Nigeria’s e-commerce market is expected to experience significant growth in the coming years, with a projected CAGR (compound annual growth rate) of 11.82% reaching $14.92 billion by 2029. This forecast comes alongside the launch of a new brick-and-mortar outlet by Edenlife, a Nigerian home concierge startup with a focus on food retail.
The growth is attributed to factors like increasing internet access, smartphone use, and a young and tech-savvy population. Edenlife highlights that the e-commerce market is currently valued at $8.53 billion and is poised for a steady rise. This trend presents an exciting opportunity for e-commerce platforms like Edenlife to capitalize on the growing demand for convenient and affordable food options.
The launch of their physical outlet signifies Edenlife’s commitment to expanding their reach and offering their signature homemade meals directly to consumers across the country.
Source: Vanguard