The Nigeria Retail Outlook 2020
The Invitation
Join other enthusiastic Nigeria retail industry leaders at The Retail Roundtable (TRR) presentation of The Nigeria Retail Outlook 2020 with the theme “Navigating the Disruptive Changes and Challenges on the Horizon” holding on January 14, 2020 at the Lagos Continental Hotel, Victoria Island, Lagos, Nigeria.
The focus is to gain the necessary insights to understand the Nigeria retail market better, discuss key issues that will shape the development and growth of the market in 2020, and prepare to correctly navigate the disruptive changes and challenges and maximize the emerging market opportunities on the horizon.
The Nigeria Retail Outlook 2020
What lies ahead? What may possibly make retailers thrive or what may possibly challenge the ability of retailers to thrive in the coming year and beyond?
The year 2020 will likely see an industry in transition — an industry managing through uncertain times and placing bets on what will separate the winners from the losers. Those who can synchronize their investments to profitably empower the consumer will likely find themselves on the right side of the tipping point.
Nigeria retail continues to undergo constant disruption as it collides with adjacent consumer-focused sectors. And amid the disruption, one thing remains consistent: Consumers are becoming more powerful, with expectations of “having it all” and expectations for better personalisation, service and experience.
The year ahead is poised to be a major inflection point for the retail industry. 2019 left the industry with a lot to digest — a retail industry operating in a struggling post-recession economy, mixed retail earnings, failed or failing retail businesses (particularly among start-ups), tension-soaked economy occasioned by post-election challenges, rising insecurity, policy challenges like RUGA, rising unemployment arising from a combination of graduate unemployment and retrenchment, slow growth rate, along with global trade, economic and political tensions especially between USA and China.
The year 2020 may not be different as the economy may face even more ferocious headwinds — making the year one of transition for retailers, who may need to make bold moves if they want to beat the odds and set themselves up for success in the future.
Navigating the Disruptive Changes and Challenges on the Horizon
The nonstop disruption taking place in the retail environment is challenging many of the norms of retailing, creating opportunities for new entrants, and making transformation an imperative for incumbents. How will Retailers stay ahead of the changes driving the marketplace in 2020?
Consumer
Consumers realize they can have it all. Today’s digital consumer is increasingly connected, has more access to information, and expects businesses to react to all their needs and wants instantly. Many shoppers have an increased desire for more personalized services, and they are starting to think and demand for more and better experiences.
Competition
The retail market is negotiating a change in the competitive structure of the industry. A myriad of newer, smaller, and tech-enabled competitors is stealing share while players from other sectors are developing their own retail platforms. The result? A marketplace in which more brands have exposure.
Climate
While the dust is yet to completely settle from the challenges occasioned by the 2019 elections, the atmosphere is already bedevilled by talks about 2023. The result, if not checked is lack of governance and neglect of the economy. Thus, an economy that is already weakened by slow growth, low consumer confidence, and high and rising unemployment may in fact collapse under the weight these challenges. The factors above combined with rising geopolitical uncertainty, changing business and economic climate means retailers should plan for a variety of scenarios, if they don’t want to be caught off guard!
Configuration
The value chain across retail in Nigeria needs a quick re-configuration to become increasingly compressed. The new configured value chain envisioned must be optimised for accelerating merchandise cycles, moving supply chains closer to the consumer, and deploying advanced technologies that can better connect them with consumers.
Convergence
The lines demarcating industries and sectors is fast become blurred and disappearing. Retailers are increasingly bleeding into other consumer sectors, while those offering retail experiences are growing. It is becoming difficult to tell retail and technology companies apart. Media and advertising are no longer a one-way street. And, like retail, health care is becoming more consumer-facing.
To stay competitive in 2020 and beyond, retailers must shift their investment strategy. They must rethink their growth strategy. For instance, they must move from growth via new stores only to growth via investments in all areas of the business — for example, investments in launching new digital sales models (web and mobile), acquiring other businesses, or transforming their fulfilment processes, employee training, development and motivation. Retailers who fails in these areas will find themselves in a precarious position in 2020, while those who do will smile with great success.
The tide is set to turn for retailers operating in Nigeria over 2020. There remains a huge opportunity for significant growth but there are many disruptive changes and challenges on the horizon. How will retailers and stakeholders navigate the disruptive changes and challenges that lies ahead and take maximum advatange of emerging market opportunities?
The Retail Roundtable presentation of Nigeria Retail Outlook 2020 therefore, is a unique opportunity to engage directly with industry experts, stakeholders and decision-makers, present the sector outlook for year 2020, demystify the many challenges faced by the sector, walk everyone through areas to focus attention and how the choices we make could affect the business and bottom line.
More importantly, it is also an opportunity to understand more about the market, the business, the consumers, as well as the possible headwinds that lies ahead to ensure that we are better prepared to successfully navigate the year 2020.
Join other retail industry stalwarts at The Retail Roundtable in a serene atmosphere of conversation and breakfast to gain the necessary insights to understand the Nigeria retail market better, discuss key issues that will shape the development and growth of the market in 2020, and prepare to correctly navigate the disruptive changes and challenges and maximize the emerging market opportunities on the horizon.
The Nigeria Retail Outlook 2020 – How retailers can correctly navigate the disruptive changes and challenges on the horizon & maximize market opportunities.
