E-commerce or Electronic commerce is the selling and buying of products over various online platforms. If you have a smart device and a proper internet connection, then you can buy any product you dream of. Products of all types are all available through many online channels.
Online purchasing rates have recently increased because of many reasons including the pandemic circumstances and the need to reduce any social distancing. This definitely had a significant impact on consumer behavior too. Many people from different countries started to think of buying the products they only need leaving the luxurious products aside in fear of they might not find their basic needs.
The use of e-commerce has come up with great benefits for many businesses especially startups that do not have enough funds to establish physical stores. Therefore, e-commerce is their golden and cheap solution to distribute their products globally in a faster and cost-effective way.
E-commerce success cannot be achieved without localization as the two terms complete each other. If you are planning to sell your product overseas, you have to localize it first. Afrolingo is here for you! We give you the chance to be on top of your competitors by tailoring your website including language, appearance, and functionality to resonate with foreign audiences in the target markets.
One must ask how Kenya, an Eastern African country, reached this high position among the fastest-growing regions in Africa. In this blog, you will learn how Kenya has mastered e-commerce in recent years.
How Does the Kenyan E-commerce Contribute to the World Growth?
According to reports issued by Statista, the use of e-commerce in Kenya is increasing and is expected to have revenues with a positive average growth of 16.4% by 2025. It has been estimated that 24% of the Kenyan population bought at least one product from an online platform in 2021.
The Main Reasons behind Ecommerce Growth in Kenya
• Actually, the main reason behind this remarkable growth is the Kenyan adoption of a digital economy blueprint meant to further develop the ICT sector and e-commerce activity as clarified by the International Trade Administration.
• Moreover, it has been found that many Kenyans aged 15 and above have financial mobile or bank accounts that enable them to buy online products easily. The use of the mobile money system of M-Pesa which is launched by Safaricom is now widespread in Kenya.
• In addition, the number of Kenyans who use social media platforms has increased to 21.1% of the total population in January 2022.
Ecommerce Markets in Kenya
The growth of eCommerce in Kenya is expanding especially among small and medium businesses. A high number of the Kenyan population can now use online apps to buy several goods such as food, beverages, toys, furniture, and many more.
The success of e-commerce markets in Kenya is the main reason behind its e-commerce growth which is expected to increase yearly with a percentage of 7%, a slower rate than the global average of 10%.
Among these markets comes mydawa.com which cemented its place as Kenya’s biggest e-commerce market. It returned with a revenue of US$9 million in 2021.
There are many other e-commerce markets that achieved high revenues in Kenya including jumia.co.ke and phoneplacekenya.com which ranked second and third after mydawa.com respectively with a revenue of US$4 million for jumia.co.ke and US$3 million for phoneplacekenya.com.
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In addition to the above three e-commerce market players, new e-commerce markets have been opened in Kenya such as Safaricom, Glovo, and U.S-affiliated Copia. UBER Eats has also recently joined the competition owing to the growth of hospitality in Kenya.
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