‘Technology, a critical growth driver in Nigeria’s retail industry’
Operators within the Nigerian retail economy have been charged to integrate technology into their processes for better service delivery and in order to help the sector achieve its growth potential of $40 billion by 2020.
The call was made by Ade SunBasorun, executive director and chief operating officer, Foodco Nigeria Limited, who was guest speaker at the just concluded Google Business Group Training, Ibadan Chapter.
Delivering a paper on the topic: “Leveraging Technology for Business Management and Growth,” Sun-basorun stressed that while government continues to make efforts at diversifying the country’s economy, such investments will only be amplified in the retail sector if stakeholders key into technology to enhance their processes and harness the opportunities that abound therein.
He said: “The proper application of digitization has significant potential to improve the quality of service delivery for customers across key
functions within the retail value chain. It has huge upsides for individual companies and the sector as a whole especially in the areas of predictive analytics, forecasting and demand for various products at different locations, better pricing algorithms that can react to changes in the cost of import and cost for customer needs, pattern analytics of customer feedbacks to identify potential issues and risks before they become sources of customer dissatisfaction amongst others.”
“Since Nigerian consumers have welcomed the arrival of ecommerce, it automatically places a challenge on retail operators to work out how they can leverage on it to achieve higher levels of convenience and speed of delivery. With the ever growing penetration of smart phones and mobile devices and an increased need for personalized service, the requirement for retailers to embrace big data, sometimes called business intelligence, to enable them understand the specific profile and needs of customers and connect with them at their point of needs is becoming as relevant for us as a Nigerian industry as it is for more western audience,” he added.
Retailers are going to have to employ innovative and collaborative mechanism in order to meet the talent needs of utilizing technology. From partnering with small startups to specialist resources, we are going to have to employ those sorts of mechanisms, given the higher level of competition for skill technology resources in the country
Founded in 1982, Foodco is an indigenous consumer goods company with interests in retail, quick service restaurants, entertainment and manufacturing. The company currently has eight outlets and about 450 employees in its offices in Ibadan. It currently ranks among the Top-10 National Leading Supermarket Chains in Nigeria according to a listing by National Consumer Brands.