With the rise of the internet, the millennial consumer, mobile-money penetration, and a reported increase in Africa’s middle-class disposable income, the African e-Commerce industry finds itself furnished with the ability to not only jump-start small businesses but also help large companies enter a market full of energized customers.
Statistics portal, Statistica, reports that the value of the African eCommerce industry reached USD 16.5 Bn in 2017 and forecasts that Industry revenues will reach USD 46 Bn by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% between 2020 and 2024. It also seems that growth in the sector is driven by the X-, millennial, and Y-generations, who form 79% of the African e-trade consumers.
