Africa’s e-Commerce sector is booming and Africa’s digital economy is growing faster than most of the developed world, according to a new report.
The International Business Times report, “Africa’s eCommerce Boom: Will Africa’s Digital Economy Really Take Off?” found that African e-businesses have grown to over $100 billion in revenue annually, with Africa’s fastest-growing e-retailer being the e-exchange platform Bittrex.
The report also found that the ecommerce sector in Africa has seen an uptick in revenue since 2010 and is expected to grow by more than 30 percent in the coming years.
The e-Retailer, which has more than 1,500 employees in Nigeria and Uganda, has seen its revenue double over the past three years.
In 2016, the company said it was set to exceed $300 million in sales and expects to be in the black by 2020.
Bittrex has seen a strong year as well, expanding its business from Nigeria to a $2 billion market.
It currently operates in over 20 countries and plans to launch in the Middle East and Asia by 2021.
The platform has a total of 4.2 million registered users, with Nigeria having the most users in the region at more than 6.7 million.BITTREX, the platform’s main competitor, has more users in Africa at just over 1 million, according the report.
It has over $6 billion in transactions, which is a staggering figure for a platform that was created just in 2017.
The company’s revenue is estimated at $12.3 billion in the United States, which ranks fourth overall in Africa.
The African eCommerce industry has been growing rapidly since 2010, according a report released by the United Nations World Economic Forum in 2018.
In 2015, African ecommerce revenue was estimated at just $2.5 billion.
The report estimated the African e Commerce Industry would grow to $23 billion in 2020.
Africas GDP grew by 7.3 percent in 2020 to $4.5 trillion.
The eCommerce sector in the continent grew by 18.3% to $5.4 trillion.
In 2018, Bittrex said it had raised $1.7 billion in funding from investors.
Bettrex is currently in the process of launching a global network of more than 100,000 e-markets across Africa.
Bittres chief executive officer Dr. Nwenga Ojo said the platform is ready to offer its platform to new markets in Africa with a focus on low-cost, low-volume products.