Adopting technology presents an array of opportunities for small businesses in Nigeria. Technology offers a wealth of benefits, from improving transaction processes to expanding their reach through e-commerce platforms and connecting with customers on social media.
Of course, there are many reasons businesses may fail, but as a small business owner, it is important to expand your knowledge about your area of focus to avoid an unfortunate fate.
In this listicle, Legit.ng highlights the top five technological innovations small businesses can leverage to expand their reach, increase efficiency, and compete in a rapidly evolving marketplace.
1. Point of Sale (PoS) machine
Small businesses deserve to operate seamless and secure transactions. PoS systems simplify payments and provide sales data insights for better decision-making.
A PoS system can collect payments, track inventory, and even generate sales reports.
This facility has also simplified the payment process for individuals who have embraced cashless transactions, enabling them to conduct transactions using their debit cards effortlessly.
2. E-commerce Platforms
E-commerce platforms offer small businesses a digital storefront, allowing them to reach a broader audience beyond physical limitations.
Online marketplaces like Jumia and Konga enable small businesses to showcase their products to a vast customer base, driving sales and brand visibility.
Tosin Oyedele, who sells children's clothes, says she has been making a lot of sales by placing her wares on e-commerce platforms without owning a physical store.
Using e-commerce platforms expanded my customer base beyond my local area. I have been doing this for the last 4 years and I don’t even own a physical store. Now, I receive orders from different parts of the country, boosting my sales.
3. Mobile Payment Solutions
Mobile payment solutions such as Flutterwave and Paga offer seamless and secure payment options, facilitating transactions for small businesses.
You can check out Legit.ng's compilation of the top 10 mobile payment platforms in Nigeria
This technology enables cashless transactions, ensuring a convenient and quick way for customers to make transactions and efficient financial management for businesses.
Additionally, mobile payments often come with lower transaction costs compared to traditional methods, helping small businesses reduce expenses and improve financial management.
4. Social Media Marketing
Utilizing social media platforms like Instagram, Facebook and WhatsApp for marketing and advertising purposes helps small businesses reach a wider audience and build a recognizable brand presence.
These platforms offer targeted and cost-effective marketing tools, allowing businesses to engage with potential customers and build brand awareness.
Social media enables businesses to create and share content that resonates with their specific target market.
According to Dan Utaka, a Marketing Expert who shared insights with Legit.ng, the significance of social media marketing in the contemporary world cannot be overstated.
He said that for small businesses, beyond merely enhancing brand recognition, it establishes a direct and meaningful connection with potential customers.
Social media marketing is a game-changer for small businesses. It's a powerful tool for brand visibility, customer engagement, and driving sales.
A good smartphone can be a valuable tool for a small business owner, providing numerous benefits that can enhance productivity and overall efficiency.
By leveraging these smartphone features and applications, small business owners can streamline operations, improve communication, and stay competitive in their respective industries.
The key is to choose and integrate apps that align with the specific needs and goals of the business.
Embracing technology is a necessity for success
Adopting technology enhances efficiency and customer satisfaction and enables small businesses to contribute more significantly to the Nigerian economy.
As they grow and thrive, these enterprises generate employment opportunities, stimulate economic growth, and advance the nation's development.
In conclusion, embracing technology isn't just an option for small businesses in Nigeria—it's necessary for their survival and success.
Small business owners should view technology not as a cost but as an investment that can propel them into a brighter and more prosperous future.
15 profitable business ideas to make money from in 2023
In a corresponding piece, Legit.ng previously spotlighted a range of lucrative business concepts poised to generate substantial income for aspiring entrepreneurs.
These fifteen meticulously chosen and noteworthy business ideas are replete with practical potential, eagerly anticipating the innovative touch of entrepreneurial minds.
The options span various sectors, encompassing activities such as crop production, livestock farming, blogging, ride-hailing, event planning, and second-hand goods trading.