Funmi Aiyepeku, Head of Innovation, Growth, and Business Transformation at FoodCo, emphasizes the significance of brick-and-mortar retail in sustaining Nigeria’s consumer goods market and driving economic growth. Contrary to initial concerns, digitization has become a key ally in accelerating growth in the sector.
Aiyepeku highlights the benefits of physical retail stores, including quality assurance, credibility, and unique customer engagement opportunities. She notes that brick-and-mortar retail stimulates macro-economic activities across various industries, such as real estate, construction, and ICT, and creates job opportunities at scale.
While acknowledging the growing influence of e-commerce, Aiyepeku stresses that digitization has transformed the retail landscape. The integration of technology in brick-and-mortar operations has given rise to the ‘Phygital’ model, offering customers a seamless online-offline shopping experience.
This hybrid approach allows customers to leverage digital channels for research and comparison, while enjoying the benefits of in-store quality assurance and pickup. Aiyepeku believes this model will continue to drive growth in the sector, catering to the evolving needs of customers who seek digital-enhanced brand interactions.
