Market Insights Technology Software Enterprise Software

eCommerce Software - Ghana

Ghana

The eCommerce Software market in Ghana is expected to witness a significant increase in revenue, with projections indicating that it will reach US$3.39m by the year 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate (CAGR 2024-2029) of 4.82%, resulting in a market volume of US$4.29m by 2029.
When considering the average Spend per Employee in the eCommerce Software market, it is estimated to reach US$0.22 in 2024.
This metric provides insights into the investment made by companies in their workforce to support the growth of the market.
In terms of global comparison, it is worth noting that United States is expected to generate the highest revenue in the eCommerce Software market, reaching an impressive US$4,364.00m in 2024.
This highlights the dominance of the United States in this market segment.
Overall, the eCommerce Software market in Ghana holds considerable potential for growth and presents promising opportunities for businesses operating in this sector.
Ghana's eCommerce software market is experiencing rapid growth, fuelled by increasing internet penetration and a growing number of tech-savvy entrepreneurs.

Key regions: China, Japan, Germany, United Kingdom, France

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Analyst Opinion

The eCommerce Software market in Ghana has seen significant growth in recent years, with the increasing adoption of technology and the internet.

Customer preferences: Ghana's population is relatively young, with a significant portion being tech-savvy millennials. This demographic is increasingly turning to online shopping as a convenient and time-saving option. Additionally, the COVID-19 pandemic has accelerated the adoption of eCommerce software as people look for contactless ways to shop.

Trends in the market: One trend in the Ghanaian eCommerce market is the rise of mobile commerce. With the increasing availability of affordable smartphones and internet data, more Ghanaians are using their mobile devices to shop online. This trend has led to the development of mobile-friendly eCommerce software and payment solutions. Another trend is the expansion of eCommerce platforms to include more local vendors and products, catering to Ghanaian tastes and preferences.

Local special circumstances: One special circumstance in the Ghanaian eCommerce market is the prevalence of cash on delivery (COD) payment options. Many Ghanaians are still wary of online transactions and prefer to pay for their orders in cash upon delivery. This has led to the development of COD payment solutions by eCommerce software providers, which has helped to increase trust and adoption of online shopping.

Underlying macroeconomic factors: Ghana's economy has been growing steadily in recent years, with a GDP growth rate of 6.5% in 2019. This growth has led to an increase in disposable income and consumer spending, which has helped to drive the growth of the eCommerce market. Additionally, the government has implemented policies to encourage the growth of the digital economy, including the development of a national digital address system and the implementation of a cashless payment system. These policies have helped to create an enabling environment for eCommerce software providers and online retailers.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.