Inflation is hitting hard worldwide and in Africa, with Nigeria experiencing an even more dire situation.

The situation in Nigeria has deteriorated due to the impact of government policies, such as the removal of petrol subsidies.

The inflation rate rose to 28.92% in December 2023 also due to the collapse of the Nigerian Naira amid scarcity of foreign exchange (FX), leading to a surge in commodity prices.

Businesses are bearing the brunt of this unfortunate development as the dire situation changes customer spending.

The result of these challenges is reduced sales for businesses, making survival challenging.

Here are five tips to bolster sales and revenue during this trying period for our merchants and other businesses.

Let’s face the fact: your business isn’t making much money as the economic activities decline. 

In this dire situation, it’s crucial to confront the reality that traditional brick-and-mortar stores might not yield the desired financial results. 

Rather than enduring the financial strain and the imminent risk of closure, businesses should consider transitioning to an online retail model, especially for retailers with multiple physical stores. 

Closures like this are not a disaster; instead, they are opportunities to adapt and survive. 

Embracing online retail not only allows for survival but also opens up avenues to widen your customer base. 

Some ways to sell online are to establish an online presence through your website, list on online marketplaces, use and leverage the power of social media to promote and market your products and explore e-commerce platforms. 

Fincra offers payment solutions for retailers looking to transition to an online retail model. We offer checkouts, payment links, and virtual accounts to help retailers receive online payments via cards, bank transfers, and mobile money. 

During inflation, consumers may adjust their spending priorities. Retailers can adapt by diversifying their product offerings to include a range of price points. 

By providing both essential and luxury items, retailers cater to a broader customer base. 

This approach ensures customers with varying budgets find value in the store, promoting consistent sales.

In times of inflation, individuals often spend cautiously, potentially straining customer-business relationships. 

However, this need not be the case. Retailers can seize this opportunity to skillfully manage customer interactions and prioritise their satisfaction.

Strategic customer management fosters a positive relationship and encourages customers to return to the business consistently. 

Effective customer management results in a steady influx of customers, mitigating the necessity for increased marketing expenditures to acquire new clientele. 

Some strategies for effective customer management include personalised messaging, discounts and promotions, optimising payments, etc. 

In challenging economic circumstances, the sustainability of retail businesses can hinge on the loyalty of returning customers, a feat achievable only through effective customer management.

As the grip of inflation tightens, consumer spending habits undergo a noticeable shift, with individuals becoming more discerning about their purchases, particularly regarding non-essential items. 

Amid this economic challenge, there’s a strategic opportunity to alter this cautious spending behaviour by introducing a well-crafted promotion.

In response to the prevailing economic conditions, consider designing a promotion that effectively encourages customers to overcome their reluctance to spend. 

Crafting enticing offers is key to breaking the barrier of cautious spending. Consider implementing limited-time discounts and attractive bundle deals promotions that add significant value to the customer’s shopping experience.

Enhancing customer experience is integral to business success, and optimising the payment process is a pivotal aspect of achieving this. 

Customers parting with their money in exchange for a product is a crucial point for retailers, making the efficiency of the payment process paramount.

Recognising the significance of this process, a reliable payment solution provider such as Fincra is important. 

We offer solutions to make the payment collection journey easy for businesses. Our services include checkout options, payment links, and virtual accounts designed to facilitate a seamless customer payment experience.

Our approach focuses on improving the overall business-to-customer interaction by prioritising the customer’s preferred payment method. 

Fincra empowers retailers to cater to diverse customer preferences, including payments through cards, bank transfers, mobile money, and more.

With Fincra’s gateway, retailers and their customers benefit from a hassle-free transaction experience. 

This streamlined process ensures quick and efficient transactions and contributes to increased sales and revenue, providing businesses with a valuable hedge against challenging economic conditions. 

Choose Fincra for a payment solution that not only meets the needs of businesses but enhances the satisfaction of their customers.