Expert calls for innovation among retailers

By Oluwafemi Dosu

A retail expert and partner in Deloitte, Bernard Orji is calling for innovation among retailers in the country.

Orji disclosed this in Lagos recently when he was speaking at 'The Retail Leaders Conference, TRLC 2018’ on the topic, 'Innovation-The New Retail Path to Profitability and Growth' organised by Bervidson Retail Group.

He noted that the huge challenge facing retail growth in Nigeria include retail estate issue, epileptic power supply, poor road infrastructure, inefficient supply chain, dwindling customer spend and stiffer competition, among others.

He further disclosed that innovation sustain relevance and innovation is the implementation of something new.

The Deloitte partner listed how some retailers have responded to the huge challenge of Retail growth. He revealed that shrinking skills, reducing store footprint, downsizing and plugging revenue leakage among others are the ways some retailers have responded to the challenge in the retail industry.

Bernard Orji also stated that solution to the challenge is to keep eyes on customers, adding that every retailer must understand his/her customer.

"You cannot start with the product, you must start with the consumer all the time because everything evolves around the consumer. We must continuously innovate to stay ahead. Customer is King! Innovate around the consumer and profit will follow," he concluded.
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