MassPay Insights

Top Payment & eCommerce Trends in Kenya

Written by MassPay | Dec 19, 2023 1:03:00 PM

Kenya has the blueprint to make significant strides in the global eCommerce market. The country’s adoption of a national digital economy strategy has created the foundation for significant growth.

Increased internet penetration and smartphone usage have opened windows for more eCommerce merchants and dramatically changed the way younger generations work as gig economy opportunities abound.

Kenya’s rapidly growing middle class has taken to online shopping, primarily utilizing mobile banking for online transactions, further spurring this transition.

Finally, the government's push for nationwide 5G coverage and the rising smartphone adoption are fueling one of Africa's fastest-growing eCommerce markets.

Both B2B and B2C businesses are capitalizing on this trend by entering the Kenyan market.

TL;DR: There's a lot happening in Kenya right now. Are you ready to participate?

Kenya's Digital Commerce: 4 Trends You Should Not Ignore

Kenya's eCommerce market has seen remarkable growth, and the trend is going to continue over the next few years. Identifying the top trends may sound daunting, but we’ve already done the heavy lifting.

Your success in Kenya’s eCommerce market depends on your ability to offer customers convenient and secure payment methods. Here is the first step in building an informed strategy that will guide your business in tapping into this new market.

1/ Security is key

More and more Kenyans are choosing online shopping as their preferred method of transaction. As mentioned the Kenyan government has adopted its digital economy blueprint aimed to support eCommerce growth.

Although there is an increase in online shopping, many new Kenyans are weary of threats. This means merchants looking to tap into Kenya’s eCommerce economy must provide customers with safe and secure methods to complete transactions.

2/ Mobile Wallets & Money services are preferred

African countries have become some of the most popular hubs for mobile money services. M-Pesa has become widely used in Kenya. Mobile money services has become a reliable and convenient option for unbaked populations.

Mobile services are essentially pay-as-you-go mediums which you can access from your mobile account. With more and more of the population using smartphones, mobile services have become a gateway to online purchases.

3/ Tech and fashion reign supreme

Kenyan eCommerce has a clear hierarchy: electronics and media are the clear-cut number one options. Second goes to the fashion industry which has become increasingly popular in the online shopping market.

To thrive in Kenya's eCommerce realm, it's essential to understand your audience, Merchants that have a grasp on what industry trends have a leg up for success.

4/ Cards are growing in popularity

Historically, paying by card has not been the preferred method of payment for Kenyans. However, in recent years, card usage has picked. The credit card penetration in Kenya is forecast to continuously increase between 2023 and 2028 to 10.1%

Staying Current with eCommerce Payments in Kenya

Harnessing these eCommerce and payment trends is your key to unlocking the vast potential of Kenya's rapidly expanding market.

MassPay doesn't just empower businesses; it supercharges them with optimized payment orchestration and a wealth of locally preferred options, making sure you stay ahead of the game in Kenya's booming landscape.