In an evolving economy like Nigeria’s where consumers’ buying habits are being formed, what factors determine the decision on where to shop?
Could it be the ambiance of the store, its location, one’s relationship with the store owner or a store’s monopoly of goods supplied?
From observation and deep consideration, I found out that there are 4Ps that strongly influence a customer’s decision:
- Proximity: When setting up your store,you must ensure you are close to your target market. For household items, a residential neighborhood is ideal; for school items, a residential or business district where both working and stay-at-home parents can walk in would be great.
- Pricing: Reflecting on the current economic situation, customers would mentally compare the price of an item on your shelf with the price elsewhere. Right price keeps customers coming back.
- Placement: How are the items displayed?Are they within the eye view of the customer? Are they easily accessible when picking items off the shelf? Are items categorised in store – with similar products arranged together?
- Payment :What are the payment options made available for your customers- ATM in your premises, POS or Mobile Money? Every customer would most likely spend more and buy other things not on his/her list, if more funds are accessible while shopping though with the exception of a few that can strictly adhere to a budget.
So, next time you are thinking of making your customer’s shopping experience a delight, you just may want to consider the 4Ps.