Success in the retail business in Nigeria is tough.
There are so many moving parts, so much competition and threats that make it very difficult to succeed and sustain success.
However, that has not stopped many big and small businesses from succeeding.
And it shouldn’t stop you too. We will let on you a few secrets that have helped many retailers thrive in Nigeria.
Keep reading as we reveal a few of those secrets.
Three (3) Secrets Of Retail Success in Nigeria
1. Stock The Right Products On Time
Retail success is not about the number of stock you have. It is about having the right stock. And supplying it when your customers need it.
Many businesses owners start their retail business by buying as much stock as possible.
For instance, a street corner retailer can stock up to 9 different types of toiletries, detergents, Vaseline, and other goods in a bid to offer variety, a kind of one-stop-shop for all the needs of their customers.
But this is where you see the difference between those who fail and those who succeed.
Successful retailers, start by researching their customers, the brands they love and buy, how frequently they buy and stock accordingly.
They keep their stock simple and limited to only a few items they know customers would ask for.
This keeps customers less confused, and help the retailer spend less on the stock.
2. Master Your Inventory
You cannot succeed as a retailer if you don’t understand how to manage your inventory effectively.
That’s not much of a secret, but the secret is the formula for threading the thin line between overstocking and understocking.
Successful retailers rely on data (Information of customer purchases, etc.) to predict when there would be an explosion in demand for certain products and when the demand for others would slow, they can predict periods of high customer traffic and make adequate preparations.
By ensuring that they have the right quantities of stock and staff to satisfy the needs of their customers.
3. Know How To Attract & Retain Customers
You have to know how to attract the right customers and what you need to keep them.
This is one of the most difficult aspects for many retailers today.
The secret to successfully attracting customers, consistently, is to draft a detailed marketing plan.
Most retail businesses leave their marketing activities to chance like, hoping that once they stock the right items, customers would just walk through their doors.
But the reality is that you have to put considerable effort into defining and attracting the type of customer you want.
This means, leveraging every marketing opportunity at your disposal, from your signpost to paid advertising.
At each point, making such that you are communicating a strong enough reason for customers to walk into your store.
And then doing what you can to keep them coming back, by rewarding loyalty, providing stellar customer service, adapting to their needs.
A brief note of caution is that many businesses collapse because they abuse customer attraction techniques like discounts excessively, weakening their ability to attract or retain customers and instead of harming the finances of the business.
So, use sparingly.
Bonus – Having a good relationship with people who have operated retail businesses as well as suppliers is an essential ingredient to gaining insights on how to do most of the secrets we’ve revealed so far.