There’s something in a name. In the pidgin-English vocabulary that forms something of a lingua franca in Nigeria, the word, boku, simply means plenty, or large in quantity. If you are told that food was boku at an event, especially a social event at which catering was an integral part, the unmistakable message is that there was probably more than enough to eat and drink.
It is safe to assume that when the promoters of Bokku Mart, Nigeria’s latest phenomenon in the retail industry, thought of a name for the new business, they deliberately and intentionally chose a name that would live up to its literary meaning in the Nigerian parlance. For, there couldn’t possibly be a more plausible explanation for the unparalleled and unprecedented spread of a retail chain that was set up less than three years ago.
It is possible if a survey were to be conducted among consumers who have patronized Bokku Mart, the common thread that would run through its findings would show that many were attracted by the name to see, out of curiosity, what the company was all about. Many would say the name was the first attraction. And, true to its name, the company is everywhere, defying its status as probably the youngest baby in town.
Bokku Mart has become a household name in Nigeria, among consumers of all classes. Not many people know that the company, which currently leads the pack of the 10 biggest retail companies in Nigeria with about 124 outlets spread across major cities in the country such as Lagos, Abuja, Port Harcourt, Kano, Ibadan, etc, first flung its doors open as recently as September 30, 2022. Each outlet is strategically located to allow easy access to all classes of customers, including car owners and those not mobile.
In such a short period, Bokku Mart has caused a market disruption never witnessed in Nigeria’s retail sector, which has seen consumers abandon the well-known brands for the new toast. “Before the coming of Bokku, I used to patronize (name withheld) which is quite close to me,” said Olamide, a resident in the Akowonjo area of Alimosho Local Government Area of Lagos State. “But since the establishment of Bokku at Dopemu, I don’t mind walking down or taking a bike there to do my groceries shopping. Their prices are cheaper and worth the stress of going there. I love their bread, and I always want to have it at home.”
With the recent opening of an outlet at Micom Bus Stop, about one kilometer away, Olamide now has a choice between two Bokku marts. It does not matter to her that she has to go past two older and relatively popular names, including a foreign brand, to get to her preferred mart. Olamide is not the only one that prefers to leave the convenience of buying from nearby supermarkets to go long distances to buy at Bokku stores. There are many like her who consider price more than proximity. The situation in the country has forced every Nigerian to become an astute financial manager.
What did the company do differently to attain a height never seen in the retail industry in Nigeria? The answer to this question lies in the thinking that the best way to reach consumers is to take goods to their doorsteps in small outlets, rather than set up elitist mega stores in far-flung areas where they can barely get to, or would need to be mobile to access, which is common with the older and bigger names in the retail business. This is akin to the strategy adopted by one of the biggest Pentecostal churches in Nigeria, which has a branch within 500 meters radius across the country, where worshipers can access on foot. As a retail management firm, the promoters of Bokku Mart, Atreos Limited was able to leverage its expertise in retail management to run Bokku on the business model that is giving them an edge over competitors. In other words, the main edge of Bokku Mart that as set it apart from its competitors is the retail management background of its promoters, the Atreos.
As the popular saying goes, dynamite comes in small sizes. You are likely to see a Bokku outlet, small in size, tucked in the middle of a busy environment, with probably not more than 20 shoppers at any given time. The consumer does not need to go farther than two kilometers to locate a Bokku store.
One other major reason for the phenomenal growth of Bokku Mart is the unique marketing strategy of selling at prices that are considered among the lowest in the country. But more importantly, the company’s prices are heavily discounted to allow buyers, particularly market men and women, do bulk purchasing for the purpose of reselling to other consumers outside the precincts of its outlets, at profitable prices. This way, the company helps to boost the businesses of its customers in a manner that is not very common, thereby creating wealth. In fact, Bokku has introduced many young Nigerians to small businesses in the course of operating as a normal business concern.
These are people who would otherwise have remained idle or combing the streets for jobs that are no longer available.
Every Bokku Mart outlet is a complete market on its own, with a wide range of product offerings in different categories such as groceries (household consumables like beverages and toiletries, packaged food and fresh farm produce); electronics (mobile phones, laptops, home appliances); clothing and accessories for the family; health and beauty products, including health supplements, as well as furniture, interior decor and kitchenware.
Bokku Bread, a product from the company’s stable, has become the favourite of consumers. It’s a common site to see customers form queues to buy the bread at Bokku Mart outlets wherever they are located, because of its high demand. And for anyone doing a first-time tasting of the bread which has a unique and very strong aroma, there is a high probability of getting hooked.
The bread is one of the company’s products that are sold at heavily discounted prices to give customers the window of opportunity for resell. For instance, when one of the breads sold for N1, 250 at the company’s shelfs, it gave anyone with a desire to resell a profit of N250 for each loaf, at the cost of N1, 500 outside. The company’s desire to help others grow is evident in the fact that it allows one customer to buy up to 20 loaves, even when it knows the bread is not for domestic consumption. And a customer is allowed to buy more than once in a day. This strategy accounts for the fact that Bokku Bread rarely remains on the shelf till the end of the day. The bread prices vary according to type and size.
What the Bokku Mart has going for it is the fact that it is run on the business model of combining physical stores with online platforms to reach consumers. A customer’s first online experience with the company has the potential of eliciting a desire to visit any outlet nearby, to experience the company’s increasingly well-known customer centricity. This has contributed tremendously to its popularity, thus increasing its customer base.
Another important factor that has aided Bokku’s spellbinding growth and popularity is its effortless ability to adapt to market trends and customers’ preferences. This has been made possible by the focus on customer satisfaction. Beyond low pricing of its products, the company adds home delivery to its service mix, in line with its strategy of taking goods to the customer at his location.
But despite Bokku’s popularity and the ease with which it has virtually displaced older and relatively bigger names, it is not yet Uhuru. There are still more grounds to cover, more territories to explore and more battles to fight, especially in an environment that is getting increasingly challenging and competitive. Regular consumers at Bokku Mart are of the opinion that the company needs to increase their menu list. This is because, unlike other larger superstores where everything can be found in one outlet, many products cannot be found in Bokku outlets. The company plans to invest in advanced technology in order to be able to make more inroads into e-commerce by expanding its online platforms. The opening of physical stores has been a continuing exercise, such that it is possible as you are reading this, a new outlet might be springing up somewhere to alter the figure mentioned earlier.
Bokku places a high premium on building strong local and international partnerships in order to sustain the reputation for quality products and excellent customer service that it has succeeded in building in its short period of existence. This is in full understanding of the fact that while it is easy to get to the top, it is far more difficult to remain there. The company has literally shocked older players out of what was probable a deep slumber. Those ones are not going to sit down, arms folded, and watch a new comer sprint past and disappear out of sight, taking their customers along.
Bokku’s acceptability by Nigerians, which is obvious in its rapid expansion, reflects positively on its financials. The company’s revenue has maintained a steady increase in its short history. Its recent and only available financial reports show a year-on-year revenue of 15 per cent.
A major mystery that surrounds Bokku Mart, just like its meteoric rise, is about its ownership. Some media reports about the ownership of the company name a certain Adewale Adeyemi as the founder and Chief Executive Officer of the company. Other reports attribute ownership of the promoter of the mart, Atreos as a German company. But the mystery lies in the fact that those who work in the company claim ignorance of anyone by name Adewale Adeyemi. So, who owns Bokku Mart? Though for now, consumers are not so concerned about the ownership of Bokku Mart as they are about the excellent services it renders.
