Developing economies, often referred to as emerging markets, are characterized by rapid growth and lower levels of industrialization compared to developed nations. Countries like Nigeria, Vietnam, and Brazil have seen significant economic expansion due to industrialization and foreign investment. Despite this growth, they face unique challenges like poverty, limited infrastructure, and a large informal trade sector.
A substantial part of the economy operates informally, accounting for more than 60% of economic activities. It is often the sector that has the least amount of up to date data and both government and companies are navigating blind across this landscape.
Most transactions are conducted in cash, making it difficult to monitor and it brings about security issues in many regions. This is slowly but surely changing with advancements in digitisation solutions.
Local microenterprises like Spazas and Dukas (they have many names) are critical to the economy but are hard to track due to their decentralized nature and overall business acumen. Wholesalers and Distributers thrive in this ecosystem but adds layers of complexity that need to be understood.
Tracking and understanding trade in these economies requires expertise and experience. It is essential that companies understand that a “not one size fits all” solution in these economies exists and that it is important that the right data is collected in the right way to give the right insight and direction. Frontline Research Group (FRG) specializes in gathering various applicable data on traditional trade sectors, providing businesses with critical insights for navigating these complex markets through proven methodologies.
If you’re looking to unlock the potential in developing markets, FRG offers comprehensive market landscape studies, retail tracking, and retail census solutions. Our Retail Metrics Data and Customised Solutions can help you gather actionable insights and give you the line of site required to make both tactical and strategic decisions in your business.
To learn more, check out our latest blog post or contact info@frontlineafrica.com to find out what fit for purpose solution can work for you and your business.
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