What Are the Best High-Demand Products for 2024?
It's 2024, and you've just started a new business. You're excited but also a little nervous as you want to ensure that you're selling products that people want to buy.
Nigerians consume a lot of products, and some are in high demand. Having a knowledge of these products will help you stay rooted in your decision to start a business.
This article covers 15 high-demand products expected to thrive in 2024 and beyond and how to sell them to achieve your business goals. What are these high-demand products to sell in 2024? Let’s dive right in.
Clothing is one of man's significant needs, and for Nigerians, clothing is more than just a need; it is a want, a statement, and an item of luxury. Nigerians spend a lot of money to shop for clothing and fashion items because looking good is good business. The clothing and apparel market generated a revenue of US$8.50 bn in 2023, and the “market is expected to grow annually by 9.43% (Statista).
This market is expected to sell at least 2.1 billion pieces by 2028. This shows that there’s a big market waiting for you to clinch. With the advent of dropshipping and eCommerce, you do not need to have stock at hand or even a physical store to begin a clothing business, as you can sell online.
How, then, do you start selling clothes? What do you need to get started? To start a successful clothing business, you need to:
- Get a clear idea of who your target audience is.
Are you selling to corporate women? Men? Or do you want to start selling kids' apparel? Do you know the clothing needs of the people you want to target?
Having a clear understanding of who you want to target, their clothing needs, and how they want their clothes to look will set you up for success as you are able to deliver exactly what they need.
- Set SMART sales goals.
“People with goals succeed because they know where they're going.” When you set SMART goals, you are on your way to achieving greatness as it becomes easier to focus on what you need to do to hit your goals.
Let's say your goal is to hit 1 million in profit by the end of Q3. With this goal in mind, you then know how many clothing pieces you'd need to sell to hit that target, and then you start working towards getting those numbers.
- Source quality items.
Quality items help you meet customer expectations and even set you apart from the competition. It gives a reputation and makes it easier for your customers to refer you to their friends and family as they are sure of your product quality.
- Set competitive prices.
Pricing is an important part of your business as it affects your sales, profit, customer loyalty and even competitive advantage. To set your pricing, you need to know your costs and profit margins. Calculate how much it costs you to produce, or source your products, after which you decide how much profit you want to make on each sale. The difference between your selling price and your cost price is your profit margin.
You can also take a cue from your competitors to see how they price their products. Kindly note that this may not work all the time as they are operating on a different frequency. Your prices should be able to make you a good profit and keep you in the market for a long time.
- Invest in good media.
Photos and videos are essential when marketing products on social media platforms. They help the customer see all the details of your product at a glance and could be the reason why someone decides to buy from you. Your product photography should create a visual appeal and tell a story of style and glamour.
- Be content marketing focused.
Far from advertising your clothes, you can create content on style inspiration. Content like “5 ways to style a white shirt” and “3 accessories you can wear with a two-piece” will help you attract new customers.
- Invest in good product descriptions to motivate customers to buy.
- Be consistent.
Related: How to Start an Online Fashion Store
The Nigerian footwear industry generated about $2.40bn in 2023 (Statsita). This industry is further expected to grow by 8.45% between now and 2028. Shoes like clothing and apparel are a fashion statement and will always be in demand.
To start selling shoes, you will need to:
- Know who your customers are.
- Determine the product categories you want to focus on. Sneakers, platform shoes, heels, leather shoes and baby shoes are examples of categories you can explore.
- Acquire capital if you plan on having a physical store. You can also use the dropshipping business model if you have limited money to set up a physical store.
- Source your items. You need to get a good supplier, as quality shoes are your best bet for having a profitable business. People want to buy shoes they can wear once.
- Effectively market your items.
- Invest in good media.
- Make it easy for customers to find you online and shop from your store.
Food and beverages
With over $1m in revenue and a growth of 30% in 2023 alone, Nigeria's food and beverage industry is at an all-time high and will continue to grow. You can start a physical or online business selling food and beverages, go the extra mile by offering convenience to your customers, and have them shop from your online store, after which you deliver their items.
If you are starting a food and beverage business, you’ll first need to decide what exactly you’ll be selling. Some product categories in this industry include:
- Beverage- alcoholic and non-alcoholic beverages, carbonated drinks, bottled water, ice e.t.c
- Fruits and vegetables
- Meat/ poultry/ seafood
- Sugar/ confectionary
After choosing your preferred category, you’ll have to draw a business plan and a feasibility study to know if your business will be profitable in your intended location if you are opening a physical store.
Wigs and extension
Wigs and hair extensions are popular items amongst women, and a recent trend on social media showed that people can save months to get a good wig. From hair bundles to closures, wigging as a service, and hair revamp, this market is big and witnessing new entrants every day.
8 out of 10 Nigerian women wear wigs, according to a survey conducted in 2019 by the News Agency of Nigeria (NAN). This survey, conducted on 1,100 women in Abuja, Lagos, and Port-Harcourt, showed that 81.8 per cent of these women own wigs and prefer it to sew in weaves. Cost-effectiveness and convenience were cited as the reason for the wig preference.
Starting a wig business will require that you do a lot of research as you have to understand the different types of wigs and hair types. You may equally have to partner up with someone in the business to see what each looks like up close. Your research will also include understanding the trends in the industry, competition and the prices at which various wigs are sold.
After you’ve understood the market, you should also decide what kind of wigs you’ll start with. Do you want to go to the whole Afro wig seller? Or do you want a blend of afro and human hair wigs? Decisions. Decisions. Decisions.
Find a supplier who will give you quality hair. Many sellers have been called out for selling fake wigs in the past months. As someone starting, you do not want to be caught in a whirlwind of bad press. So get a good supplier, visit the factory and negotiate your business terms.
Bags and luggage
Statista released a report in June 2023 showing that 41% of the 1,049 respondents surveyed have bought bags this year. They further disclosed that the revenue for bags and luggage in 2023 amounted to $4.16bn. This shows a ready market for you to tap into if you sell bags.
An inexpensive way to start your own bag selling business is to embrace dropshipping, as you spend less capital having physical inventory.
The accessory is expected to grow by 16% between 2023-2028 (Statista), which means more businesses selling accessories will spring up.
To start an accessory business, you first need to define your target audience, which will influence the kind of accessories you sell. After determining the audience, what then will you sell to them? What do they want? This will further help you in sourcing quality items.
You must also define your business with a plan outlining everything from your target audience to your product, competition, market strategy, and business location. If you want an eCommerce business, you’ll also need to define the platform your business will be on. Is it Instagram? Amazon? eBay or Jumia? Define all of these and start working towards creating a brand synonymous with quality.
Cosmetic and body care products
The beauty industry worldwide is growing rapidly, and Nigeria is included in this growth. With the beauty industry experiencing over 20% revenue increase in 2022 (Euromonitor), the market is also projected to grow at a 13% rate annually, defying the country's economic woes.
To start selling cosmetic and body care products in Nigeria, you will need to:
- Decide on the cosmetic aspects. Do you want to focus on skincare? Or Makeup?
- Research your market and get all the necessary information to create a unique business plan.
- Deine your unique value proposition. What makes you different from other cosmetics brands? Why should your customers care about your product?
- Get your online store fixed. While you may want a physical store, your target audience is online looking for where to get specific items, so you should meet them at that point, too.
- Ensure your products are sourced directly from the manufacturer.
Pro tip: do not partner with brands whose products are not certified by dermatologists or whose ingredients are unknown. This could cause issues for you.
- Invest in marketing.
Smartphones and computing devices
Smartphones and computing devices are a large part of the tech industry in Nigeria, and the market will continually grow to accommodate the large number of people upgrading their devices. This market is expected to grow by 6.34% annually until 2028. Some famous brands of products in high demand include:
Phones: iPhones, Samsung, Huawei, Xiaomi, Tecno, Infinix e.t.c
Laptops: MacBook, HP, Samsung, Dell, Asus, Toshiba e.t.c
Phone and computer accessories are equally a part of this market, and if you decide not to sell smartphones and computers and instead sell their accessories, you will still have a large market to cater to.
With the continually evolving technological landscape, people are embracing new ways to do things, making the electronics market a hot seller. With a revenue of $5 billion generated thus far in 2023 and an annual growth of over 5% yearly (Statista), the market is large enough to accommodate you.
Some examples of consumer electronics include:
- Flat screen TVs
- LED TVs
- Smart TVs
- DVD players
- Video games
- Play station
- Refrigerators and freezers
- Vacuum cleaners
- Air conditioners
- Laundry machines
- Printers and scanners
- Digital cameras
- Electronic musical instruments
- Cam coders
- Home theatres
To start selling consumer electronics, you will need to:
- Define your niche. What type of electronics will you sell? Will you focus on kitchen appliances or sound? Or do you want to focus on digital cameras? You need to spell out precisely what you want to do.
- Look out for your competition, factor in what they do and create your unique value proposition. The electronics business has a lot of competition, especially from the already established big names like Hisense, LG and others.
- You also need to locate your business in a place that can be easily noticed, even by passersby. Out of sight is out of mind, so you must be in sight.
- Before making supplies, consult extensively to know who can be a trusted supplier, as you wouldn’t want to partner with a fraud.
After establishing your business, it is essential to note that your service doesn’t end after a sale. Carry out after-sales services like installation for your customers as it helps attract them further.
Health and wellness products
Since the COVID-19 pandemic ravaged the world three years ago, many people have been caught in the consciousness of healthy living, making health and wellness products a sought-after commodity. According to Statistica, the health and wellness market has a revenue of over $2m and will experience an annual growth rate of 9.83% from now till 2028.
Before starting a business in this industry, it is essential to consult with professionals and the governing bodies overseeing this industry so you don’t do something outside their code of conduct and ethics.
Sports and outdoor products
I recently got a yoga mat while also planning to get more items as i prepare for my gym rat journey. All over the country, several others like me are conscious that they need to take their physical health seriously. Schools and organisations are included as there is a demand for sports in the country. A market is ready to be served, from football to basketball and even martial arts.
To sell sporting products effectively, you first need to understand who you will be selling to, after which you can start selling to them. This will also influence if you sell heavy machinery or other sports equipment like balls, attires and mats.
Toys and baby products
Toys and baby products are a lucrative market in Nigeria, which is expected to continue growing. With a growing middle class and an increasing emphasis on early childhood development, there is a high demand for toys and baby products.
As per a report by Statista, Nigeria's toys and games market generated a revenue of US$64m in 2023 and is expected to grow annually by 7.8% (CAGR 2023-2028). In addition, the baby care products market generated a revenue of US$142m in 2023 and is expected to grow annually by 8.4% (CAGR 2023-2028).
To start selling toys and baby products, you will need to consider the following:
- Choose a niche. The toys and baby products market is vast, and you must choose a niche to focus on.
- Know your audience. Are you selling to new parents, grandparents, or toy collectors? This will help you tailor your marketing efforts.
- Source your products. Source your products from reliable suppliers and ensure they are high-quality and safe for children.
- Invest in good media and offer good customer service.
Books are timeless products that will always remain in demand. With the rise of digital publishing, e-books have become more popular. However, there is still a significant market for physical books.
If you are interested in selling books, there are several niches you can explore. Some include fiction, non-fiction, educational, motivational, and religious books. You could also focus on selling books for specific age groups, such as children, teenagers, or adults.
To start selling books, you need to:
- Identify your target audience – Who are you selling to? What kind of books are they interested in? Knowing your target audience will help you select the right books to sell.
- Source quality books – The quality of the books you source will determine how well you reach your goals. You can source books from publishers, second-hand bookstores, and even individuals.
- Set competitive prices – Your prices shouldn’t be too high or too low. They should be set at a price that can keep you making a good profit and keep you in the market for a long time.
- Invest in good media – Take clear photos of your books and create engaging content around them to attract potential customers.
- Be content marketing focused – Develop content around your books to provide value to your customers. You can create book reviews, summaries, and recommendations to help your customers make informed decisions.
Pet products are in high demand as more people adopt and treat them as family members. According to Statista, the pet industry in Nigeria generated a total revenue of US$200.30 million in 2020,
If you are interested in selling pet products, there are several niches you can explore. Some include pet food, toys, grooming products, and accessories like collars, leashes, and beds.
To start selling pet products, you need to:
- Identify your target audience – know who you are selling to and the pets they have before going on a product-sourcing spree.
- Source high-quality products. Pet owners are very interested in everything their pet does, and they invest good money to take care of them. You do not want to be known as the person who sells fake pet products.
- Set competitive prices.
- Have an online presence and invest in good media.
- Develop content around pet care to attract new customers and cement your place as a thought leader.
Furniture and household goods
The furniture industry in Nigeria is a multi-billion naira industry and is expected to reach $17.3 billion by 2024. This growth is due to the increasing demand for furniture and household goods as more people become homeowners.
Before you begin a furniture selling business, it is good to understand the industry to know how best to navigate products. Understand wood type and furniture type. It will also be advantageous if you add consultancy to your furniture business as you transcend from being a furniture seller to someone who offers deep consultancy on the subject matter.
Let’s talk about shipping.
Now that you’ve gotten a hold of business ideas you can try in 2024; it is time to define how your products will get to you. For some of the items you’ll be selling, you may have to source them from outside Nigeria on stores like eBay and Amazon. For these items to get to you, you’ll need a trusted shipping partner who understands the nitty gritty of getting things shipped into the country.
This is where Heroshe comes in. For more than five years, we have helped over 40,000 businesses and individuals get their items shipped to Nigeria from the USA and the UK. And in these years, we have mastered:
Your items will get to you in 10-14 working days, ensuring you always have the items to sell to your customers and improving your delivery rate.
If you’ve experienced the worry of late delivery and delivery of the wrong items. Welcome to Heroshe. Here, we ensure that your items get to you in the best shape so you can do just what you envisioned with them.
The customer support at Heroshe is personal and user-centric. All your questions and inquiries will be answered quickly, helping you make informed decisions.
You can track your product at any time to see the delivery status.
For hassle-free and fast shipping, we offer you competitive and transparent pricing at $8 per pound. With our pricing calculator, you can always see your shipping cost beforehand.
Whatever your shipping needs, Heroshe is here to help you meet them. All you need to do is create an account and start preparing to ship.
The business world constantly evolves, and keeping up with the latest trends and opportunities is essential. The products discussed in this article are in high demand and have the potential to be profitable in the years to come. However, success in any business depends on various factors, including proper planning, effective marketing, a commitment to quality and consistency. Following the tips and strategies outlined in this article, aspiring entrepreneurs can position themselves for success in the competitive business world.
Do not forget to ship with Heroshe for an experience filled with love and swift delivery.