Nielsen to boost Nigeria’s consumer, retail landscape
A global measurement and data analytics company, Nielsen Holdings Plc, has set the scene for major shifts in the Nigerian consumer and retail landscape that will allow it to experience 50 per cent urban development.
The research firm urged retailers and manufacturers to be equipped to beat the odds they face in the country by preparing for future challenges.
Speaking at a conference for retailers and manufacturers in Lagos, tagged, ‘Beating the Consumer Odds’, the Managing Director, Nielsen Nigeria, Ged Nooy, said: “Everyone is fighting for growth. Competition for consumers’ wallets has never been greater, and a growing share of those wallets has never been tougher.
“In a challenging environment, finding opportunities with the right insights becomes key to help beat the odds. Nigeria is a complex market; you have consumers who are upbeat and confident with 81 per cent feeling good or excellent about the state of their financials, while at the same time, 60 per cent of Nigerians say they can only afford the basics.”
“Also, 41 per cent of Nigerians feel that their quality of life is better, but more than half feel that it is worse, leading to a polarisation in the market with consumers at both ends of the spectrum.
“Marketers need to cater to the demands of those who want value and at the same time those who are aspirational and want quality, premium products.”
He said another trend impacting consumer behaviour is the rise in disloyalty, adding that 88 per cent of consumers across Africa and the Middle East were ready to defect, and 45 per cent loved trying new things.
“In such a scenario, it becomes all the more important to understand consumer attitudes and perceptions, and how they make choices,” he advised.
Executive Director, Thought Leadership, Nielsen, Ailsa Wingfield, said, “Opportunities today and tomorrow are about understanding and delivering what consumers need and want. Times are shifting. There are more products on the shelf today than ever before, from new and existing brands, and a whole lot more information points, advocates and advertising telling consumers about them. The consumer is spoilt for choice. Brands need to identify their purpose and provide the right value to their customers if they want to keep them loyal.”