THE RISE OF ONLINE BUSINESS AMONG NIGERIAN YOUTH

Introduction

An Online business is any commercial activity that is on the internet to sell product or services to generate avenue (money). Rather than having a physical store to sell products or services, products are been taken to the digital (internet) space. Someone can use in the comfort of his/her house and sell or purchase goods or services online. Sellers don’t necessarily need to have a store; with strong online presence a seller can make sales. Online business replaces traditional physical storefronts with digital platforms.

Millions of Nigerian youths, driven by financial independence and career flexibility has led them into digital entrepreneurship. A lot of youth now see digital space as a source of income and livelihood, right from their smartphones and laptops.

Social media like WhatsApp, Instagram, X (formerly known as Twitter), Facebook, TikTok among others serves as a store. These social media is so simple to setup for a business rather than raising funds to get a store which might cost a fortune, at the comfort of your home an account can be setup and reach a wide range of people regardless your location.

Reasons Nigerian youths are Starting Online Business

As stated earlier, reasons why youth engage in online business is as follows:

1. To gain financial independence.

2. The high rate of unemployment.

3. With the influence of social media successful stories of others, individuals are drawn to try it.

4. The cost of starting an online business is low compared to opening a physical store.

Popular Online Business Among Nigerian Youths

Nigerian youths are taking the digital economy through high income skills, popular online business include:

1. Freelance services like writing, web design, and coding.

2. Drop-shipping

3. Content creation / content writing

4. Social media management

5. UI/UX design

6. Mini importation

7. Fashion and thrift sales

8. Skincare and beauty products

9. Food delivery business

10. Affiliating marketing

Role Of Social Media

Social media plays an important role in the society, it empowers individual to express themselves better and businesses build awareness. Social media like Facebook serves as marketplace, Instagram serves as fashion house. TikTok is used mostly for promotions and visibility, WhatsApp is used for communication and X for brand awareness.

Benefit Of Online Business

Online business helps business to operate by integrating digital technology into business process. Benefits of online business are:

1. Creates flexible working hours for the business owner.

2. It helps owner reach customers nationwide.

3. Can serve as an extra source of income for student and workers.

4. Helps youth become financially independent.

5. Creates employment opportunities for youth.

Challenges Facing Young Online Entrepreneurs

With the fact that online business has made our youth entrepreneur there are also challenges they face. Challenges like; poor internet connection, trust issues from customer because of case of fraud, high cost of data subscription, competition in market.

Conclusion

Online business has reshaped the youth in the world of unemployment; online business provides employment for youths and also a financial break- through. Youths can have a 9-5 job and still have an online business forcing them to learn multitasking. With online business youth business challenges has been resolved by bypassing the traditional barriers to reaching customers. It also forces youth to learn continually.

The future of online business is in the youths, driven by innovative, tech-savvy youth that will continue to scale globally recognized solutions.