NIGERIA RETAIL MARKET

INTRODUCTION

One of the biggest retail markets in Africa is found in Nigeria. A variety of conventional and contemporary retail formats that appeal to various consumer tastes make up the nation's retail sector.

Local shops (kiosks and "mom-and-pop" stores), traditional marketplaces, open-air markets, street vendors, supermarkets, hypermarkets, shopping malls, and e-commerce websites are all part of Nigeria's retail environment. 

The sector still relies heavily on traditional marketplaces. Nigerian consumers have a variety of preferences, with cost, value, and convenience being the three main determinants.

A sizable percentage of the population is still catered to by traditional markets and neighbourhood stores. Nigeria has a thriving entrepreneurial culture, and as a result, there are many local retail companies that operate in a variety of industries, including electronics, food, and fashion.

NIGERIA RETAIL MARKET SIZE AND FORECAST

The Nigeria retail market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.

NEW PRODUCT LAUNCH

NeüRMS, a retail management system, was formally introduced to assist retail establishments including stores, restaurants, and warehouses in managing their operations more effectively while cutting expenses, expanding, and avoiding fraud. 

They examined retail industry issues and potential solutions. When looking at the majority of retail software in Nigeria, it's necessary to pay for it in foreign exchange.

To create NeüRMS, they sat down with several entrepreneurs, people running retail businesses, and people who have survived Nigeria's harsh business environment to look at what is out there regarding solutions for their businesses.

There are many solutions in the area, but many of them are not actually made for the uniqueness of Nigerian business.Each retail industry has distinct requirements.

When it comes to customer service, some of these items are expensive; either there isn't any, or one has to pay more for a premium package in order to get it.The NeüRMS enterprise platform has an e-commerce capability as part of the web presence that companies receive when they sign up.

To have access to this, the business must meet with the NeüRMS team and submit a request so that they can customise the shop to their preferences. To boost retail business efficiency, NeüRMS blends hardware and software solutions. Its products cover a range of operating systems for mobile devices, including IOS, Android, Windows, and Web OS, as well as hardware for payment terminals, pads, and these.

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many retail products are manufactured per annumin Nigeria? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Nigeria retail and key vendor selection criteria
3. Where is the retail manufactured? What is the average margin per unit?
4. Market share of Nigeria retail market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Nigeria retail in-house
6. key predictions for next 5 years in Nigeria retail market
7. Average B-2-B retail market price in all segments
8. Latest trends in retail market, by every market segment
9. The market size (both volume and value) of the retail market in 2023-2030 and every year in between?
10. Production breakup of retail market, by suppliers and their OEM relationship