We recently posted on the Afrimillz Blog on the Latest Rice Prices in Nigeria follow link to see the latest rice brand prices and where you can get them. Days after publishing that article the price of rice surged by 6.5%, which was strange to our manufacturing team at first, we then decided to go back into the past to understand why the sudden inflation.
Last year was a challenging year for businesses, new business as well as existing businesses were not left out, in spite of all the challenges, we tried to keep record of sales as well as inflation, surges and demand, as all businesses should, it helps navigate the future of company.
After going back into the history books, we then realized that last years pattern is repeating, in the same way, this year, we would be sharing a graphical representation in the next paragraph. After taking a close look at our records, we realized that exactly as it was at the peak of the COVID-19 pandemic, so it still is. Take a look.
Take a closer look, in the second quarter of the year 2020, there was a massive surge in our sales percentage which was steady for April, May, and June, and guess what month we are in? You guessed right; Now we concluded that people buy rice in bulk and stock them up for all the festivities starting from Easter down till Christmas, still don’t get the point? People are hoarding and reselling when demand is high.
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There’s a philosophy in sales, once you have more in stock than your competitors, you can patiently wait for a switch from supply and demand to demand and supply, then at that moment you have control and with control, you can define your price because of the advantage you already created by buying cheaply in stock and reselling later. Hence, why we are seeing surges in prices today.
What You Can Do
First, you can start off by contacting our lovely customer support crew and they would give you the latest updates on how you can always get rice whenever you need it, we would try as much as we can to always make sure we have rice in stock, local rice in particular, at the moment foreign rice isn’t available as more restrictions have been placed on the foreign rice.
If you are interested in purchasing large quantities of rice in the tones, you can call or chat Dami on +2348101114310 for your rice orders so you can make Demand and Supply work for you and your business. We look forward to hearing from you.