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| SLOT Limited Founder, Nnamdi Ezeigbo |
In this exclusive
interview with the Editor of BrandInfo, OLUWAGBENGA BANKOLE at the just
concluded 4th edition of the annual Retail Leaders Conference in Lagos, the Founder
of SLOT Limited Mr. Nnamdi Ezeigbo speaks
on the retail sector in Nigeria, how retailers can survive economy recession
and other typical issues. Excerpt
While delivering your
paper you said that the retail sector in Nigeria is not organised. I want you
to throw more light on this.
Nigeria retail sector is still far from what it ought to be.
What that means is that there are few companies that are well structured and
can boastfully say they are doing business the way it ought to be done. What
you get to see nowadays are businesses that are not well structured. They are
just running to sell and make profit. Retail sector in abroad is huge. In some
cases they are actually public quoted companies. These are companies that you
can actually see their data, assess how they are performing and learn from
that. Today most of the retail outlets that are in Nigeria are owned by one
man. There is no structure, they don’t have Board of Directors and things are
not done the right way. To a reasonable extent, retails market in Nigeria is
not there yet.
Has the cashless
policy of the CBN has any positive impact on the retail sector?
The CBN cashless policy is good. Obviously it has reduced
volume of cash that you find in transaction that happens at the retail stores.
People now pay through online or POS. It has been wonderful. I think the
cashless policy is good for the retail business.
ALSO READ:“Secret behind the success story of SLOT”- Nnamdi Ezeigbo, Founder, SLOT Limited http://www.brandinfo.com.ng/2017/06/secret-behind-success-story-of-slot.html
What kind of policies
do you want this present administration to formulate in order for the retail
sector in Nigeria to fulfil its full potentials?
I think government should make major stakeholders in the
retail sector as part of policy makers. In that way we can actually rob minds
on how to move the industry forward. There are several policies that I think
would help. These are things that I think should be discuss with government
officials not through this platform.
What is the secret
behind the success story of Slot?
Basically we have being able to get some things right. We
have being able to know that Nigerians like and cherish original products. We
have been able to know that trust is very important in business. We have being
able to have the right set of people, identified them, trained them, develop
them and give them responsibilities. We also have the right process and the
right market. We have been able to identify these things and we are working
with them diligently to achieve the best optimal result we have today. These
are our key success factors.
What is your advice
for retailers in the country considering the present economy situation?
My advice is for them to apply what called just-in-time.
Just-in-time approach means you buy what you can consume within a period of
time. For example if you know you can sell one thousand pieces of ‘Pick milk’ in
a month, why would you want to store more than one thousand? That will actually
reduce the shock you will have when there is deflation. My advice for them is
to know what there capacity is and adopt just-in-time approach.
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