Various parts of the world have witnessed a quantum leap by innovating around the combination of the key Ps of trade and commerce (Product, Price, Place, People, and Promotion), some of the countries that rank high in revolutionary retailing include Brazil, India, China, the UAE, Singapore. Whereas, for a variety of reasons, their opposite counterparts have been shown to exhibit stunted development.
At Climatr, we have taken the curiosity to identify the complicated upstream factors that have and are still hindering the development of the Nigerian retail market, and also to identify leverageable areas that can lead to a chain reaction by changing the dynamics to the efficient climate that it should be.
A well-founded example of a hindrance to the development of a retail outlet is Inexperienced Workers. While viable cities have undergone an explosion of rural-urban migration yet have not, in themselves, attracted a healthier pool of skilled talents to take up the job of a retail worker; a lack of previous experience, a lack of qualifications, and a poor work culture play a key role here. The downstream effects? -We see the weak implementation of consumer experience/relationship, employee theft, the ultimate loss of customers, damage to brand reputation, to name a few.
We curated organic, comprehensive, and actionable measures for all retail stakeholders, including but not limited to: vendors, consumers, employees, suppliers/intermediates, and logistics partners, to take a step forward as we drive efficiency across Nigeria’s retail value chain by ensuring sustainable growth and inclusion in the retail ecosystem.
Download the full report here.