Profit Without Ethics is a Short-Term Game
The main reason why people do business is to make a profit. Ethics has a big role to play in the long-term success of the business, but some people are controlled by greed, and they end up losing their potential customers.
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In businesses, we must find a way to strike a balance between ethics and profit; we must not let our ethics stop us from making more money, and we must always make sure our desire for more money doesn't eat us up to the extent that we will throw caution to the wind and start overcharging.
I used to have this vendor who happens to be my coursemate. She sells clothes, and I do buy from her. In the beginning, her clothes were still buyable, not cheap but at least not too expensive, so I did patronize her until one day.
She posted some shirt on her status and I love them and I dmed her to ask for the price so I can get one or two but the price she called shocked me, she said the shirt was 18 000 Naira!, meanwhile I bought a shirt having the same design as the one I just want to buy for 5 000 Naira a year before that day. I tried negotiating with her, and she said her last price is 14k, which I still find too expensive for one piece of cloth, so I didn't buy from her.
Two months later, I was discussing with a friend, and the conversation led us to where I could get cheap clothes. And she mentioned Balogun market and Yaba market as the best places to go. Yaba market was closer to my place, so I decided to visit the market the following week.
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I saw the same clothes that the vendor was calling 18k there, and guess what, the price was 6k! That was the last time I patronized the vendor because she was no longer acting like a trader, I see her as an exploiter, the annoying part of this is that she is an online vendor, she doesn't have those cloth she posted, what she does is collect the money from her customer then visit the same Yaba market to pick the clothes which cost her less than 500 naira Tf, and then we meet in school and I collect my package, isn't 12000 gain too much for one single shirt? Well, she lost a customer because of her greed.
Recently, a lot of vendors were complaining online because one TikTokker exposed the warehouse they used to get the things they sell, and that was where it was discovered that they charge an insane amount from their customers. They sell goods they bought for 30k in the warehouse to their customers at a price above 100k, greed at its best... Now no one wants to patronise them again, and even customers are now wise and are going to the main place to get their stuff.
In businesses, Ethics is more important because in the long run, we win the heart of our customers and they stay loyal to us, knowing they can trust us due to how we have been on our best behaviour and never try to exploit them. Profit is certain once we have loyal customers, and it is also better to have 100 loyal customers and gain the normal profit from them than to have 5 customers we try to exploit, cos once they figure out they have been exploited, you will lose them too.
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Some businesses tend to overprice stuff too much which is bad for them because customers will feel cheated when they find out.
But then I guess she is just trying to create a brand for herself, but I don’t think she needs to exploit others in doing that.
she was already known and being patronized and if she had continue with the way she started, she would retain more customers than she lose, but the thing is some vendors call big price for some people because of who they think they are or their dressing and call lower price for some, i believe all customers should be treated same way.
Haha. You’re a rich man so they’re giving you rich people pricing.
It is well. 😅
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Omo, the difference between the prices is very much. I don't know how people do it, though. Or she bought hers from a different market but then you'd find out that the quality is the same in the long run.
I hope she builds a house with those high prices that she is charging her customers.
nah, she buys it in that same market. I later know some other vendors like her in our department who do the same biz, and that is where they get it...
Lol, it won't be possible cos the exploitation won't happen for long before the customer figures it out.
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STOPOmo, see the difference in the prices, some business experts cannot make heaven o
certainly no heaven for them😅
"Profit is certain when we have loyal customers". That sums it up.
And, thank you for pointing us to where we can get cheap clothings in Lagos. 😄
You are welcome 🙂…. Monday, Wednesday and Friday early in the morning is yaba market day.
Eh eh. Thank you very muchhhh
It is a clarion call to business owners to observe closely the ethics of setting up such business to cater for delivery seekers, else the business will begin to lose it vitality in the market space because it's credibility would have suffered.
This is something I'm currently going through with someone. She doesn't know she's about the lose and important customer because of greed and exploitation. Imagine 12k profit
My man, avoid the person before he or she use high price wound you. There was another boutique in the street I use to patronize as well but after I know about yaba market I stop going there as wel and he always sees me in new cloth, one day I just enter into his shop and told him the reason he is not seeing me again is because na for yaba market I Dey get all my cloth now and that same day I bought my last jersey from his shop. I believe he understood the message ..
People need to understand the message. The greed is crazy. I know about yaba market, I went there sometimes back and the clothes are so cheap. Vendors and street side sellers are some of the biggest thieves you'll ever see.
WOW! This is way too much. Her own price is too high. Something of 6k been sold for 14k or 16k there about. And I believe that they also goes to buy it somewhere around there.
Many vendors do this, and they are only teaching their customers to also find the place they are getting it like I did.
Kilode!!!!
This is why I don’t patronize online vendors. Why will she sell a shirt of 6k for 14k and she even told you 18k at first. She thinks you’re like those yahoo guys who will fall for her scam
Exactly, she thinks I am a yahoo guy.
I know that in business it's hard to being honest all the time but in business too much green is a red sign because if a customer lose trust, the customer won't believe the businessmen for the second time unless the customer is fool. Everything should be balanced in business otherwise loss in inevitable.