Research shows that digital trade has become a key driver of business growth worldwide, and Africa isn’t exempt, as many young Africans are part of the continent’s digital revolution. It can be argued that e-commerce has spurred innovation and become a catalyst for dramatic economic transformation across the continent.
As the digitization of the economy continues to create exciting opportunities for young people in developing countries, Nigeria was ranked the 35th largest e-commerce market globally and was reported to have yearly growth of 42%.
This is clearly reflected in the rise in digital marketplace activity across the country. A 2020 report claims that 26% of Nigerians bought products online, while platforms like Jiji have seen monthly active users rise to about 12 million and employ a team of over 400 people to engage consumers.
This showcases the huge economic benefits – job creation, economic empowerment, and value creation, derived from these digital marketplaces.
One key attraction of these digital marketplaces is the triple-edged advantage of giving vendors a platform to sell their products to consumers anywhere in the country, plus the visibility needed to scale and grow their small businesses while cutting operating costs.
In a recent chat with the PR and Marketing Head of Jiji Nigeria, Majolie Obaje, she said:
“We are driven to continually find new ways to deliver value for our customers. We are consistently improving our platform to ensure that people get everything they want and the best deals easily. With us, people can sell or buy products and services based on their needs and budgets in a safe and secure manner.”
Against this backdrop, we examine the Black Friday phenomenon and ways to make transactions safer and more secure.
Black Friday, the day after US Thanksgiving, is one of the year’s biggest shopping events and is marked by increased online shopping activity. In 2021, following the previous year’s pandemic, news reports estimated that 154.5 million people purchased goods and services worth about $8.9 billion in the United States.
According to Gal Ringel, cybersecurity expert and CEO of Mine, sadly,
“up to 30% to 50% of the annual average of data breaches happen in November and December alone”.
Clearly, the frenzied, frenetic nature of Black Friday gives fraudsters an incentive to carry out their nefarious activities.
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4 Ways to Protect Yourself from Scams on Black Friday
Because knowledge and caution are tools that protect you from being deceived, here are four tips to keep your online transactions safe during this year’s Black Friday:
1. Never give out your Financial Information
Never share your bank account details, ATM PIN, online banking OTP, or any other sensitive information that could be misused by a third party.
2. Check the Website Link Properly
Fraudsters can use cloned websites to trap victims, so check the spelling of the website’s URL and make sure it uses the https:// protocol in the address bar. You can also check reviews and ratings for that marketplace site.
3. Be Careful of what you Click on
Since messaging apps have become common, you must be extra careful when clicking links on your phone. Hackers can insert malicious code on a website that steals your online payment details. Hackers also send phishing emails, links, or forms that try to achieve the same objectives. So, think before you click.
4. If it appears too good to be True, it probably is
Imagine that a vendor offers you an item at a ridiculously lower cost than everyone else. Stop and think before you part with your cash. Check other vendors or sites for a comparative price benchmark for that product, and try not to pay ahead before seeing and inspecting the products.
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Those are some actions you can take to ensure you never get scammed. Still, Black Friday isn’t all doom and gloom, as reputable marketplaces offer real sales. For instance, Jiji lets vendors offer discounts on their products this season.
You can find deals of up to 60% off on their dedicated landing pages. As long as you stick to the safety tips, you have a great chance of grabbing the best deals ever!
