Retail Industry Report:
A few months ago, OXFORD BUSINESS GROUP reported that: Following a decade-long period of growth, in which formal retail supplies more than tripled, Nigeria’s retail sector faced several challenging years. Macroeconomic volatility, a recession in 2016 and the naira’s rapid depreciation impacted retailers and consumers alike. Likewise, both purchasing power and household incomes declined, while input costs and vacancy rates simultaneously increased. Despite these recent economic challenges, the country remains one of Africa’s most attractive retail investment destinations for local and foreign investors. As retailers move to capitalize on opportunities in the sector, stakeholders anticipate that developers will increasingly shift their strategy towards smaller, localized retail developments offering essential grocery, pharmaceutical and clothing items. In the longer term resurgent middle-class growth, supported by improving oil prices and strengthening macroeconomic fundamentals, should see a return to large-scale, high-end regional and mixed-use retail centres.
McKinsey & Company and Euromonitor have similar views.
They believe that Technology and specifically the E-Commerce platforms are going to be the major beneficiaries of this huge growth in the retail sector.
The question now is who has got your money in this very massive growth that we are seeing and experiencing?
Note that most big companies today have decided to take on the E-Commerce stores as an approach to massively comb the market target audiences’ buying powers.
In fact, Shoprite has taken a totally different approach to what they do. They are currently aligning forces with local suppliers, farmers and service providers and making a whole lot of gains.
This goes to say, that in no time, those using the old brick and mortar methods of doing retail business will be out of stock.
Somebody indeed has got your monies and you should go after them.
The best ways to do so is to start selling online.
Master the acts of selling products and services online and ensure you are up to date with the developments in the industry so you are not left out.
With my book on “How To Start A Business Without Money” I have laid it out clearly on how you can transform any business into an online retail store and make as much as you can.
Brick and Mortar stores should begin to adopt the same approach and ensure they can reach out to the over 130 million Nigerian Online Shoppers to collect their share of the income from sales.
Somebody has got your money.
Be Great! Nothing Else Pays.