Mr. Biodun Shobanjo, the Chief Executive Officer of Troyka Group, on Saturday in Lagos said that e-commerce would remain the core driver of the Nigerian economy.

Shobanjo made this assertion while delivering a key note address at the inaugural Konga Seller Summit 2015 entitled: ‘The New Market Place: Tapping into the Ecosystem.’

The News Agency of Nigeria (NAN) reports that Konga.com is an online marketing platform that offers sellers and buyers the opportunity to interact and do businesses online.

Shobanjo spoke on the topic ‘Internet and e-commerce Revolution in Nigeria: Where we have been, Where we are Heading and how to Get There.’

He said that the market place ecosystem should engender sales and marketing that would produce personal and community growth.

According to him, e-commerce mirrors the village center and Konga should be seen as a village market on the Web where there is equal access and multiple accesses for buyers.

Shobanjo said that in e-commerce, mutual trust and relationship mattered.

He said that in 2014, the total global retail trade was about 32.49 trillion dollars and e-commerce contributed about 1.3 trillion dollars.

He said that the retail market was still very attractive and that e-commerce needed to do more with the advantage of technology.

The marketing communication expert said that the Internet had revolutionised the way marketing was being done today and that the mass media was impacting on business ecosystems.

“Almost six out of 10 Nigerians have access to the Internet and Nigeria has about 57 per cent internet penetration; “37 years ago all of the money spent on the Nigerian media was a paltry N20 million, while at the end of 2013, the money spent was 135 billion dollars.

“Total advertising spent last year was about 500 billion dollars. The key driver is the proliferation of the media.”

The CEO said that Konga needed to create a product to meet the needs of the customer -sellers and buyers alike.

He said that the product must have the superior feature of benefit and a clear marketing strategy.

“You need to use advertisement to tell your brand stories. Your stories must match the product that you need to deliver. You must be fair to buyers in the market place.”

In an address of welcome, Sam Shagaya, the Founder/ Chief Executive Officer, Konga.com, said that the Konga Seller Summit 2015 was in line with its vision of being the engine of trade and commerce in Africa.

Shagaya said that the summit would create an opportunity for sellers and buyers to learn from experts about the dynamic operations of e-commerce and develop sustainable strategies to advance business services.

“E-commerce is one of the fastest growing and most dynamic business sectors in the world today. The situation in Africa is quite unique; the need to create and build from the scratch is ubiquitous.” (NAN)

•Photo shows Biodun Shobanjo.