One of the easiest ways of making money now is by becoming a fashion retailer in Nigeria. The business is very interesting, and even becomes much more interesting when you’re making progresses
The biggest fears of any trader, whether the multi-millionaire large scale whole-sellers or the retailers occupying the regular markets is not selling their wares.
You can order for a particular type of goods, and something else would be delivered to you like a friend who paid for leather watches and got rubber.
They were of course, very affordable and he felt like he could sell them for 7 times the cost price, only to be caught in the web of bad products.
What did he do?
Well, it was the internet, and he sold them off cheap also. There weren’t lots of positive feedback, since even the people who were purchasing them only saw photos, and felt they were getting some nice wrist watches.
And yes, there are three things you MUST do if you want to succeed as a fashion retailer.
There are a good number of things you should never toil with, and we’d be seeing them below:
Make sure you follow trends
You shouldn’t be selling cover shoes when everyone else is talking about canvasses, except you have a target audience already.
One of the things that has kept musicians in market is that they know very well how to follow the trends. During Christmas, you begin to hear new songs for the season. Corona outbreak in our way, you will hear several songs talking about it.
Even the biggest American stars like Cardi B gave out some melody to calm our nerves, and you shouldn’t be left behind as a retailer. Stock up your wares prior to festive periods, and resell them when things get way out of hand.
Never miss out on social media
With the power of the social media, you can reach out to 500,000 people in two days, and it won’t break your back.
Advertising on Google, Facebook, Twitter and other websites and social media platform are far more affordable than advertising on radio, TV and newspapers.
Take for instance, a full page on a top Nigerian newspaper would cost you nothing less than ₦1.4 million, and you are not sure people would see it much, when last did you read the papers?
Even if people will see it, it might not even be the exact people interested in your products and services.
Budgeting ₦50,000 on an internet based ad will mean a greater possibility of the targeted people seeing it.
What does that mean? Better conversions and of course, more growth as a fashion retailer in Nigeria.
Avoid over-pricing your wares
Now, how can you persuade people to dump the ₦7,400 track trousers for your ₦14,000 own of the same quality?
Imagine you both bought the goods at ₦3,500 each, the person selling at ₦7,400 will make a gain of ₦3,900 per trouser, while you selling at ₦14,000 will be making a gain of ₦10,500.
Before you sell a unit, the person selling at ₦7,400 might have sold 5, and he will keep on having recurring customers because his wares are cheaper.
Overpricing will kill your business, especially when competition comes into the scene. Except you’re Apple, or marketing any other product of limited editions, avoid cutting your customers neck.
Thanks a lot for reading along. What do you think? Kindly drop us a comment and don’t forget to share to your friends.
Before you leave, also check out our next article on Nairaland CEO, Seun Osewa’s biography and net worth.