The Nefarious Financial Actions Of Retailers & Manufacturers On The Market; How Does This Affect Small Scale Businesses In Nigeria?
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Smaller businesses are beginning to give way in Nigeria for bigger business ventures to take root and this is entirely one of the reasons why we have an increased inflation rate in the market currently. Now I'm an avid spender and I majorly buy from small business owners because their rates majorly falls on how much I can afford to spend and secondly because the big fancy stores and malls majorly sells the same level of quality products with the local shops and kiosk and the only difference is packaging and location, now packaging is mostly what determines level of class when people are buying. Most people patronise huge malls because of the packaging and the servicing. The experience is way relaxing to experience the best customer servicing and of course truly showcase one's worth or level of income.
In Nigeria mostly people do not aim at buying quality because if a person aims to buy quality then price wouldn't matter because quality isn't determined by price. What majorly determines price in Nigeria is the difference in brand, packaging popularity of a product and of course the high rate of demand. Of course there's been high emergence of indigenous goods lately from food to clothing and surprisingly these good are more expensive than imported goods. The main aim of having to promote indigenous business is so that wealth through trading can be created, it can also make localisation of production a thing. Employment opportunities will increase and the most important; So that foreign goods will not keep enjoying the monopoly of taking all the money in the Nigerian market.
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The Hoax Of Quality In Indigenous Products
But then still prices of some indigenous goods are way expensive and skyrocketing everyday and because the present government is hell bent on riding Nigeria of foreign made goods indigenous manufacturers and producers are now being the increasing the prices of their products under the guise that it's quality but then at the end it's all packaging and majorly the content of the product isn't as qualitative enough as the packaging is. So people spend more time buying the hype rather than going after true quality and this makes the essence of "buying right" mostly difficult in Nigeria and hence hype and packaging and middleman retailership have made it virtually impossible to know the price of a product and I'll give you an example. For example we have vocal advertisers of products in WhatsApp groups and other social media platforms.
These advertisers help shill the business of retailers in Nigeria and due to this massive shillings you'll see individuals selling a local shirt for example whose original value is ₦1500 for the rate of ₦4500 this makes people often spend amiss because everyone wants accessibility when they're buying. It's virtually uncomfortable to search for quality products hence people buys products that are shilled to them and hyped to them at the end of the days it drives inflation as something customary and normal and the value of the Nigerian currency keeps depreciating. So prices don't increase because it naturally needs to increase it does so because people, majorly producers and small scale retailers deems it "okay" to be increase and this affects the low income earner hoping to buy quality product and servicing at quite the affordable rate.
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Low income earners are no longer considered. Basically segmented local vendors are no longer allowed the opportunity to sell their products anymore and while I took a particular survey in my part of Nigeria I've seen huge malls buying up spaces where small scale traders that sells affordable products to low income earners such as me. These malls are making it even difficult for people to access cheap products that might of course be quality too. So these businesses that promises affordability and a certain level of quality are being thrown out by organisation that are wealthier and have more influence. Now I'm not saying money can't buy quality, majorly money is what gets you quality but in Nigeria you can even spend a lot of money without getting the desired quality you want, this is because both quality and fake things are now expensive and money making is driving away the essence of quality.
How To Prevent Monetization Of Quality?
With the way things are going money will become valueless and average people will suffer because their choices of affordability has been taken away. Now how do we prevent this? Greed is a major factor. Manufacturers in Nigeria are becoming too ostentatious and they're looking to create a certain monopoly which will make people not have a choice but to patronise them and this is where I think monetization of quality should stop. There needs to be a sort of regulatory measure to stop the incessant increase in price and small scale business needs to be given an opportunity to compete and also establish a base where average people can purchase.
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My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
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