Monday, May 28, 2018

How To Set Up Your Own Consumer Electronics Market In Nigeria


starting a consumer electronics business can make you millions as a wholesale distributor or a dealer if you understand the basic of technoloy change and also others




The idea of how to start a consumer electronics business is what I want to share with you in this tutorial. Any person who wants to learn how to start electronic business and swell his or her bank account monthly should pick up any other paper like this article he or she should read for guides because he or she needs of the knowledge on electronic business first. The following details of how to start a consumer electronics business are also here:

Technology:

Making life easier and better for everyone in the world is Technology and it is no doubt because one aspect of technology that has advanced the course of man is the advent of consumer electronics, such as TV sets, Radio, Gas cooker, LCD player, refrigerator, standing fans, air conditioner, laundry machines, home theatres and other home appliances you can think of.


Consumer electronics have become a part of our daily life, not so? Good! Both the rich and the poor have these in common. Yes. I say so because you can win any child’s heart for life if you can afford to provide a form of electronics, especially television in your home. Without electronics, there is no home.

Everybody needs electronics for communication, information, relaxation, entertainment, etc. Electronics are useful as a source of information, entertainment, etc. Consumer electronics are important for every one over the world. It has no written taboo to live in a home without consumer electronics.

                       The Demand For Consumer Electronics Being On Increase

The consumer electronics industry is a real global business because in some recent years, the industry is in the midst of a new wave of change, witnessing a phenomenal growth. The demand for a multitude of portable, in-home or in-car consumer electronic items with multiple functions has increased tremendously. 


See Also: How Can I Start A Consumer Electronics Business?---Quora Answer
Mobility, digitization and miniaturization are the key elements for modern consumer electronic products. Digitization had transformed the consumer electronics sector, delivering new and exciting entertainment products that have changed the way we live today and future. So this innovation has really no doubt accelerated the growth of the consumer electronics industry today in the world. But with these developments, the marketing demand has now soared, making it a great business to invest in.

                                The Inclusion Of The Top Competitive Brands
The inclusion of the household brands is as follow here: Life Is Good (LG), Sony, Samsung, Panasonics, Sharp, Akira, National, Haier Thermacool, Binatone, etc. Some among branding competitors don’t think if they find their competitors are into the same competition they are facing now because there is dense population that cannot reduced to numbers. That is where they are into electronic business that make them so rich. And you too can if you are into venture as a wholesale distributor.

                       How Profitable This Electronic Business Is?

The electronic business is quite a lucrative one because many have make millions and still make millions operating in this long age as a dealer and the competitive industry. But it is business you must have knowledge of the market demand and you must have interest in that business first before you can go into that venture.

         How To Start Your Own Journey To Wealth Consumer Electronic Business 


Starting your own journey to the wealth consumer electronics industry is as follows here:

Step 1: Before investing in any business, you must do the feasibility studies. You are expected to do your feasibility studies first. You should write what the industry looks like. For electronics, you need to approach those who are already into electronic venture and ask them some relevant questions, as to which ones are in high demand because it is what consumers want that you can give to them. They are the reason why you are in business.

Step 2: You need to be full of knowledge of the existing brands you are dealing with. You need to be conversant with existing brands because this business is a sensitive one. You need to also know the various brands in the market. You need to have a vision, to stock the best of the electronics brands.

Step 3: Instead of patronizing open sources, you need to be aware that majority of the brands have their own representatives here in Nigeria you can patronize them for your business. Take time to visit them and find how you can consistently get your stock from them.

Remember they have their own terms and conditions which are flexible. Some people are Nigerian electronics importers you can patronize. If you want to become electronics importer from China manufacturers, I recommend you to join hot China Aliexpress electronics products. Try to go for manufacturers’ products that come with warranty.

But in turn, some brand representatives are always willing to give you credit facility only if your sales performance meets their requirements.

Step 4: Understand how to operate electronics because it is only what customers want it. They require you to teach them how to operate whatever product they wish to purchase. You must know how to operate the product on sale before you explain to them how to operate the electronic product if they want to buy it.

Step 5: Your shop must be big enough to accommodate your stock. You must make the shop comfortable or presentable. If your shop or warehouse is not well-ventilated, then you may need an air-conditioner installing there.

Step 6: You have to determine how much you want to invest as a new entrant into this venture. But for with as low as #500,000, you can stock some goods. This is excluding the shop to rent.

Step 7: Try to do all you can to announce your presence. Try to think of the promotional items you can afford to attract patronage and reward loyal customers because this is a highly competitive business.

Warning Tips:

1. Find An Alternative To Irregular Power Supply: If you are in Nigeria, you will face irregular power supply that will affect your business because you cannot run this kind of business without power supply. So you must test every product you want to intend to sell to your customer using a generating set. Don’t depend on PHCN (now NBEDC) for power only. Relying on PHCN is the gateway to kill your business. Avoid it. You should have one generating set in case that PHCN light has gone.

2. Handle The Gadgets With Care: Understand that every electronic product is fragile. It is easily breakable or destroyed. If care is not taken, one can get a product damaged or broken and you loss that profit for that. No customer can buy a cracked or half broken electronic product even they are offered cheaper than that price you buy.

3. Understand The Constant Change In Technology: What is in vogue today may be outdated tomorrow because top brands like LG, Samsung, etc are in a vicious and amending battle with one other on electronic product. They will try to outdo one other.

If you have a huge stock of outdated electronic gadgets in your warehouse business, you might find it difficult to sell them off immediately. To steel clear of it, you need to drop the price and make marginal profits from it. It will save your money.

4. Be Ready For The Competitors: To remain a player, you must strive to know and make available what the market needs the most. Don’t just buy anything that the market does not need. Find what type of products the market needs most and follow it up.

5. Customers: Customers will only patronize a dealer with the latest products. You need to offer them cheaper alternatives. And it will help them to estimate how much they can buy. It depends on their financial power. The best bet you can offer is to have varieties from all the top brands so that customers can choose either, depending on their taste or their finances. Understand them and offer them. Help them to choose better for them.

Conclusion

The understanding of how to start a consumer electronics business is to follow what you learn there, not just walk into what you want to start electronic business without knowledge of the technology. Knowing of the market demand for consumer electronics items helps you remain steadfast in your business or weather a crisis in your business.

Have you any comment on this article or any experience you have through? Welcome to this comment box. Or subscribe to my weekly newsletter at the right sidebar for more information on business ideas, investment ideas, etc if you like this article.

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Happy entrepreneur!

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