Manufacturers and service providers have been urged to embrace a data-driven pricing paradigm on navigating the changes in the world of the new world of uncertainty and stay ahead in the market.
This was the position of stakeholders at the NielsenIQ Breakfast Conference themed “Navigating the New World of Uncertainty” held recently in Lagos.
According to the stakeholders, to address the escalating brand switching triggered by price increases, it is essential to prioritise meticulous data analysis on pricing before making any strategic moves.
The Associate Director of Retail Intelligence at NielsenIQ Nigeria, Joyce Nwachukwu, said that a report on the company’s global study conducted a year ago indicated that there had been a significant decline in consumers’ purchasing power, with 39 per cent of global consumers reporting that they were experiencing worse financial conditions.
She noted that Saharan Africa was experiencing slower growth from the rebound of 2021 from the Covid-19 pandemic.
According to her, it has been the highest that has been experienced in the past decade.
She said, “We know that Africa is still challenged with poverty, poor governance, and corruption. However, it is still a viable market. Africa prides itself in its numbers; Africa has been projected to continuously grow by double by 2050 to about two billion people and more.”
The Managing Director of NielsenIQ East and West Africa, Faith Wanderi, stressed the significance of companies being aware of the prevailing challenges, such as inflation, poverty, unemployment, rising fuel prices, and foreign exchange fluctuations.
She emphasised the importance of focusing their energy on specific areas to navigate those complexities successfully and achieve sustainable growth and prosperity.
On his part, the Senior Research Manager, NielsenIQ, Tosin Onayemi, said that since the beginning of the year, a significant number of Nigerians had experienced a decline in their spending power, leading them to re-evaluate their priorities and spending habits from a global perspective.
“People are now paying closer attention to their finances and reconsidering how they allocate their funds,” he said.