Africa E-Commerce Market Poised to Reach US$ 567.6 Billion 2023-2028, Driven by Impressive 15.3% CAGR: IMARC Group

IMARC Group has recently released a new research study titled "Africa E-Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the Africa e-commerce market?

The Africa e-commerce market size reached US$ 241.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 567.6 Billion by 2028, exhibiting a growth rate (CAGR) of 15.3% during 2023-2028.

What is the e-commerce market?

E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the internet. It involves the transfer of money and data to complete transactions and encompasses a wide range of commercial activities, including retail shopping, online banking, ticket booking, and much more. E-commerce has fundamentally transformed the way people conduct business, providing unparalleled convenience, accessibility, and reach. There are various types of e-commerce models based on the nature of transactions, such as B2B (business-to-business), B2C (business-to-consumer), C2C (consumer-to-consumer), and C2B (consumer-to-business). Each of these models has its own set of characteristics and caters to specific market needs.

For instance, B2B often involves bulk transactions between manufacturers and wholesalers, while B2C focuses on individual consumers purchasing from online retailers. Secure payment gateways, efficient logistics, and user-friendly interfaces add to the appeal. In addition to tangible goods like clothing and electronics, e-commerce platforms also sell digital products, services, and even experiences.

Moreover, the impact of e-commerce extends to other areas like marketing, where businesses use social media, email, and other online channels to reach customers.

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Africa E-Commerce Market Trends and Growth Drivers:

The widespread adoption of mobile phones represents one of the key factors driving the growth of the market across Africa. Mobile-based platforms, including payment solutions, are making it easier for consumers to engage in online transactions, even in rural areas which is fueling the market growth. Africa's predominantly young and tech-savvy population is more willing to adopt new technologies and shopping methods, which makes them an ideal demographic for e-commerce. The increasing investments in telecommunications infrastructure are significantly improving internet accessibility, which is crucial for the growth of e-commerce.

The rising urban population is leading to increased demand for convenience, a gap that e-commerce readily fills which is further influencing the market growth. Online services offer a quick and efficient way to shop, particularly in bustling cities which is contributing to the growth of the market. Innovations like mobile money and other secure online payment options are enhancing consumer trust in online transactions. Investments in logistics and delivery services are making it more feasible for e-commerce companies to operate efficiently.

The emerging middle class in Africa has greater disposable income and a preference for diversified products, which e-commerce platforms offer in abundance. Many African governments are embracing digital transformation agendas that include the growth of e-commerce, and providing regulatory support that encourages this sector.

Global attention and foreign investment in Africa's e-commerce landscape are bringing in the necessary capital and expertise to drive the market growth. From fashion to electronics and groceries, the range of products available online caters to a broad spectrum of consumer needs, which is increasing the attractiveness of e-commerce, thus propelling the growth of the market.

The growing exposure to the benefits of online shopping through advertising and social media is increasing consumer willingness to engage in e-commerce which is facilitating the growth of the market across the region.

Who are the key players operating in the industry?

The report covers the major market players including: 

E-Commerce Companies in Africa:

• Alibaba Group (NYSE: BABA)
• Amazon.com, Inc
• Avito Holding AB
• Bidorbuy.com Inc
• DHL International GmbH
• DealDey Ltd.
• eBay Inc. (NASDAQ: EBAY)
• GumTree.com Limited
• Jiji Press Ltd.
• Jumia Technologies AG
• Konga Online Shopping Ltd.
• Naspers Ltd.
• OLX Group.

Explore Full Report Description At: https://www.imarcgroup.com/africa-e-commerce-market

Market Segmentation:

The report has segmented the market into the following categories:

Breakup by Business Model:

• B2C
• B2B
• C2C
• Others

Breakup by Mode of Payment:

• Payment Cards
• Online Banking
• E-Wallets
• Cash-On-Delivery
• Others

Breakup by Service Type:

• Financial
• Digital Content
• Travel and Leisure
• E-Tailing
• Others

Breakup by Product Type:

• Groceries
• Clothing and Accessories
• Mobiles and Electronics
• Health and Personal Care
• Others

Breakup by Country:

• South Africa
• Nigeria
• Egypt
• Morocco
• Kenya
• Others

Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=3842&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

About Us                                                                                    

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.