Manufacturers and service providers have been urged to adopt a data-driven pricing model in order to maintain their competitive edge and navigate the shifts in the new unpredictable world.
The Punch reported that stakeholders said this at the NielsenIQ Breakfast Conference with the theme “Navigating the New World of Uncertainty” held recently in Lagos.
The stakeholders believe that careful data research on pricing must come first before making any strategic decisions in order to handle the growing brand switching caused by price rises.
The Associate Director of Retail Intelligence at NielsenIQ Nigeria, Joyce Nwachukwu, stated that a report on the company’s global study conducted a year ago revealed a significant decline in consumers’ purchasing power, with 39% of consumers worldwide reporting that their financial situations were getting worse.
She claimed that the recovery from the Covid-19 epidemic in 2021 was slower in Saharan Africa.
She said: “We are aware of Africa’s continued struggles with corruption, ineffective leadership, and poverty. It is still a viable market, though. Africa takes pride in its population, which is expected to expand by a factor of two by the year 2050 to about two billion people and more.”
The managing director of NielsenIQ East and West Africa, Faith Wanderi, emphasized the importance of businesses being aware of current issues including inflation, poverty, unemployment, rising gasoline prices, and fluctuating currency exchange rates.
She underlined the significance of concentrating their efforts on particular areas in order to successfully traverse those complexities and achieve sustained growth and prosperity.
The Senior Research Manager at NielsenIQ, Tosin Onayemi, claimed that since the start of the year, a sizable portion of Nigerians have seen a reduction in their purchasing power, prompting them to reassess their priorities and spending patterns globally.
“People are now paying closer attention to their finances and reconsidering how they allocate their funds,” he claimed.
