Operators of Small and Medium Enterprises (SMEs) in the country have been advised to leverage on eCommerce to boost sales and grow their businesses in a sustainable and profitable manner.
Chief Commercial Officer of Jumia Nigeria, Ijeoma Arum, stated this in her presentation at a Webinar titled: Growing Your Business, which she presented at the maiden edition of Ecobank Nigeria’s MySME Growth Series.
The MySME Growth Series is an innovative training programme of Ecobank Nigeria targeted at empowering SMEs operators in the country. Under the initiative, the bank aims to train over one million SME operators across the country in 2024.
Arum observed that small and medium-sized businesses in Africa are faced with challenges such as access to limited financing, stiff competition from established brands and regulatory compliance, noting that technology has the potential to transform the subsector.
She stressed that eCommerce increases reach and awareness of products and services, allows businesses to gain valuable insights into customer behavior and could be used to create targeted marketing campaigns and personalised experiences.
Insisting that eCommerce allows customers to shop at their convenience, day or night, she added that small businesses could also streamline their sales processes to reduce overhead cost and achieve greater profitability.
She further noted that the eCommerce experiences constant disruption with social media platforms and other sites competing for wallet share and purchase frequency, inconsistent stock supplies and lack of trust, stressing that “overall, quality, price, delivery fee, and delivery waiting time are found to be some of the most important factors for consumers when choosing a shopping experience.”
Speaking earlier, Head, SMEs and Partnerships, Ecobank Nigeria, Osahon Akpata, said the Webinar series is in line with the bank’s commitment to power the success of SMEs in different sectors of the economy.
His words: “Ecobank aims to train one million SMEs in Nigeria to improve their capabilities and stimulate growth. We are launching the first phase of our training programme–MySME Growth Series, a selection of virtual bootcamps led by facilitators who are experts in their various fields.
“SMEs are the growth engine of Nigeria’s economy contributing almost 50 percent of Gross Domestic Product (GDP) and 90 percent of jobs. As a bank that is focused on growth, Ecobank is committed to the success of SMEs in different sectors of the economy.”
He also disclosed that with an overall theme: Scaling Up Your SME in 2024, the Webinar will hold every other Thursday throughout the year. In addition, Akpata explained that the series will dwell on various topics that cover key areas of concern for small businesses such as accounting, credit, sales and marketing, taxation and inventory management, adding that the Bank is also planning to launch an SMEs Mentorship programme to collaborate with successful entrepreneurs.
“We will also equip SMEs with tools to help their business such as budget templates, calculators for simulating scenarios and links to government forms. They will be trained on resources for starting a business including how to register, market opportunities and key points to consider when running a business.
“We will also provide articles on key topics including tips to increase sales, advertising ideas, business management practices, case studies and guides to leveraging technology, among others,” he concluded.
