The Nigerian Fashion industry does not have a current value estimate, however the Sub-Saharan region of Africa has an estimation of about 31 billion dollars, and 3 trillion worldwide. Since the last decade, Nigeria has recorded a massive increase in Fashion related activity, more and more people are investing, promoting or starting up businesses in this industry.
This has positively impacted the sales of fashion related products locally and internationally. Retail involves the sales of products directly to the customers, either online or in a store, the retail business has also experienced a spike in the last ten years.
In this article we will delve deeper into the retail business, and how one can thrive in a country like Nigeria.
HOW TO STARTUP A FASHION RETAIL BUSINESS
Looking circumspectly at retailing, starting out a retail business isn’t as hard as most people make it seem. All you need are the right information, capital and market to thrive as a retailer in the Fashion Industry.
Here are a few ways to go about it in some easy to understand & implement steps:
Step 1: Find a niche
Many make the mistake of immediately trying to sort out sources for clothing or accessories to sell from brands or importation from countries like China, so they eventually get these products and start test running what niche would sell best.
The last thing anyone wants is money not being effectively utilized, as a startup, you must understand that at this stage every penny counts!
So find a niche, know what you want to sell, the kind of customers you want to sell to. What you will be comfortable selling, what you probably have the most knowledge about… that’s your niche!
Step 2 : Market & Marketing Research
A lot of times people get it twisted in the effort to try explaining the difference between Market research and marketing research, but it’s quite simple.
You see, Market Research is basically a systemic analysis of a target market/audience, it is simply a study or research done, concerning the prospects of a product or service.
You’re getting everything about your product market, it’s consumers, pricing, competition, Market forces etc.
Market Research is important, and no successful business owner (either small or large scale) made it without an initial market research. While Marketing Research is really what it is, it involves the marketing strategy to be used to reach out the prospects and turn them into customers…it’s that simple.
Step 3: Capital
We all know the importance of capital; no Fashionpreneur, Fashion retailer or designer made it without capital. It takes money to make money, and looking at the topic; money is important to start the business, no money, no business. But the good news is you can always start small : )
A typical fashionpreneur or retailer would not need a ton of cash (Although it depends on how you want to start) but the average Nigerian or African would not need so much, say $300 (It can be less!)
Step 4: Source For Manufacturers/Designers
Importing materials is also an option, but this focuses majorly on native wears, African based products or materials, so it’s important you get them from reliable sources in Nigeria (if you’re in Nigeria) or any region in Africa.
Step 5: Set Up A Store
Fashion stores on Nigeria are literally everywhere, dominating every region in the country and cuts across all class, from the average to the top class citizens of the country.
Setting up a store is quite easy, although there are a few things you should be on the lookout for like:
• Location: Your location to a large extent determines how much you’d make selling there as a retailer for Fashion products. It is advisable to choose a store in a location that is commerce friendly, don’t be in a place where the residents of that area will not be able to buy your products as a result of the price.
• Proximity to market: This doesn’t mean proximity to where you buy materials for your products, but nearness to your product market.
• The type of product: Don’t sell luxurious Fashion products in a rural area, all of this contributes to your decision of setting up a Fashion store.
FASHION RETAILERS THRIVING ONLINE
The virtual world has gained too much attention and activity in recent times, even as more and more businesses venture into this digital space. It is shear poppycock for any business owner to remain offline and risk the existence of his business.
Regarding Fashion, and sales; the Internet brings a lot of opportunities to retailers and designers at large! What it takes, selling to customers in a particular location, although highly concentrated, there is extremely low visibility.
Compared to selling your fashion handcrafted accessories and designs online, you have a wider audience and increased visibility.
The introduction to Fashion commerce in the digital space has skyrocketed since it’s invent, turning millions into trillions of dollars, many retailers who knows the importance of this are striking it hot and making mind-blowing sales, and you can too!
SELL ON ANQR
This is Africa’s number one e-commerce site for Afrocentric designs and shoppers, you can sell anything from Ankara wears to earrings, bags and auto-gele. This e-commerce Fashion site exists to promote the creativity of Africans to the global market.