Emerging Markets - How Digitization In Nigeria Is Helping Shape Small Businesses

The digitalization of small businesses in Nigeria

Small businesses in Nigeria are flourishing greatly in the present time. Nigeria, being an emerging economy, provides the canvass for making new ventures. If planned prudently, the business environment in Nigeria is conducive to fostering small businesses, especially in this era of digitalization. 

Recently, SMEs in Nigeria have been contributing to almost half of the entire GDP of the country, and in fact, a huge part of the success of the SMEs is credited to their optimum utilization of the digital avenues. 

They realized the potential of information technology which connects you to the world in a matter of seconds and exploited the opportunity wisely. The growth of these entities indeed increased employment in the country while bringing more resources to the populace. 

So, what exactly is the digitalization of businesses? 

Adhering to the latest developments of digital technology can actually change a business venture. Be it in the form of making use of the new and relevant software or increasing your social media outreach, digitalization can integrate you with the world, thereby providing a plethora of opportunities to grow your business. And when the world is on the internet, why not put yourself out there for maximum exposure?

Now, you can employ this process in all the spheres of the functioning of your business, ranging from remodeling your small business--in countries including Nigeria--by encouraging digital transactions and communication or bringing structural changes to your enterprise suited to the advancing world and inducting the right employees to appropriate the same. 

What will you get out of the digitalization of your business?

If you are a small business in Nigeria which is yet to engrave its presence in the market, then the good news is that you can do that in the four walls of your office. Putting your business out there, on social media and search engines, will help increase its outreach. 

It will also pave the way for other opportunities to grow, i.e., collaborating with a business of similar scale and nowadays, even influencers, who have a truckload of followers. This will further encourage you to create relatable and engaging content to retain users and expand your user base further.

Apart from this, you can use technology to enhance the functioning inside your office, which entails communication as well as productivity. Whether you are hiring remotely or operating the business physically, having a systematized communication medium will ensure a smoother experience and boost accountability as well.

In fact, you will get newer and diversified contact mediums to keep in touch with your customers as well. This will help increase the outreach of your small business. Moreover, updating the existing equipment to the most convenient, if not the latest, models could help your business enhance its functioning and be more time-efficient. 

Here are a few steps that you could take to get started with digitizing your business:

Create your domain

• The first thing in furtherance of this would be to create your own website, entering which would be no less than entering your office for your customers. You can have provisions for a help-desk which could be a chat-bot or any other medium to contact you; you could also give a background of your business and what it deals with by providing sufficient content of the same. The main aim here is to get the user well acquainted with your business and generate their interest in the same.

Search Engine Optimization

• For people to find you, apart from advertising on social media, you will have to optimize your website for all the search engines and mainly Google, because about 90% of searches are conducted on it. Getting onto the front page of Google, preferably the first few links can help increase your viewers to a great extent. This will give a great deal of visibility to your small business in Nigeria. 

Shift the mode of communication

• Either through your app or the website, you can provide ample ways for a potential customer to contact you. This will facilitate a smoother way of communication if you deploy a prompt customer service team. You can even incentivize new users to sign-up through their email for introductory offers and keep them engaged with regular communication.

Digitization of business can prove to be effective and efficient to all the parties involved, i.e., the employers, employees, and customers. It certainly is the future of operating a business, so it’s better to jump on the bandwagon already and start reaping the fruits. You can even digitize your office and hiring process plus the mode of working as that will save you space, resources, and expedite the processes. 

Conclusion

All in all, you can extend this digitization process to what your objectives and resources allow and gradually expand the process as per the convenience and flexibility of your business.

Frequently asked questions

1. What is the best small business in Nigeria?

• There are a lot of small business opportunities in Nigeria in all three sectors, primary, secondary, and tertiary. One can venture into livestock farming, trade in agricultural products, or even get into manufacturing or recruitment services as well. 

2. What is the cheapest business to start in Nigeria?

• There is a wide scope to start a business in Nigeria. It is not limited to a particular field, hence, you may start something which interests you and allow you to earn a profit, be it painting, sewing, or selling manufactured goods. 

3. What are some of the most profitable small businesses in Nigeria?

• Nigeria provides a good potential to get into the agricultural business among other things. This can include selling agricultural goods, poultry farming, and other kinds of agricultural activities. 

4. What can I sell in Nigeria to make money?

• Nigeria has a good customer base for cosmetic products, packaged food, and also agricultural products. You identify your niche, decide on a target market, and accordingly, devise a business plan there. 

5. What services are in high demand in Nigeria?

• Daily-use products are much in demand in Nigeria, among other products such as cosmetics, textile, apparel, detergents, books, and stationery.