The Future of the Digital Marketplace and the Dangers of Being Left Out
With the advent of e-commerce, the world is rapidly switching to a digital marketplace helping to
democratise opportunities for all and sundry. Here in Nigeria, we are witnessing a fintech solutions
revolution rapidly gaining ground across different sectors from health to retail and everything in
between. While we get awed and shaped by new innovations daily, way more novel technologies
are introduced by the hour, thrusting us further into an unfathomable future with limitless
opportunities disrupting existing industries.
Little wonder, the digital marketplace in Nigeria, and the sub-saharan region as a whole has seen
unprecedented growth in leaps and bounds, with tech startups springing up in the hundreds and
seed funding chasing them in their trails. Analysts estimate that 2.`13 billion dollars was invested
in fintech startups in Africa in 2021 up from 130million dollars five years ago. There is no
gainsaying that the digital marketplace is the future. Businesses small or big who’ve not looked
to adding digitisation into their playbooks will be rendered incapacitated and obselete by the wave
of technological innovation sweeping not just Nigeria but the entire continent.
We’ve seen businesses like Flutterwave create centralised one-stop digital stores for small and
medium scale businesses (MSMEs) helping them afford a structured online presence. We see
the new leverage Instagram has furnished all manner of businesses from the very mundane to
the flamboyant offering them a masterstroke in scale and reach. We can’t deny the tech giants of
the planet coming in droves to set up shops, tech hubs and offices in Nigeria and West Africa to
tap into the value chain of this revolution, creating jobs and even more opportunities. All of these
made possible by digitisation which has birthed a local and global digital marketplace without
borders.
As we stride along, boundless opportunities still exist for tech entrepreneurs and businesses who
wish to join the party and provide solutions across different business verticals in Nigeria and on
the continent. Be that as it may, it’s instructive to note that businesses who don’t improve their
playbooks will be left behind in the scheme of things. As a country and a continent in search of
answers to leapfrog her developmental efforts, the one tool needed in our toolbox is digitisation
across all fronts helping to provide solutions in all sectors, hence throwing up opportunities for the
army of jobless youths, while increasing revenue for businesses and governments.
While many businesses and individuals have embraced the digital marketplace and found
enviable success, some reaching global acclaim, not all have been able to make the most of it.
The future of the digital marketplace is one filled with both opportunity and constant change,
therefore, those who fail to adapt will find themselves left behind and unable to compete in this
new landscape. Let’s all ride on the crest of the digital wave sweeping the continent for a better
tomorrow, helping us meet the SDG 2030 goals in record time. Failure to ride this wave will spell
disaster for Nigeria, her teeming population and the continent at large.
Ultimately, the digital marketplace of tomorrow will rely heavily on the interplay that’s at the
intersection of technological innovation and demand, which we have in abundance in Nigeria and
on the continent. As a brand, we have embraced this new world, and we've just scratched the
surface of what's possible in the digital marketplace.
Interestingly, different fintech players are needed, from solution providers offering sweeping
solutions in waste management, helping us convert waste to wealth, to those helping to harness
the sports talents on the continent. We eagerly await a provider that’ll digitise the spare parts
markets in Nigeria with product offerings listing authentic electric and motor spare parts
benchmarked with the very best standards globally, giving zero headache to the Standards
Organisation of Nigeria (SON) and ample joy and money’s worth to the buying public. Suffice it to
say the list is endless. And the solutions needed across different sectors remain unquantifiable
and await tech innovators.