Today’s fast-paced modern lifestyle lays increasing emphasis on convenience and comfort, and electronic gadgets are becoming an indicator of the easy life and status for many people. So, the electronic gadget market size is ever increasing, with frequent innovations and growing populations.
Every home, office, and individual have need to use an electronic gadget on a continuous basis. From the small earbuds, hands-free, blue tooth device, mobile phone to electronic devices in homes, like radio set, television, sound amplifier, electronic storage devices, to the larger computer devices like laptops and desktops and their accessories, the use of electronic gadgets are becoming a way of life.
Every stratum of society is adapting to the norm. It is now commonplace to see people using earpieces to listen to music, irrespective of status or occupation. Farmers, security guards, students, workers, professionals, unemployed and many others are all using several gadgets on a near-habitual basis. In fact, the use of earphones and many other electronic gadgets like mobile phones, chargers for devices, USB cords, memory cards, games and so on, have become a part of our everyday life.
To understand and appreciate the size of the market and possibilities, it is good to state that Nigeria with a population of 180 million people, is the 22nd largest consumer market in the world by household final consumption expenditure, at US$330,043 million. The top ten largest consumer markets are: the United States, European Union, China, Japan, Germany, United Kingdom, India, France, Brazil, and Italy.
Urbanization is increasing in Nigeria, leading to an increasing number of young urban professionals. Such consumers are able to afford a growing variety of electronics for both professional and entertainment purposes and are interested in purchasing even more advanced technology.
You do not have to import these electronic devices and consumables for a start. You can buy from importers in cluster markets like computer village in Lagos which is the largest gadget market in Africa, and other reliable online sources.
Then, re-sell to the final consumers in the hinterland or other communities outside Lagos, where you can make some good margin sales. It is important to understand the needs of customers and innovative products, to make good headway.
Do not buy large quantities of products just for the sake of making a margin but do good market research to understand which products may soon be out of vogue and buy less of such, unless there is clear demand to off-take.
Some of the fastest-selling gadgets in Nigeria include: mobile phones, power banks, earphones, blue tooth devices, spare batteries, USB cables, flash drives, memory sticks, SD cards, memory cards, card readers, adapters, chargers, media players, digital cameras, car players and DVD, electronic razors and so on. But note that Nigerians are price sensitive so you need to find a way to balance your price with quality to ensure that your customers know you for reliable products at the right price.
For a start, you can sell your electronic consumables from your home or suitcase and drive with word of mouth and referrals. But you can also rent a small shop and hire a sales boy or girl to manage it. Yet still, you can supply to stores that sell complementary products and agree on a margin for every sale. For example, if you have electronic consumables, you can arrange to display your wares beside sellers of hard wares.
The demand for electronic devices and consumables keeps increasing because newer product models are unveiled regularly, many people want to keep up with trends and some others need replacement of damaged or lost items. The business is not capital intensive and is a sure start-up business that you can scale up with the right research and business decisions.