The Advantages Of Centering A Niche-Based Industry (From The Perspective Of A Nigerian Market)

about 3 years ago

One of the features of the Nigerian commerce and industrial markets is how the markets are being segmented into types. These types basically features diverse materials for consumption and for further production.

Tyres business for example is very lucrative this is because, importation of cars happens on a daily basis and people are buying more cars and putting on the road, either for commercial purpose or for personal use but the point is, trading & selling of tyres to immediate retailers and end consumers is a lucrative venture because cars are bought on a daily basis and the nature of the Nigerian roads makes these tyres to spoil quickly to the advantage of a seller.

This however isn't the point. The point is, that there's always the centerlisation of industries to a particular areas where you have a group of people who are selling the same kind of service, turning the place to market of the same sort but then equally enjoying the dividens that comes with the competition.

This is good in the sense that a consumer will recognise a market where the same products are sold, he knows that he will buy what he wants even if it's scarce, majorly unavailable or rare.

The most important purpose of centering a group of people who sells a particular, the same kind of service, a composite product or even complimentary goods to the sellers is that the competitiveness of the market makes them earn even more than being far away from each other.

To a buyer; when a market is centred is gives them the assurance of purchase. They know they'll buy at a cheap rate and they will establish a customer base where they feel they enjoy consumer's satisfaction. In the past few days I have been in two big markets where the services includes graphics and art design for the first market then tyre wares for cars for the second market.

Competition is Money

One thing I noticed about this market is that I thought because we have close to 700 stores and warehouse selling tyre and materials for fixing it I felt they will have to share the profits and the customer base will be so little and each and every seller will do poorly on a daily basis taking home limited profits because of so many competitive but this wasn't true; because *the market is already established* as a venture for tyres more people will troop in...

The Advantage Of Complimentary Goods & Services

Now these merchants who sells tyres will inadvertently learn how to fix the tyres to the cars that means that some of these sellers are already car mechanics while some are not, so fixing a car tyre in itself is a mechanical skill that's profitable and also a complementary service that goes with selling tyres.

Also selling materials like carjack and items for pumping comes hand in hand with selling tyres and this makes these people not only earn for selling tyres but for providing complimentary services which is another form of monetisation.

The second market I went to was a graphic and art design based market that provided services from typesetting, graphics art, lamination artworks and many more. Now inasmuch as this services looks the same, not all shops or ventures provide every service since each and every one of these skills requires machination and having diverse equipment for carrying out the provision of these various services.

Now an ID machine is different from a lamination machine and the cost of purchasing these equipments means different graphics venture owners will opt for a machine while forgoing another...

The Thing is....

This makes competition more lucrative because the equipments forgone by a service provider in an market might be bought by another designer. This means that eventually the money will go round because everyone coming to a graphic market will eventually come to achieve a different purpose and a shop in a market cannot solely provide every graphics service.

In Conclusion; Competition and the centering of a market to form a niche based industry is good, it assures a consumer, provides him with diverse options and also expose them to complementary and supplementary goods.

In essence to the sellers it's even better; this means that everyone is a winner irrespective of the competitiveness. Consumers trusting a market will establish a market and this means that everyone will sell to their satisfaction and make profits since time will eventually accord each and every seller some specific regular customers of their own in the long run.

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My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers