Issues
October 21, 2024 by
Chikodi Okereocha
With a number of online marketing platforms emerging key players in this digital revolution, business owners in Nigeria, particularly those in the real estate and automotive sectors, are leveraging them as powerful tools to streamline their operations, achieve significant growth, overcome challenges, and stay competitive in the digital world. Assistant Editor CHIKODI OKEREOCHA reports.
For the Managing Director of Befitting Properties, a premium real estate firm in Lagos, Tope Samuel, it’s been nothing short of transformative. On the strength of the advent of online marketing platforms in Nigeria, real estate transactions, which, traditionally, have been heavily dependent on local networks and word-of-mouth referrals, are now able to tap into a much broader audience, including international buyers and investors.
Accordingly, Samuel and other operators in that space are now leveraging the rise of platforms such as Jiji, Jumia, Cars45, and Konga to boost their visibility and reach potential clients both locally and internationally. Samuel revealed, for instance, that Befitting Properties has been able to close some of its biggest transactions to-date on e-commerce giant Jiji platform, including a premium property worth close to a billion naira in Banana Island, Lagos.
“Jiji’s wide reach, user-friendly interface, and the ability to directly connect with serious clients made it our preferred platform, he told The Nation, noting that the success of Befitting Properties showcases the power of online marketplaces in helping sellers in real estate overcome traditional barriers. “Being active on Jiji has enhanced our reputation as a trusted and reliable real estate company,” he emphasised.
According to him, a strong reputation on Jiji with over 1000 positive feedback from customers through the platform in five years has been key to its success. “Being active on Jiji has enhanced our reputation as a trusted and reliable real estate company. We can say on the average, over 90 per cent of our customers are satisfied and this has solidified our relationships with them, increased word of mouth awareness and referrals for our business,” Samuel affirmed.
He added that the platform’s credibility, as well as the business’ consistent and professional interactions with clients has significantly boosted the company’s business. He explained that when operators in real estate business advertise their properties online, such businesses can showcase high-value listings to a diverse audience. This, in turn, increases the likelihood of finding the right buyer.
De-Supreme Property, another real estate business, is also counting itself lucky for embracing online marketplaces for growth. The business, which faced the challenge of limited marketing budgets when it is starting out, gradually scaled its marketing efforts when it began exploring the affordable ad packages that Jiji offers.
“When I started my business in 2020, I had nothing. Jiji helped me begin with small ads on their platform and over time, I was able to increase my investment as my business expanded,” De-Supreme Property CEO Abati Idowu Waheed told The Nation, noting that this flexible approach allowed the business to grow steadily, even during economic downturns.
The ability to scale marketing efforts according to business needs is said to be one of the many ways online marketplaces support Small and Medium Enterprises (SMEs). Whether it’s a small business with a limited budget or a more established company looking to expand its reach, these platforms offer a range of options that cater to different needs and growth stages.
Read Also: Businessmen, Canada-based nurse arrested at Lagos airport for cocaine, loud trafficking
Automotive sector also
The automotive sector has also seen substantial growth through online marketplaces. Auto dealers are leaning toward digital channels like Jiji, Car Mart and Cars45, which offer a unique opportunity to reach customers who’re actively searching for vehicles online for buying and selling.
The shift toward digital channels has proven to be a game-changer, particularly in a market where consumer behaviour is largely influenced by online research and comparisons.
For instance, the CEO of Autoproject, Raymond Iyoha, a dealer partner with Cars45, a technology-enabled automotive trading platform, shared one of his biggest challenges before partnering with the platform. He said: “Our biggest challenge was getting the right car to buy. Sometimes, we end up buying vehicles with security issues. But since partnering with Cars45, when it comes to verification, I’m rest assured.”
Iyoha told The Nation that he has since been able to source verified cars and increase their inventory without having to travel both far and near, all facilitated through the online platform.
Levi Bereiweriso, a business owner, who specialises in selling cars on Jiji, also narrated how he experienced firsthand the benefits of selling online: “Jiji has really helped me to stay connected, to stay competitive in the car-selling business. I’ve sold numerous cars to customers all over Nigeria and made profits.”
Bereiweriso said that’s because over 95 per cent of people who reach out from the platform are genuine and interested buyers. He also said he has been able to reach a wider audience, engage with genuine buyers, and ultimately increased his sales by listing his vehicles online.
Indeed, one of the key advantages of selling cars through online marketplaces is the ability to provide detailed information and visuals that help buyers make informed decisions. Unlike traditional methods, where potential buyers might have to visit multiple dealerships to compare vehicles, online marketplaces allow them to do so from the comfort of their homes.
Also, dealers now source verified vehicles from the comfort of their offices hassle-free. These translate to cutting down on costs, reducing documentation issues and security concerns.
The experiences of business owners like Samuel, Waheed, Iyoha, and Bereiweriso and highlight the potential of online marketplaces to transform traditional business models, and also help businesses both big and small succeed in this dynamic economic environment.
Brighter future for selling online
It took a recent forecast by Statista to bring to the fore the promising future of digital commerce in Nigeria. The global data and business intelligence firm projected that 13 per cent of all sales done in Nigeria by 2026 would be conducted online.
This shows that the digital space in Nigeria is flourishing, with internet penetration currently at 55 per cent and poised to grow steadily. Also, with the increasing smartphone adoption estimated to reach 140 million by 2025, consumers are more connected than ever before.
This connectivity has paved the way for digital marketing channels such as Jiji, Jumia, Cars45, and Konga to emerge as key players in this digital revolution, where they are transforming businesses by offering them a powerful tool to reach customers beyond their immediate geographic location.
Regional Head of PR and Marketing, Jiji Africa, Majolie Obaje, expressed optimism that the role of these online marketplaces in reshaping industries and driving business growth will become more prominent as more businesses recognise the benefits of selling online.
Obaje told The Nation that for Small and Medium Enterprises (SMEs), the opportunity to reach a global audience, leverage advanced marketing tools, and build credibility in a competitive market is invaluable.
She, however, said the success of these efforts depends on how well businesses can adapt to the digital environment and make the most of the features these platforms offer. In other words, the key is for SMEs to stay informed, be adaptable, and continuously explore new ways to engage with customers online.
This is so because as digital commerce continues to evolve, those who are willing to embrace it and leverage its full potential will be poised to succeed in the years to come.
Obaje said for businesses that have yet to explore this avenue, the time to start is now. As she stated, “The digital future is here, and it offers unlimited opportunities for growth and success, especially now that businesses in Nigeria need to navigate market challenges.”
One of the most significant challenges for online sellers is building trust with potential customers. Credibility becomes crucial in a digital space where buyers cannot physically inspect products or meet sellers in person.
However, one online marketplace that addresses this key challenge is Jiji through its meet-inspect-pay model. They also provide features such as customer reviews, verified ID badges for sellers, and secure communication channels like WhatsApp and in-app chats.
Lloyd Damron
Read More