The Nation Newspaper

Category: Shopping

  • ‘Nigeria can save $14m yearly from road-marking paints’

    ‘Nigeria can save $14m yearly from road-marking paints’

    Nigeria can save about $14 million yearly from the local production of thermoplastic road-marking paints,  Managing Director, 7T Microns Powder Limited, Mr Manny Igbenoba, has said.

    He spoke during the launch of his brand of paints in Lagos. He said the country imports about 96 containers of the product from China and India quarterly. Each costs  $15,000.

    He said with the production of the product locally, the country could save about $3.5 million quarterly, and $14 million yearly.

    He said the company conducted a research into the project of thermoplastic material with emphasis on road-marking paints in 2014 and eventually concluded same last February.

    “The first product of the thermoplastic material were produced and distributed in March 2017 and since in circulation, the products have been gaining popularity due ti its superiority over the imported ones. Statistical data confirmed that Manny Oil and Chemical Limited/7T Micron powder Limited are the first company in Nigeria /Sub-Sahara Africa to produce Thermoplastic Road Marking Paints,” he said.

    Igbenoba said Nigeria will save a lot of foreign exchange through this.

    He said the new product is very rigid on the roads due to the careful selection of its chemical ingredients which have been confirmed through the laboratory analysis at 75 per cent PCI (America Institute of RMPT). He said the result had been confirmed to be superior to other contemporary road-marking paints.

    “The products are formulated and produced with considerations to Nigeria/Africa roads condition and the temperate climate of the region.

    “These are the reasons the products are preferred  to the other products from the continents. It does not wear off easily, lasting longer than other brands in its category compared to all other imported products, “he said.

    According to him, the company investigated and confirmed that majority of the road marking paints have shorter life spans on the roads, pointing out that this can be attributed to lower rigidity of the said products and sandy conditions of the roads in Nigerian and other African countries.

    He said the products are made up of non-metallic solid materials and some chemicals viable characteristics to become plasticised liquid on heating and hardened on cooling.

    Also, the former Director-General, Manufacturers Association of Nigeria (MAN), Mr Jide Mike, urged the Federal Government to encourage local manufacturers through a more friendly policy tax rebate, and a conducive environment.

    Mike called on the Federal Government to encourage value addition to local products meant for export.

    He said such step would help our local products to access international market, address the foreign exchange deficit and by implication shore up the value of the naira.

    He urged the government to ensure that the various agencies saddled with enforcing standards lived up to their mandate so that local products could be packaged to meet international standard.

  • Infinix to reward 21 customers at Independence

    Infinix to reward 21 customers at Independence

    Infinix Mobility is celebrating Nigeria @ 57 as the brand aims to reward 21 customers with ‘BIG’ gifts.

    The reward promo, which is ongoing, will end on September 28, with customers winning 14 standing fans and seven 43-inch television.

    Infinix introduced the Infinix independence reward for its customers and fans looking to purchase the Infinix Note 4 and Note 4 pro at any partner store in Nigeria.  The Infinix Note 4 is a bestseller all over Nigeria, the product features include a stylus ‘Xpen’, Xcharge, 4500MAH battery, XOS 2.2. It also guarantees users five minutes charge for 250 minutes talk time.

    The brand will appreciate Nigerians during the October 1, celebration with multiple raffle draws which will take place every Thursday in Lagos, Port Harcourt, Abuja and Ibadan, for customers to win Synix standing fans among other gifts.

    The raffle draws will also be broadcast live on Infinix Nigeria’s Facebook page. The grand finale raffle draw will take place on October 3 for customers in deven cities to win seven  ’43 Inch Television sets. All winners will be announced on Infinix’s   Facebook page.

  • Global online sales to hit $2tr

    Worldwide retail e-commerce sales will reach $2.290 trillion in the year, making up 10.1 per cent of total retail sales. This share will surpass 16 per cent by 2021, when sales will hit $4.479 trillion.

    Retail e-commerce sales worldwide will continue to post solid gains in the year, rising 23.2 per cent. e-Commerce sales will account for one-tenth of total retail sales worldwide.

    eMarketer has lowered its estimates for worldwide retail sales throughout the 2016–2021 forecast period, mainly due to the other currencies’ weak exchange rates relative to the US dollar. Retail sales will grow 5.8 per cent this year, reaching $22.737 trillion, largely driven by sales in China.

    Retail e-commerce sales worldwide will increase at four times the rate of retail sales this year, jumping 23.2 per cent to $2.290 trillion. e-C ommerce sales growth will stay in the double digits throughout the forecast period.

    China and the US will combine for $1.584 trillion in e-commerce sales this year, representing 69.1 per cent of global e-commerce.

    In the year, mobile commerce will account for more than 70 per cent of e-commerce sales in China and India, and 59 per cent in South Korea. In Germany, the UK and US, e-commerce will comprise at least one-third of total retail ecommerce sales.

  • Discount offer: In whose interest?

    Discount offer: In whose interest?

    Whether marketing online or in store, discount remains a major incentive that stimulates sales. With the economic downturn, discounting has become a big inducement for most shoppers to make purchases. How do retailers make up for the gap in discounted goods? Who bears the brunt? TONIA ‘DIYAN writes

    As the recession in the country reached its crescendo earlier in the year, not a few Nigerians had to rethink their spending.

    For those used to embarking on  spending sprees, there was a reduction, necessitating the prioriotising of their purchases. For those spending averagely, it was time for a cut.

    The ripple effect of this was a negative impact on the purchasing power of individuals, as well as a lull in the sales record of most retailers.

    For instance, a housewife, Adeola Toluwani, recalled that in the last six months, she had to reduce her spending by 60 per cent to cope with other pressing needs of the family like school fees.

    Similarly, a retailer at Ikeja City Mall, who pleaded for annonymity, said she had to confront low sales with discount sales. This, she explained, has led to an improvement in her sales record.

    Indeed, the economic downturn  has made discounting the mainstay for nearly every business.  This has led to retailers cutting prices.

    Some retailers have likened deep discounting to “a drug,” and said: “We are carefully reducing our dependence on high discounts to drive attendance.”

    From findings, internet users are more into discounts. In fact, nearly a quarter of respondents The Nation Shopping spoke with said they would do anything to get 40 percent or more off items they like to buy at anytime.

    Seven out of 10 internet users said they would sign up for an email newsletter to get 40 percent or more. Also, more than half said they would “like” a page for the same deal, and nearly half would fill out an online form even when the discount is paperless.

    The research also revealed that discounts enhance grocery shopping experience. It revealed that 41percent of grocery shoppers want their grocery shopping better thus, would like to receive offers on their mobile device as they enter a store. This is said to be one of the primary factors that make grocery shopping a success.

    Though the actions are simple enough for shoppers, they provide retailers lots of insights about who shoppers are. Therefore, retailers can better target shoppers going forward.

    Merchants believe that slashing prices may not actually be such a big deal for them, after all. But on the other hand, they think they are offering discounts against their best interests and may not actually present such inviting offers always.

    When price slashing and discount offers first became popular, many traders took advantage of what they saw as a veritable source of publicity and an opportunity to attract more customers. As the industry is growing and merchants are trying their hands in the marketing strategy, it turned out that the deals might not be offering the anticipated returns on investment after all, as most retailers might not set eyes on prospective customers after the deals are over.

    At the Maryland Mall in Lagos, only about 10 percent of retailers who offer deals daily, weekly and monthly said they end up sustaining their additional customers. They reason that those who offer huge discounts, and don’t retain their customers, sometimes end up with low profits when it is time to sell at usual prices to make up for sales/discount period. They experience loss of the initial patronage if or when there are no contacts for follow up after sales or they do not get gain at all from the deals.

    They also said because of the few customers, who visit again after enjoying the discounts, they might decide that the idea is a bad deal and begin to turn their backs on it.

    However, while price slashing turns out to be bad business for many, there are still some merchants who will make it available always, saying they are seeing a significant improvement in earnings, and that the margins that they realised flowed through.

    Some give out discounts of varieties of items on display daily in December and January when many people do their shopping.

    Advising merchants, Supermarket.ng boss, Mr Raphael Afaedor, said: “If merchants are running deals, they should offer reasonable discounts that will still allow them earn profit at the end of it all.”

    Discounts, he said, keeps the retail  industry from suffering foot traffic declines particularly at this recession period.

    He added that shoppers who are taking advantage of discount offers, should keep in mind that the goal of the merchant is to make money apart from creating space for new stock, so sometimes; the offers might not be quite as great as the customer is hoping it will be.

    “The offer might be on products that a merchant wants to get rid off in order to accommodate new ones, or it might simply not be a really great discount,” he added.

    Raphael, however, advised that shoppers should endeavour to carry out independent researches and confirm prices and product reviews before they jump on making a purchase offered as a discount sale.

  • Consumers relish Hollandia Choco Malt Drink

    Consumers relish Hollandia Choco Malt Drink

    The introduction of Hollandia ChocoMalt Drink to the market is beginning to generate interest among young consumer segment.

    Convenience, delicious taste and instant or sharp sharp nutrition are at the core of the product values that have endeared the brand to consumers. Fondly referred to as 3-in-1 Yo! Hollandia ChocoMalt Drink is the first ready-to-drink blend of chocolate, malt and milk in Nigeria. It provides instant nutrition within reach and can be consumed immediately after opening. It is rich in vitamins and minerals, and takes away the hassles and inconvenience involved in preparing choco-based beverage drink the traditional way.

    According to Israel Oladele, a social worker with the Lagos State Hospital Management Board, a satisfied consumer creates value and loyalty, and will likely share his or her experience with other consumers.

    “I heard about Hollandia ChocoMalt Drink by word-of-mouth recommendation via social media and decided to buy the product in a neighborhood shop in my area. The product recommendation came in timely as it has taken away the inconveniences associated with preparing a chocolate, malt and milk drink. Essentially its offer of sharp sharp nutrition means consuming the product has become a part of my daily nutritional requirement,” he said.

    Kelechi Onyedika, a student of the Philosophy Department of Lagos State University, emphasised the popularity of Hollandia ChocoMalt Drink amongst students of the University. He stressed that students have busy schedules and love brands that make life easier for them.

    “Product convenience is highly appealing and when you add instant nutrition to the pack, it becomes highly attractive for the average student. I do not have to worry anymore about beverage choices and nutritional value because Hollandia ChocoMalt Drink fits the bill and my lifestyle,” he stated.

    Adedayo Olumide, a brand consultant, stressed that it is common knowledge that individual preferences for products have their basis in a set of common factors, such as convenience, features, quality and experiences.

    “Hollandia ChocoMalt Drink meets all these parameters because it guarantees convenience, has a delicious taste, offers instant or sharp sharp nutrition and is truly satisfying. These product values have ensured that the brand remains at the top of consumer satisfaction.

  • Lagos to host confab on e-payment system

    To boost shopping and other electronic payment system in the country, a summit on Point of Sales (PoS) terminal transactions, speakers will converge in Lagos  September 29, 2017.

    The programme which is an intervention to address the gaps noticeable in the expectations of stakeholders and the reality in the PoS business sector of the payments system has been put together by one of the Central Bank of Nigeria (CBN) licensed Payment Terminal Service Provider (PTSP), Global Accelerex Limited.

    The Managing Director, Global Accelerex, Mr. Tunde Ogungbade, said the motivation behind the summit is the need for stakeholders to jointly address issues mitigating the achievement of optimum performance and results in the PoS business in the country.  Going down memory lane, he said effective and full-scale introduction of PoS terminal as a recognised channel of transaction occurred with the introduction of the cashless policy by the CBN in 2012 and that prior to this time, transactions via the PoS occurred in trickles. The introduction of the cashless policy gave rise to a lot of interest in the PoS business with resultant investment by various stakeholders – banks, terminal suppliers,PTSPs, Payment Terminal Application Developers (PTADs), payment card manufacturers etc. However, few years down the line, a review of the performance of the PoS sector revealed a very wide margin between stakeholder expectations and realities in terms of performance, adoption and of course Return on Investment (RoI) in spite of the potentials and the opportunities available in the industry- PoS penetration is still low as there is need for more devices with innovative retail offerings.

    He said summit would be held on a quarterly basis as an intervention designed as a platform to address the noticeable gaps in the PoS business in Nigeria as well as to promote the adoption and usage of innovative PoS solutions in order to achieve the objectives of attaining sustainable growth in the sector.

    Notable leaders of thought and industry experts invited as resource persons at the summit include – Dr Doyin Salami from Lagos Business School, Mr Musa Jimoh – Deputy Director, Banking & Payments System, CBN, Mr Sarafadeen Fasasi – Chairman, Association of Mobile Money Operators, Mr Prakash Keswani, the Managing Director – Artee Industries Limited (SPAR), the Managing Director, Hard Rock Café and Mr Tunde Ogungbade, Managing Director, Global Accelerex.

    Participants at the summit will include representatives of all major stakeholders – banks, terminal manufacturers, merchants, system aggregators and regulators among others.

  • Multichoice: regulatory framework vital for digital migration

    Managing Director, MultiChoice Nigeria, Mr. John Ugbe, has said Nigeria needs  regulatory and legal framework as well as a buy-in from all stakeholders to make a successful transition from analogue switch off.

    Ugbe stated this in a keynote address delivered at the third   Digital Migration Summit, in Lagos. It was organised by Broadcasting Organisation of Nigeria (BON).

    While noting that the country is a late starter on the migration journey, Ugbe said it can learn from the experiences of countries that have achieved digital migration and avoid the mistakes from previous exercises.

    “Using the United Kingdom, Kenya and Rwanda as case studies, one common denominator is that they all opted to make Free-to-Air (FTA) cost-free in each country. Another key lesson learnt is that they all had adequate regulatory and legal framework in place and ensured that there was buy-in from all stakeholders. Everyone had a role to play – from making Set Top Boxes (STBs) affordable and partnering the private sector which brought in investment,” he said.

    Digitisation, he explained, will ensure better transmission quality and make more channels available.  As a result, there will be a need for compelling content.

    “It is crucial to make content as engaging as possible, otherwise we will lose our audience. Compelling content is expensive to achieve as it affects cost of equipment, production and distribution, to mention a few,” he added.

    Along with digital migration, he further explained, will come a more effective use of spectrum, with a move from one analogue channel per frequency to over 20.

    While noting that digital migration offers many benefits, Ugbe said it is also accompanied by challenges.

    “That there will be more channels also means that the already limited advertising revenue will shrink further. Additionally, segment boundaries will blur. The internet already enables anyone to create and distribute user generated content. There is tremendous diversification going on and this will continue in the foreseeable future,” he said.

    To get around the challenges, Ugbe called for light- touch regulations that will ensure lower costs for operators.

  • Last quarter sales rush begins

    Last quarter sales rush begins

    Sales are usually high in the last quarter of every year. Retailers take advantage of such periods to make profit. As the quarter begins, retailers are positioning themselves for mega profits, just as the yuletide sales rush is at the corner, writes TONIA ‘DIYAN.

    Fierce competition, requiring creative marketing and sales promotions to woo customers  and entice them to make purchases, usually characterises the last quarter of the year.

    Friendly customer service representatives, fast service and an appealing selection of merchandise, paired with special pricing structures  help retailers achieve  a profitable sales season anytime.

    The last quarter of the year is usually the time for bumper sales in shops; with many outlets and malls giving all manners of bonanzas and freebies to woo buyers. Not wanting their stock to spill over into the new year, most outlets usually start clearance sales in September to signal the beginning of the last quarter of every year.

    But realising the state of the economy, most retailers have decided to get prospective shoppers early by starting their pre-Christmas sales to get into shoppers’ wallets. By so doing, such traders are able to cut off  their competitors by promoting wide selection, good pricing and a calm, relaxing shopping environment this last quarter.

    A visit to several retail stores across Lagos was insightful, revealing that regardless of the economic recession,  people are optimistic that by the end of this quarter in December, they would have achieved their aim of destocking, restocking and most importantly, making huge profit.

    They have made shopping this season a fun-filled  and pleasurable experience. Some of them even offer freebies to early shoppers. Jewellery shops give away not too expensive ornaments, some others have initiated a promo regime, giving out raffle ticket for a prize drawing. Findings also revealed that some others have slashed prices momentarily, offering buy one, get one free (BOGOF) deals and others selling combos for half the price.

    The strategy has made some retailers optimistic that turnout of poptential customers in this last quarter would be encouraging to boost their sales. Although some traders said they recorded more window shoppers at this same time last year, nevertheless, their strategic awareness has gained enough ground to stimulate better sales this year.

    A sales person at Poise Store, an upscale makeover and beauty store, who asked not to be named, told The Nation Shopping that most retailers have come up with one sales strategy or the other, hoping it will help them make huge sales when the Yuletide eventually comes in.

    “Our promotional offers began few days ago like every other store. We do this yearly so that we can have bountiful sales. We are pushing out as many items as possible by slashing their prices into three, sometimes four, just to lure customers,” said another source in a high-end boutique.

    With this, the source further explained, her boutique will be able to do away with old stock, old designs and then bring in new ones for the New Year.”

    From observation, these shops have not stopped restocking. For instance, clothing stores such as Mango; Tommy Hilfiger; Nike; Ruff ‘n’ Tumble; Kids country, among others, as well as online stores, who only sell clothes, have brought in new key fashion trend in the fashion market, which attracts customers. With this, they are hoping they will make their revenue figure rise close to double of  what is expected as most of them said they were optimistic they would boost their last quarter earnings outlook.

    A sales person at ‘The Accessories 2 die 4’, a jewelry store’, Uduak Osere, said: “We can only be optimistic that sales will not be too different from the usual and we have come all out with various strategies to help us achieve that,” she said.

    From investigations, only a handful, representing roughly 10 per cent of the Nigerian retail industry, report monthly sales when it is not festivity or specific sales period. That is why they all take the last quarter more seriously.

    A shopping analyst, Mrs Debola Majekodunmi, said: ”Yes there are undecided shoppers and procrastinators, but we want to be pleased with the sales we will make this time just like we were last year. This period is long awaited for”

  • Ekeh donates N50m to Owerri market demolition victims

    Chairman of Zinox Group, Chief Leo Stan Ekeh, has urged citizens of Imo State to allow peace to reign in the aftermath of the crisis and reported loss of lives which trailed the demolition of the Eke Ukwu market, unarguably the biggest market in the state.

    Ekeh, a native of Owerri, has announced a donation of N50 million to be disbursed to those directly affected in the market and families of the victims who unfortunately lost their lives. This, he hopes, will help cushion the effects of the demolition on their livelihood and calm the tense situation in Owerri, while also pleading with those affected not to allow themselves to be used to cause trouble in the state.

    According to the Head of Leo Stan Ekeh (LSE) Foundation – Mr. Niyi Onabanjo, Ekeh made it clear to the smart implementation committee already set up and headed by a man of integrity, Chief Ambrose Ejiogu, that all those directly affected, by definition, means those trading in the market, whether indigenes of Owerri, Orlu, Okigwe or from neighboring states.

    In addition to Chief Ejiogu (Chairman) and Dr. Vin Udokwu (Secretary), other members of the committee are Chief C.Y Amako, Prof. Obioma Iheduru, Chief Emeka Ekwebelem, Mrs. Chuks Ekemaru, Dr. Canice Nwosu, Sam Nwoke and Chief Analyn Nwaneri, among others.

    The committee’s mandate is to work with the leadership of the market association in identifying those affected for disbursement of the funds to them. This, he hopes, will be sorted out within two weeks and funds disbursed 21 days from today.

    Onabanjo hinted that Ekeh had two months ago awarded a multi-million Naira contract for a comprehensive refurbishment of a Practical Entrepreneurship Centre sited inside a market in Owerri which is slated for commissioning first week of November as a model.

    He believes if the model works, the Imo state government may replicate same in other regions for the benefit of her citizens.

    “Though a private initiative, I am sure he would have mentioned it to the State Governor. He intends to invite quality multinationals like Microsoft, Google, HP, IBM, Cisco, Facebook etc. to come and inspire Imo State youths so that they can see the bigger picture of the global wealth roadmap. As a promoter of knowledge democracy, he has been quietly assisting his state in the little ways he can,” he said.

  • Back to school: Parents devise new strategy

    Back to school: Parents devise new strategy

    At this time of every year, back-to-school shopping is the in-thing. But with the recession, parents are devising new means to equip their wards for school resumption. This is taking a toll on sales, as school shopping is on a sharp decline compared to last year, TONIA ‘DIYAN reports.

    Shopping for school children is still an expensive proposition, but this year, parents are planning to trim their spending and focus on necessities.?

    Roughly eight out of 10 shoppers whether buying for primary, secondary or higher levels of education , say they’ll adjust their spending plans to deal with the economy.

    As they continue to grapple with the impact of the persistent recession, people will look to cut corners where they can, but will buy what their kids need.?

    Parents who can manage to shop for school-age children at this time of recession had an early start, with 15. 9percent of such families saying they already scouring book racks and nosing through supermarkets shelves since June. These  few early birds have been launching their back-to-school preparations since June.

    More than a third of parents say they plan to do more comparative shopping online. Four out of 10 shoppers say they’ll hit the Internet for their retail needs

    Back to school is not only the second-largest shopping period after Christmas  holidays, but it’s one when many conventional physical stores are competing against the surge of online competition.

    Although e- commerce is fast growing. analysts say that children and their parents still like visiting stores to purchase items on their back-to-school lists .

    Online shopping came third, when consumers were asked to name all the places they were planning to do their Back to school buying. Almost 16percent of those surveyed said they would do some online shopping, showing the strong growth of e-commerce.

    On the other hand, 68percent of shoppers said they don’t envision buying all of their school supplies online, they always want to see, touch and interact with products

    For many youngsters and their parents, the store visits are as important as the convenience of e-commerce. It’s one thing for kids to give their parents a holiday wish list and hope for the best, and quite another for kids to demand a select type of notebook, backpack or apparel after they’ve looked them over on the Internet . Online is used more to do research than to actually pull the trigger and buy.

    The Nation Shopping spoke with a parent at Balogun market . She said another reason people visit physical stores is the need to make last-minute purchases, and she confessed she is in that group.

    “Every year, I wait till it’s two days before the start of school before visiting the market to purchase school supplies,” she said. “You’re almost forced to visit a brick-and-mortar store rather than waiting for a shipment from online because it’s  late already .”

    Experts have said beyond the immediate sales Back to school shopping generates, the season is crucial for retailers to make brisk sales.

    Back-to-school season is a key marketing tool for retailers because the level of their service, prices and convenience will determine whether customers return in four months for the Christmas season.

    They’re focused on this season being a great platform to expose to the consumer what they can offer.