Selling products online in Nigeria can be very profitable, but it also comes with challenges such as stiff competition, finding the right product to sell, amongst others.
In this article, we want to look at the 7 of the most profitable products you can sell online in Nigeria. This post will serve as a guide in choosing or channelling your efforts towards making money online in Nigeria. You can start making money by selling these items online either through affiliate marketing or by your eCommerce store.
The 7 of The Best Products to Sell Online in Nigeria
These are the most lucrative products to sell online in Nigeria based on the profit margin and sales volume of each item. In some cases such as with cars, the volume is low but the margin on sales is high whereas, for fashion items, certain products tend to have low margins but have high sales volumes. Kindly take note in case you want to venture into any of these businesses.
Mobile Phones and Mobile Devices
One of the most profitable products to sell online in Nigeria is mobile phones (smartphones specifically) and other mobile devices such as tablets and smartwatches.
According to a report, telecommunications and Information Services in Nigeria, a sub-sector of the Information Communications Technology, contributed 77% of the entire sector’s contribution to the GDP. Overall, the mobile telecommunications sub-sector contributed 7.4% to the country’s total GDP in 2018, compared to 5.5% in 2017. Currently, 44% of mobile subscribers in Nigeria are using 3G technology and 4% are using 4G technology as compared to over 18% 4G penetration in South Africa and 16% in Angola. Nigeria’s mobile broadband penetration is forecast to rise to 55% of the population by 2025, with 70% having 3G connectivity and 17% having access to 4G networks. 5G network with the 26 GHz, 38 GHz and 42 GHz spectrum bands will be rolled out by 2020
The profit margin on these items ranges from as little as 500 Naira to over 20,000 depending on which device you are selling and the version or date of manufacture. The problem with these products is stiff competition.
There are so many people selling mobile phones hence lower profit margin. The key to success here is to sell a mobile unique device and in fairly high demand or to buy at very cheap prices from importers and resell at retail prices to customers using eCommerce or listing websites with plenty of web traffic such as; Konga, Jumia and Jiji.
Mobile Phone Accessories
This business shouldn’t be surprising. Mobile phone accessories are in very high demand from mobile phone users because of the high demand for mobile phones. Mobile users love to prolong the lifespan of their devices or add an aesthetic feel to the smartphones and tablets. This is why it is one of the most profitable products to start selling online.
The interesting thing about mobile phone accessories is that they are easy to buy from wholesale websites such as Alibaba, Taobao and 1688.com among others. Shipping them to Nigeria has become something easy today. However, you have to prepare for a good competition.
You will also have to figure out how to sell them. There are two options for this; finding the best online shopping malls to sell them or creating your personal online store.
You can also read: 50 Most Lucrative Business Ideas In Nigeria (2020 Updated)
Airline tickets are also very profitable items to sell online. The commissions from the sale of airline tickets can be very hefty in some cases attracting up to 5% (imagine an airline ticket that costs 450,000 Naira and you earn 5% of that amount).
In 2017, Nigerian airports recorded a massive 9.2 million passengers, 140,552 aircraft movements in the space of nine months (source). Now, we can only imagine the turnout of passengers today or in another 10 years from now.
It’s safe to say that the travel agency business in Nigeria has become a lucrative one, as the aviation industry seems to be among the fastest developing industries in the world.
At least 8,000 people travel daily between Lagos and Abuja alone and some of these people want to stay at affordable and convenient hotels. Although this niche is highly competitive, there is still room for hotel reviews and affiliate marketers can key into this.
This business is qualified to be among the most profitable products because we have a handful of heavy spenders in Nigeria. We have a culture of spending excessively and having fun in Nigeria. This why most 4 and 5-star hotels are heavily booked despite the fact that they cost a fortune.
These products are in high demand as well. Office shoes, casual shoes both male and female are bought in hundreds of pieces daily. The most profitable shoes to sell online are men’s leather shoes because of the profit margin. Women’s designer heel shoes are also in very high demand and have a high-profit margin.
Of course, there’s a huge market for virtually any good product today. That is if you know what to do and how to go about selling them. The footwear industry is worth over $52 billion annually. The US consumers, alone, spend as much as $29billion on shoes – year-in-year-out.
You can also read: Affiliate Marketing in Nigeria (2020 Latest Secrets and Tips)
Real estate properties especially undeveloped land can be easily marketed and sold online. Through free classified websites like Jiji or social media adverts, it’s way less easy. People are also looking for apartments or shops to rent. This is a massive opportunity and a starting point for anyone who wants to make money online
One amazing thing about real estate business in Nigeria is that the investment opportunities it presents are so diverse, there is an option for everyone regardless of investment power. This has made is one of the most profitable products to start selling.
Statistics says there are over 10.7 million houses in Nigeria. In my opinion, this statistic is highly inadequate when compared to the size of the nation. World Bank has estimated that it would cost as high as N59.50 trillion to bridge Nigeria’s 17 million housing deficit.
This mighty deficit should be seen as huge untapped investment potential of Nigeria’s real estate sector. According to The Federal Mortgage Bank of Nigeria, the housing deficit is estimated at 17 to 20 million housing units. This trend has been forecasted to increase by 900 thousand annually.
A large number of working-class parents prefer to shop online for their children’s clothing needs. They are comfortable with websites of popular stores like wranglers, Konga, and of course Jumia. The volume of transactions recorded is over 300 million Naira per annum according to a market study on spending made online by Nigerian parents.
Good luck in finding the most profitable products to start selling online in Nigeria. You can also see the businesses that made me millions online