Bernard Orji, a retail expert and partner in Deloitte, calls on retailers in the country to embrace innovation in order to guarantee sustainable profitability and growth of their retail businesses.
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.
Orji who described innovation ss the implementation of something new, noted that innovation is the route to sustainable relevance.
The Deloitte partner noted that the retail sector in Nigeria is faced with many challenges that are currently affecting its growth and development such as retail estate issue, epileptic power supply, poor road infrastructure, inefficient supply chain, dwindling customer spend and stiffer competition, among others and to survive retailers must device new ways of doing business to remain profitable.
Orji 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. “Most of all, you must keep your eyes on customers. Understand your customers”. He added.
“You cannot start with the product, you must start with the consumer all the time because everything revolves around the consumer. We must continuously innovate to stay ahead. The customer is King! Innovate around him and profit will follow,” he concluded.