Retail Business in Nigeria – how to start?
With close to 200 million citizens – according to the last Census, Nigeria has a huge population which is a huge requirement for commerce to thrive. What this implies is that there would be need for goods and services to cater to the many people in Nigeria. And of course, where there are opportunities, those who know how to make the most of them will cash in real quick on these opportunities.
The retail market in Nigeria has seen a lot of growth and with the advancement of technology, it has become easier for business dealings to be held across states and even across countries. Technology has even made it easier so there are now a lot of Online Vendors who buy and sell items using the Internet to accelerate sales and draw in more customers. These online vendors do so by posting about their wares on Social sites such as Facebook, Instagram, Twitter, TikTok and WhatsApp. But, a few persons still do not know how to start the retail business in Nigeria or wherever they are. Just keep reading.
The normal version of Retail businesses in Nigeria and almost everywhere in the world still exists – the brick and mortar stores. Nigeria has some markets designated for certain businesses and these businesses have physical locations and can easily be located by people looking out for it. These brick and mortar stores include the open air stalls, the little stores, the big merchant retail shops like the Funtua Group that deals in motorcycle spare parts, and the wholesale stores like that of Importers who have physical locations from which their goods leave the warehouse to be delivered to where the customers can quickly get them.
These are the key segments of the Retail market in Nigeria especially if you are looking for ideas on what Retail business you can do.
- Food and groceries
- Fashion and apparel
- Electronics and home appliances
- Furniture and Home décor
- Health and beauty products
- Automotive parts and accessories
Every retail market falls under one or more of these segments listed above.
Who are retailers? – A retailer is simply someone who buys goods to resell them. The goods can be sold as is (as it was bought). Sometimes it could be repackaged to look different or better and sold again. Other times, it could be changed totally to look different before being sold. But, basically retailers buy goods from either wholesalers who can also be either the manufacturers or the importers of a product. Then they sell it with a margin to either lower level retailers or direct to consumer D2C.
Of course there are tricks to the retail trade. Some sort of ingenuity is needed by Retail traders all around the world. These trade secrets are usually passed down from one generation to the other. According to many reports, the Jews did quite well in business and this has shown in how wealthy they are currently – even in other aspects of business and more. The Jews kept their business and methods a secret. Most people would look at them and wonder how to start retail business.
Closely rated next to the Jews, are the Igbos of Nigeria. The Igbos are touted to be astute in business – and most times, when there is a reference to the Igbo person in terms of business, it is almost always the buying and selling part of business. There are methods used by the Igbo person in doing business which helps their growth in business. There are also methods used by other business people in doing business which helps them grow their business.
Are Online Vendors retailers?
Sometimes, because of how they never have to leave their houses to sell in open markets, online vendors usually want to refer to themselves as solely online vendors. Online vendors can literally order goods from their local markets or from AliExpress, get them to Nigeria, set up shop in their small spots, advertise online, make sales and deliver the sold items. So, does this count as retail? Yes. Totally. An online vendor is a Retailer. Once you buy goods from point A to sell at point B, you have become a retailer so all the science and arts of making sales as a retailer also applies to you. Learn more of these retail sales and strategy right here.
Is there an opening in the Retail Industry in Nigeria?
Here’s the truth, the Retail Industry, or those currently in the Retail Industry in Nigeria can still not meet up with demands of the teeming population of Nigerians. It’s 200 million persons who need certain goods and services brought closer to them. They have the money and are willing to pay for it. Basically, there is an opening for you in the retail industry. You just need to know how to do business and this is a sure proof way to learn how to do business using the Igbo method of doing business.
We sometimes think the whole Retail sector is congested until you enter the Industry in question and realize that there is a huge demand but few people can meet the supply. Take for instance the motorcycle spare parts retail segment. We assumed we were already too many persons in the business. Then we put our business online and since then, many people have been reaching out to us to learn how to start the motorcycle spare parts business.
We were pressured to create a guide for those looking to start the business and we created the motorcycle spare parts business guide here. The guide was so good that a few persons have shown us pictures and videos of the new stalls they opened simply because we taught them how to start. So, take a look at the retail segment you are interested in, you are bound to spot a loophole you can exploit and make the most of.
We factored in that people do not know how to start Retail business in Nigeria, so, get this guide we created to help you kickstart the process. The retail business is yours for the taking. Go ahead and take it!
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