LCCI advocates digital presence for B2B transactions

PRESIDENT/CHAIRMAN of Council, Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, said businesses would need to undergo unprecedented levels of digital transformation to radically change how they attract and retain customers, market their products, operate within supply chains and provide services.

Idahosa said by 2030, more than 75 per cent of the workforce in Africa and globally will be made up of millennials. They are all digital-minded and grew up with e-commerce as their go-to channel for purchases, he said. He stated this in Lagos at the launch of Zandaux. According to him, B2B commerce is undergoing profound transformations.

He said traditional sales models are rapidly declining and the majority of B2B sales interactions between suppliers and buyers are shifting to digital platforms.

He said in the coming decade, no goods or services would be sold without a digital shop, buy or self-service option.

“As a B2B organisation, you will have to anticipate that. In Africa, we still have a lot of catching up to do. In Asia and America, almost 70 per cent of all B2B sales are made through e-commerce while Europe is very much lower at about 20 per cent. Africa currently is nowhere near this level,” he said.

Idahosa said Africa has long been a reservoir of untapped economic potential, and that the time has come for the continent to harness the power of B2B e-commerce to unlock new opportunities.

He said Zandaux, along with similar platforms, has the potential to create value by streamlining and expediting cross-border trade, eliminating inefficiencies, reducing costs and facilitating seamless transactions.