Experts Outline Ways Retailers can Use Data, Tech to Boost Sales

Kayode Tokede

Experts in the retail industry have said retailers in Nigeria and Africa can leverage the rise of data analytics and big data to have a better understanding of the industry to boost sales.

This was revealed at the second edition of the Africa Retail Congress hosted by Lagos Business School’s Africa Retail Academy in Lagos.

The congress, which was themed, “Transforming Retail Barriers to Opportunities,” gathered industry experts and practitioners from across Africa, to discuss pressing issues facing the retail industry in the continent, in order to chart a path to retail success.

“There are tons of small data that retailers can use to better understand their businesses. There are also a lot of disjointed data that retailers cannot make sense of through contextualisation, ”Chief Executive Officer at Data Science Nigeria, Bayo Adekanbi said.

Former President and ex-CEO of Opay-Nigeria, Olu Akanmu said bankers need the application of retail knowledge in their business.

 “Bankers should deviate from the conventional approach, they judge performance but instead look into individual customer data and how they transact with the bank,” he added.

CEO of Artee Group, Haresh Keswani, while delivering his keynote speech, said retailers are struggling in the country because every regulator wants the modern retailer to comply with their regulations, and some of the regulations can be stifling.

“And the retailers have to comply because of the aspiration to serve their consumers. But informal retailers have nothing to worry about from taxes to compliance,” he said.

According to Patrick Akinwuntan, Faculty at LBS, retail businesses need to start creating common platforms like associations not only in Nigeria but across Africa as well because when they come together as one body to engage the regulators, they can have more impact.