-19, the amount of online shopping in Nigeria stood at 35 per cent out of the total number of all shopping events, both online and at physical stores.
 
“During COVID-19, this figure increased to 51 per cent. Nigerian consumers anticipate their habits around online shopping will remain at a level of 44 per cent after the pandemic has passed,” it said. Ericsson said it found found that, when entering the “next normal”, consumers in Africa would have added an average of 3.4 online services to their daily online activities, while also increasing the time they spend online by 10 hours per week by 2025, in comparison to their pre-pandemic habits…
 
More details through:
https://www.newtelegraphng.com/report-online-shopping-rises-to-51-in-nigeria/
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The purchase of alcoholic drinks via e-commerce channels is gaining traction with Nigeria, Africa’s biggest economy, identified among the top five key markets with potential for growth, a new report by Euromonitor International, the world’s leading independent provider of strategic market research shows…
 
More details through:
https://businessday.ng/business-economy/article/nigeria-among-top-5-growth-markets-for-e-commerce-in-alcoholic-drinks/
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A report by Visa has shown that the top market contributors to e-commerce in sub-Saharan Africa over the last three years were South Africa, Nigeria and Kenya, with Ghana also showing growth, having replaced Kenya in the top three contributors in 2020. According to Africa Business Community, SSA may be one of the smallest regions of e-commerce globally, but it shows steady growth potential. During lockdown, the region saw new e-commerce users rise by five per cent when compared to the active base in SSA the previous year.
 
“The three leading markets in SSA are starting to mature, providing the region with an established foundation and, when twinned with the growing penetration of e-commerce, it offers players in the payment space an opportunity they can capitalise on while helping to further accelerate the expansion of e-commerce in the region,” explains Lineshree Moodley, Head of Visa Consulting and Analytics (VCA) in sub-Saharan Africa. Visa’s white paper, entitled e-commerce developments across SSA, confirmed that, as the world becomes increasingly digital, e-commerce has been driving the acceleration of digital commerce…
 
More details through:
https://www.newtelegraphng.com/visa-nigeria-others-top-e-commerce-drivers-in-ssa/
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Facebook has announced the launch in Nigeria of a marketplace, a convenient destination where people can discover, buy and sell items from others in their local communities.
 
According to a statement obtained yesterday, available in South Africa, Ethiopia and Kenya, Nigeria joins the growing list of countries where people can simply tap on the Marketplace icon or visit www.facebook.com/marketplace to browse and search for items, sort based on distance or category.
 
Commenting on the initiative, Head of Public Policy for Anglophone West Africa, Adaora Ikenze said: “The launch of Marketplace in Nigeria further highlights our ongoing efforts in helping to boost buying and selling in Nigeria and connecting communities…
 
More details through:
https://www.thisdaylive.com/index.php/2021/02/04/facebook-marketplace-unveiled-in-nigeria/

BrandCo Nigeria Limited, a fashion retailer that sells relevant high street brands to urban African customers through retail expression called bCODE, the company recently acquired and launched Adidas in Lagos and Abuja.
 
bCODE is a wellness fashion and lifestyle multi-brand retailer that sells apparels, accessories and footwear by Adidas, Skechers and Havaianas. The company’s CEO, Wonuola Okoye, revealed that the company would continue to go into franchise with other local and international brands within the athleisure genre over the next few months.
 
Speaking more on the franchise, she said the company had its “Original flagship brand, as Skechers, then Havaianas and now, we have just launched Adidas…
 
More details through:
https://www.sunnewsonline.com/brandco-launches-adidas-franchise-in-nigeria/

About 1.4 million Nigerian micro and small enterprises have moved their businesses online and accepted a range of digital payments from their customers, Mastercard has said. The company stated this in its Economics Institute’s global outlook report- Economy 2021- which provides detailed analysis of the economic impact of the Covid-19 pandemic, including permanent changes in digital consumer spending habits, growth of online banking, fintech disruption and opportunities to boost financial inclusion.
 
According to the report, “as e-commerce rapidly becomes a way to pandemicproof a business, adoption by older generations and added convenience and lower costs for consumers will contribute to the continued growth of digital demand in 2021.
 
“In Nigeria, SME-in-a- Box, a new low-cost payments solution, enables small business owners to move their businesses online and accept a range of digital payments from their customers. Additionally, NetPlusDotCom and Innovectives have already onboarded 1.4 million Nigerian micro and small enterprises with digital payment tools such as Mastercard QR, USSD codes and contactless to advance their business…
 
More details through:
https://www.newtelegraphng.com/mastercard-1-4m-nigerian-small-enterprises-embrace-digital-payments/
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Smart addressing startup OkHi is partnering with Interswitch, one of Africa’s largest financial technology & digital commerce companies, to launch in Nigeria. Together, the businesses are aiming to solve a painful problem for millions of Nigerians – the lack of addressing systems.
 
OkHi founder Timbo Drayson says the lack of addressing infrastructure negatively affects the entire economy. “Accurate addresses are vital for delivery and financial services, and the problem costs Nigeria an estimated $2billion a year in inefficiency. Delivery businesses often get lost and call their customers on average over three times to find their door. At the same time, banks have to send an agent, in-person, to verify a prospective customer addresses – a slow and expensive process.”
 
OkHi’s solution is a smart address – a GPS pin linked to a person’s name and phone number. Their approach is to enable any business to collect an accurate address, deliver to it without getting lost and continuously verify it…
 
More details through:
https://thenationonlineng.net/okhi-partners-interswitch-launches-in-nigeria/