The B2B E-commerce trend is especially strong and continues to be an increasing trend in growing economies like Nigeria.
Market Outlook
The market is poised for substantial expansion, with projections indicating a value of $8.53 billion in 2024, rising to $14.92 billion by 2029. This represents a compound annual growth rate (CAGR) of over 11% (Mordor Intelligence). Such growth opens up exciting possibilities for businesses looking to establish a foothold in this dynamic market.
With its vast potential for growth and innovation, the Nigerian B2B e-commerce sector presents unique technical challenges and opportunities that businesses must navigate to succeed in this dynamic environment.
Security Considerations in B2B E-Commerce Platforms
Security is paramount on any e-commerce platform, especially in Nigeria, where cybersecurity threats are prevalent. A recent global study ranked Nigeria as the 32nd most breached country in the first quarter of 2023. But as of 2024'Q1 Nigeria is ranked 53rd. Per the report, Nigeria had 82,000 leaked accounts from January to March 2023, representing a 64% increase from the previous quarter, but has had a 1,314% data breach increase in 2024'Q1 over 2023'Q4.
Based on this increase in data breaches, it is extremely crucial to build a secure B2B e-commerce platform in Nigeria. Here's how to protect your platform and user data:
- Data scrambling: Use techniques like "encryption" to turn data into a secret code, unreadable by hackers. This protects sensitive information like customer details and transactions.
- Double check logins: Adopt a proactive approach by regularly scanning the platform for vulnerabilities and weaknesses. This helps maintain a robust defence against potential attacks.
Regular checkups: Regularly scan the platform for weaknesses, like a doctor checking for illness. This helps keep the platform secure from attacks.