Running a Nigerian retail business requires a lot of grit and determination. The Nigerian retail sector is peculiar, especially because merchants sell a variety of products that appeal to a large subset of consumers. These products can include clothing, electronics, food, and household goods and the business size can range from small local shops to medium size franchises.

Starting a retail business in Nigeria can be a thrilling and lucrative endeavour. However, finding the right products can seem difficult. Here are some suggestions from Maxibuy to assist you in sourcing products.

7 Steps to Source Goods for A Nigerian Retail Business

Consider the market’s demand

Study the market to assess the demand for the goods you wish to source. This will help you identify customers’ preferences and goods in high demand. Understanding your target market is critical in deciding what types of goods to source. Also consider age, income, and geography as factors to help you identify which things are in demand for your target customers.

Study your Competition

Investigate your competitors and their offers to see how you may differentiate your products and services.

Search for suppliers.

For the best products and the most affordable pricing, research suppliers. To conveniently identify and compare pricing from a variety of suppliers without travelling all over town, you might use an inventory procurement platform like Maxibuy. Also, consider the overall offerings from the inventory procurement platform including services such as loans to help you grow your business. Alternatively, you can also go to trade shows and exhibitions to speak with suppliers.

Factor your cost, profit margins, and supply chain

Factor in the cost of acquiring the goods, including shipping and storage. You should also calculate the profit margins you expect to get before making your order. Also, examine the suppliers and their processes to ensure that they are dependable and efficient.

Check Quality assurance

It is critical that you select a trusted and experienced sourcing platform that can ensure the quality of the goods before making a purchase. You want assurance that the goods are genuine, of high quality and meet the right specifications.

Learn to bargain prices

Negotiate the cost of the products once you’ve chosen a supplier you want to work with. If you buy many items, you might get a better discount. Using Maxibuy’s TeamBuy will also help you save a lot of money by effortlessly helping you pool your resources and other shops’ purchasing power, you get deals you wouldn’t otherwise be able to get if you buy alone. Therefore, consider buying and sharing bulk with others to get even better deals.

Build a positive relationship with your suppliers.

Finding the right suppliers and maintaining a positive relationship with them is crucial as you want to build trust and don’t have to worry about reliability. A reputable supplier will want a long-term relationship with you. As such, will work with you to suit your needs and be able to offer you top products at the best pricing. Suppliers in Maxibuy for example are rated so you can get feedback from other merchants who patronise them. Our community-based approach helps anyone wanting to buy bulk, get wholesale prices at even cheaper prices when they TeamBuy with other people.

In conclusion, careful preparation and research are necessary when sourcing goods for your small business in Nigeria. Avoid common mistakes and source goods successfully and at unbeatable prices by considering these factors.