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Retailers have been urged to source for local raw materials to enable them offer the right prices for their products and identify opportunities in the midst of the present economic challenge as a way of surviving the turbulent times.
These were the unanimous advice of key players in the Nigerian retail industry at the 3rd edition of The Retail Leadership Conference tagged “Unlocking Retail Potentials for surviving growth and sustainability” held recently in Lagos.
Ibukun Awosika, Chairman, First Bank of Nigeria spoke on “Surviving and growing in uncertain and challenging economic times”. She was of the view that to survive in a deep cut environment, retailers must have the right mindset.
“The reality right now is that the buying power of every consumer has depreciated. Most people do not have as much disposable income available. In the market where people are losing jobs, were inflation has risen in a high double digits, you have to find how you can reach your consumers who has no capacity to absorb the increase cost in your business by finding the alternative to your product within the same category before your competitor beats you to it”
Temitope Oshikoya, CEO and Chief Economic Strategist, Nextnomics urged retailers go beyond looking at the exchange rate and look for opportunities they can leverage on in their businesses.
Oshikoya said, “Source for local raw materials within Nigeria instead of importing because you don’t have access to foreign exchange or the income you are generating cannot provide FX for you. Consumers have become more conscious, more concerned and conservative because of the state of the economy and they are likely going to proactively search for savings. They will remain brand loyal only if the price is right”
AGBEZE Chinwe
