The boom in mobile phone usage has made business in the mobile phone industry in Nigeria more lucrative and will continues to expand across the country covering all income spectrums.
A mobile phone is no longer an expensive business luxury or status symbol, but a good idea for many. Both big and small companies from all industries and markets are jockeying for a share of a large and ever-growing mobile pie.
There are a large amount of cell phone production already, so the barrier to entry in the production and retailer market is high. You could consider businesses in the mobile phone industry in Nigeria such as network services, mobile marketing, apps, accessories or other services.
Most Lucrative Business in the Mobile Phone Industry In Nigeria.
In light with how smartphone market remained healthy and will continues to be healthy in Nigeria, here’s the most lucrative business in the mobile phone industry in Nigeria you can consider:
1. Network Services.
The most lucrative business in the mobile phone industry in Nigeria is Network Services, the sector is made up of companies that make communication possible on a global scale, whether it is through the phone or the Internet, through airwaves or cables, through wires or wirelessly.
Network Services create the infrastructure that allows data in words, voice, audio, or video to be sent anywhere in the world.
The largest Network in the sector is mobile Network Services (both wired and wireless) operators, satellite companies, cable companies, and Internet service providers. Example of Network Services in Nigeria are ..GLO, MTN, 9Mobile, Airtel and so on.
As at 2020, the revenue from the telecom sector grow to US$ 26.38 billion. This is because the number of internet subscribers in the country has increased progressively.
2. Mobile Marketing.
Mobile marketing is a multi-channel, digital marketing strategy aimed at reaching a target audience on their smartphones, tablets, and/or other mobile devices, via websites, email, SMS and MMS, social media, and apps.
Mobile phone has more than 2.5 million smartphone users Nigeria, the potential to create a marketing business in this space is huge.
Spending on mobile ads is only a small fraction of the market, with the growth of SMS marketing and other mobile advertising tactics.
- SMS Marketing. SMS marketing is marketing via text messages.
- Social Media. Many smartphone owners use them to access social media.
- Location-Based Marketing (GPS).
- Proximity Marketing.
- In-app Marketing.
3. Mobile Phone Apps.
For some decade till date business landscape in Nigeria has changed and it is changing significantly. Business owners in Nigeria now rely heavily on technology to initiate and complete transactions with consumers.
In Nigeria of today, mobile apps are one of the major elements of modern tech that are consistently changing how consumers shop and satisfy their needs.
With the increasing pace of technological advancement in Nigeria, consumer expectations also grow. Mobile apps are often a great channel for meeting these expectations.
For instance, one of the key business types that benefit the most from using mobile apps is retail shopping.
If you want to choose business in the mobile phone industry in Nigeria, going into mobile app development will make you huge profit.
The average smartphone users in Nigeria spend almost three hours a day using apps. If you have the knowledge and abilities to create apps and launch an app development business, you can reach a large consumer base in Nigeria.
4. Mobile Accessories Business.
Mobile Accessories business is a very lucrative business in Nigeria but your success depends on the location.
Mobile phones require a lot of accessories that increase their efficiency and protect your phone. From students, fashion-conscious teens and parents in Nigeria, the need to customize, personalize and customize your cell phone has really increased.
Thus, if you you’re considering to start business in the mobile phone industry in Nigeria , the mobile accessories business has opens a gateway and opportunity. Commencing a mobile phone accessory business can be highly profitable, but for that, you need know the common mobile phone accessories.
Here is the list of mobile accessories that you can keep in your shop or store:
- Earphones (wired or wireless)
- Phone Camera Lenses and Smart Flash
- Headphones (wired or wireless)
- Mobile screen tempered glass
- Selfie stick
- Mobile screen lamination
- Batteries and chargers
- HDMI cables
- Charging brick
- Bluetooth cable
- Power bank
- Car charging brick
- Bluetooth speaker
5. Mobile Shop Business.
Undoubtedly, the Mobile Shop business is one of the best small business ideas to start in Nigeria. A good performing Mobile Shop makes an average net profit of 20% on its daily sales.
Mobile phones have become a basic need for people in today’s Nigeria, and with their increased usage; the demand for this product will continue to grow. They have become an inevitable part of our lives in Nigeria, and people cannot live a single second without them.
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