Micro and small businesses are springing up phenomenally, with 55% engaged in wholesale/retail trade, and of which make up 84% of employed Nigerians and 48% of Nigeria’s GDP. Much of these businesses use social media platforms as a major sales channel, to capitalize on [social] network effects - a trend that rose exponentially during covid-19.
More specifically, we have seen how social media has connected the world through the internet - and this interconnectedness between people regardless of their geographical location has created an opportunity for a form of commerce that can most effectively digitize the likes of unstructured marketplaces like “Balogun market”. This form of Commerce is what we refer to as Social Commerce.
This masterclass will identify and highlight the different ways that social commerce is creating a new era of prosperity, in spite of a pandemic that does not seem to have an end in sight. Facilitators will share insights on how to take advantage of this new trend, driven by social media and an emerging digital economy. An overview will be provided on potential solutions to the digital infrastructure deficit that could directly exclude millions of Africans.
This session is hosted by Credo
