Nigeria hosts the most important inhabitants in Africa, together with a sizeable pressurised center class. This makes it a sexy marketplace for client digital and sturdy manufacturers, but solely a handful of corporations from the remainder of the world have succeeded after they’ve entered this advanced and dynamic market.
One of many main challenges organizations face as they enter the Nigerian market is a scarcity of dependable client insights and market information – in flip, this results in sub-optimal gross sales, advertising and merchandising methods.
One of many main points that corporations face is that there’s a scarcity of dependable, structured, up-to-date details about Nigeria’s numerous retail market. It’s exhausting for corporations to supply perception into market dynamics throughout an enormous nation with a sophisticated retail atmosphere.
Corporations can not simply get solutions to questions corresponding to which manufacturers are stocked and the place; that are advisable by employees; and which channels to market are probably the most environment friendly and efficient methods to succeed in the client.
What’s extra, the Nigerian market has modified significantly for the reason that begin of the COVID-19 disaster in 2020.
Developments just like the accelerated adoption of ecommerce, greater inflation, and a risky change price have all dramatically reshaped the construction of the center class, how retail channels function and the behaviour of the Nigerian client.
Many corporations are nonetheless basing their methods on analysis and insights that date again to earlier than the pandemic.
Companies want entry to sturdy market insights to recognise gross sales alternatives and optimise their methods and ways for promotional planning, pricing, gross sales alternatives throughout channels and classes.
In Nigeria’s case, its troublesome to remain on high of developments, digest information, detect the alerts from the noise, and make the suitable choices.
GfK has kicked off a brand new analysis programme in Nigeria with the aim of closing a few of these info gaps and casting extra mild on a poorly understood market.
The GfK Retail Panorama survey is underway, gathering info on round 13,000 technical and sturdy items shops throughout the 9 main cities in Nigeria. Information shall be validated by way of street-by-street observations and retailer supervisor interviews.
GfK may even apply its Share of Suggestion quantitative framework to establish model suggestion ranges and measure efficiency on key drivers of advice by measuring which manufacturers consumers request, and which manufacturers the retailers suggest.
This can assist manufacturers to know why retailer representatives suggest some manufacturers over others, how they evaluate to their rivals, and what shoppers are looking for.
The precise information and analytics are key to driving profitable channel, advertising, and merchandising methods.
Our expertise in Africa and sturdy methodologies imply we will provide a structured view of what the newest developments within the Nigerian technical items market are, equipping manufacturers with the insights they should win in a sophisticated and risky market.
By Ozarh Kajee, Enterprise Improvement Director: Market Intelligence at GfK Africa
