As a retailer, you must be updating prices of your goods every 15minutes. You should all join a group WhatsApp where you can communicate and share current market prices to each other. Before you sell any of your product, call market to see if you're making profit or not.

Sleekfingers:
🤣🤣🤣😂


What was the seller thinking before?.

At the end of every receipt there's sentence there. That "there's no refundable after payment". And what if the customer received a call that price has been reduced would the seller reduce the price of the door.

OlujobaSamuel:

Likely the case, he lost the deal because he wasn't prepared enough.
Normally, with the quantity he bought, you would have known he wasn't prepared for such price to have left for 2hrs after payment before coming back to pick it.
He probably thought he would have an edge since payment has been made.
I do tell my customers, due to the nature of my business (poultry), any fund you paid is just for safe keeping till the day you are picking up your stock, don't tell me a bag was 6k this morning, so you are paying 6k this afternoon, I won't use my capital to start business, and still be using borrowings to run it when I'm making sales but no profit

Something needs to be done about this absurd inflation. It has never been this terrible. How can something you bought in the morning have added more money in the afternoon?

Justiceleague1:
U have ya receipt abi? Carry your property and go,simple

Exactly, once an exchange has been made and a receipt available the doors don't belong to the seller anymore.

wisestman:

The seller probably got a better offer while the buyer was away. He just wants the buyer to either pay or ask for a refund if the new price is not okay with him. I don't see any wrong doing. Buyer should ask for a refund if not happy

The seller doesn't own the items anymore an exchange has been made the transaction is settled once he received the funds asked for.

starpower:
Have seen this happened in my office multiple times, times are really hard for retailers as that 400k might be profit on 30pcs gone like that.

The trader should have applied all this to the transaction before receiving funds. If I an the buyer I'll simply take him to court win the case and demand for reimbursement of my legal fees.

ify2016:
High time government start arresting all this guys.
Some Nigerians are naturally wicked.
People are just increasing prices of things anyhow without regulation.

Serious sanction should be imposed on any business man or woman causing more hardship to the citizens

It's the duty if the consumer protection agency. They need to wake up

OlujobaSamuel:

One or both of Dem be thief.
Some buyers will go about asking price finding out if there is a seller still ignorant of the current price, when they found one, they won't just buy little, they will mop up the stock because they found it cheaper, if seller should get the current price while he is still having control over the goods, he will use that to hold the buyer to ransom
Those saying he has the stock on ground before, if he is selling for 100k and it's now 120k, where will he get the additional 20k from, not to talk of his markup so he can get profit.
Late last year to early this year, price of poultry feeds was just flying anyhow, morning price is different from evening price, I was selling a bag with 200 margin, it got to a point, I was borrowing to restock, I had to increase my margin to 600, that way I still get my 200 on each bag, why the 400 cater for the new price as it increases by 300 everytime

His markup should be on the restocked items not the ones he himself bought at a lower price.

Your argument is daft at best, imagine you receive a contract to supply 20 bags of feed and you agree the price and you receive the funds and invoice the transaction, only to then tell the buyer the next day when the goods are to be collected that the price has gone up since yesterday and so he should add money to collect the goods you are infact commuting a crime of theft.

crossfm:
Hehehe.

The seller is a big clown.

The guy should get the police involved and carry his items.

The fact that he has paid, means he now own the items.

No, it is called DEPOSIT. If fire gutted the items would buyer accept the loss?

wisestman:

The seller probably got a better offer while the buyer was away. He just wants the buyer to either pay or ask for a refund if the new price is not okay with him. I don't see any wrong doing. Buyer should ask for a refund if not happy

You don't see anything wrong abi? Until you pay for operation today then when you show for the procedure dem increase the price before dem gree to perform the medical procedure then you will say that they are greedy ba? This is one of our biggest problems in this country called Nigeria. We Nigerians are our own enemy!!!

Validated:


No, it is called DEPOSIT. If fire gutted the items would buyer accept the loss?

Does the receipt the buyer has show deposit on it?

Omoapena:
Reasoning from seller perspective, after receiving money for the goods, he might have placed a call to his own supplier/source and he probably got information from his supplier/source that price of the goods have gone up, with the increment in the price of the goods, he won't be able to restock and thereby leading to total loss for him..

That's why in business, it's very good to be updated about price before selling.



Reasoning from buyer perspective,if he has been issued receipt for the goods, then, he has right to receive the goods but if not, he should just get refund and walk away...

The buyer doesn't need to be issued a receipt for the transaction to be completed, the transfer of funds is enough. Howeve a receipt is proof of transaction and in a legal matter settles the conflict in the favour of the buyer.

OlujobaSamuel:

I have a buyer, anytime I see him, I know there is hike in price, even if he already pays and I'm not aware, immediately I know he is the one, I will tell my salesgirl to tell him to pay the new price or he gets his fund back.
The seller's profit might just be 100k from that 400k, so he should use his personal fund or borrowing to fill the shortage.
In business, no one comes back to thank you for selling it cheap

It's because that buyer is ignorant, you try that with me you'll be seeing the four walls of a jail

israelmao:
Truly,there is high inflationary spiral but some businessmen and women are compounding it with arbitrary increase in commodity prices.Last week I went to buy one of regular household items,the first seller I approached had no change after making purchase I was now forced to return the item for lack of change,I then went to another shop opposite the former shop I was surprised that there was almost 30% increase on the same item and this is an item I buy from time to time.Many people are taking undue advantage of the economic situations to add to the woes of their fellow citizens.

This is the reason why whenever there's protest people tend to focus on their shops because of their wickedness in the name of business.

Igbo traders

Daystar7:
The comments here clearly shows that Seun is breeding kids and illiterates on this forum.
This is business. I'm not in business to loose. If my distro calls me to inform me about the hike in price of my consignment,what I'll do is to break it into the ones I have already in stock so I'll have the capital to get new consignment. The profits from the previous consignment has vanished with the hike so what do you expect I do? Some people in business get consignments from their distro on credit esp those that deal on imported consignments. Do you know how many importers Tinubu ruined their lives in the space of 6 months? Imagine running loss on a consignment you got on credit, how do you go about it? Loan is suicidal esp with hike in interest rate.
Una just funny, now if the man has paid already and has collected receipts then I don't and won't consider it my goods anymore but his but if he made part payment then it's still mine and he'll have to either pay or ask for a refund and take his business elsewhere.
I did tomato and Onion business during my youth service and that business is one of the most riskiest business ever. The price fluctuates in hrs, it can make you an overnight success or failure and nobody cares. Business is business. If he's got receipt of his purchase let him go to the nearest police station and it will be resolved but if not he should kindly pay up or ask for a refund and take his business elsewhere

Even if he made a part payment if you have issued a receipt stating the total price to be paid, the deposit paid and the balance to be collected the deal is done, the transaction is sealed and can only be renegotiated with the consent of all parties.

dododawa1:
Na

ONE


TRIBE


GREED

But calling it

BUSINESS

which tribe? Yorubas are the most greedy people in business or leadership. I personally don't buy things from them cos their price is always high, they have no fixed price for their commodities, I just hate doing business with them, whether as a buyer or seller, they must cheat you, just look at the one in govt, has naira ever been reduced this way? has fuel been this cost? that's yoruba for you, extremely greedy, crooked and crafty, in their devilish mind it's smartness....tchew

SoNature:


No, it's not the same thing. If he sells below the current selling price (from his source), he will practically run out of business because he won't have enough money to restock

Sellers sell to buyers and restock later. You can only sell something below its selling price if you don't wish to return to business again.

Really! Evidently there are many cash and carry. Container businessmen in Nigeria

I can opt to sell goods I have on hand which I purchased at an earlier date at a lower price at a "discount"

It may be a discounted rate to the buyer but I may be able to cover my cost from the transaction or break even when I include my overheads or just to stop the loss from holding dead weight.

Holding onto stock is itself a loss because you have limited storage capacity. This is why the Asians make much better business people they understand trade and stock management.

The nature of business is a risk and that must be given due consideration when securing funds, loans, planning bulk purchases and marketing the product.

This is what is called truly knowing your market. That seller is better off selling at 160k than sitting on those doors for another 1 week waiting for another 40k profit to balance restock. There is an overhead cost to keeper dead weight stock.

Before you say nonsense I worked in major consumer electronics retail for an European chain around 2010 we were doing 500k daily, on boxing day Xmas period 2M was normal , I was close to the regional manager nice British bloke and he schooled a few of us on basic stock management and planning.

He would wake up one morning look at a few items left-over from a large shipment that have been sitting for 1 month eg 10 TVs left from a shipment of 600, he'll look at the costs, some overheads and apply a stockroom premium let's say 2cents per day since it's been dead weight and we'll throw them on a discount pile and clear space for more items inbound. Because truly it cost money to keep those items and usually that discount pile would be gone in less than 4hours, a real consumer economy is one that understand impulse purchases and how humans reason when rationalising a purchase

Walmart , Tesco Eurogint, lidl aldi, Asda etc are not daft when they plan reduced prices. The decisions are tactical and not arbitrary and increase in prices are neither too

omoredia:
Who wan lose? Blame ur bad and corrupt government jare. It starts from the top

Guy, everything is government? Dont you have conscience? You came to my store to price an item. We agreed price and I paid you. You even issued me receipt for the item. The deal has been sealed but suddenly you now request for more money. Government has nothing to do with this. It is we ourselves that are mostly evil. Mind you, na this mentality we go still take criticise government.

The seller won't dare try this with a uniformed army officer. Greedy souls everywhere! After payment and you issued receipt to the buyer? You must be a clown of a seller. The transaction was sealed immediately after the receipt was issued to the buyer.
Mr Seller,you're an armed robber not carrying a physical gun. Tueh! You need to be jailed without parole.

MyExpression:
Contract ends upon payment/receipt.

It's no longer your property...you can only charge security fee for the 2hr demurrage.

Nothing concern dollar for this one...but the good thing is...as long as item still dey ur shop, you can breach the contract and stay execution.

...and he can sue you for every value of that 1.6m within those 2hr you had his money in your custody.
If you want him to pay the current cost of the doors, then you have to refund the current monetary value of the 1.6m he gave you 2hrs ago.



You think say you dey wize!

Keep speaking English. Your receipt is void if those goods are still there.

ify2016:
High time government start arresting all this guys.
Some Nigerians are naturally wicked.
People are just increasing prices of things anyhow without regulation.

Serious sanction should be imposed on any business man or woman causing more hardship to the citizens

Go and arrest then na. You think it's easy to start up a business and maintain it.

yommen:


Guy, everything is government? Dont you have conscience? You came to my store to price an item. We agreed price and I paid you. You even issued me receipt for the item. The deal has been sealed but suddenly you now request for more money. Government has nothing to do with this. It is we ourselves that are mostly evil. Mind you, na this mentality we go still take criticise government.

Lawless leaders will breed lawless citizens.

sweetgala:


His markup should be on the restocked items not the ones he himself bought at a lower price.

Your argument is daft at best, imagine you receive a contract to supply 20 bags of feed and you agree the price and you receive the funds and invoice the transaction, only to then tell the buyer the next day when the goods are to be collected that the price has gone up since yesterday and so he should add money to collect the goods you are infact commuting a crime of theft.

Seems you are not aware that contract are sometimes renegotiated, one of the reasons for abandoned project litters around is because some are going through renegotiation phase with the govt due to inflation or forex fluctuations

sweetgala:


It's because that buyer is ignorant, you try that with me you'll be seeing the four walls of a jail

No be only jail, na prison, una just love to dey throw words around anyhow

OlujobaSamuel:

I have a buyer, anytime I see him, I know there is hike in price, even if he already pays and I'm not aware, immediately I know he is the one, I will tell my salesgirl to tell him to pay the new price or he gets his fund back.
The seller's profit might just be 100k from that 400k, so he should use his personal fund or borrowing to fill the shortage.
In business, no one comes back to thank you for selling it cheap

Using same logic, what if when the buyer after paying the 1.6 million for the goods at 9am, he returns to pick it by 6pm and the market price have fallen to 1.2 million. Will the seller give him back his 400k and still give him the goods?

omoredia:
Who wan lose? Blame ur bad and corrupt government jare. It starts from the top

Hear yourself... 2hrs and payment was made ... Some of you are just stupid to the core

Lovelyn451:
which tribe? Yorubas are the most greedy people in business or leadership. I personally don't buy things from them cos their price is always high, they have no fixed price for their commodities, I just hate doing business with them, whether as a buyer or seller, they must cheat you, just look at the one in govt, has naira ever been reduced this way? has fuel been this cost? that's yoruba for you, extremely greedy, crooked and crafty, in their devilish mind it's smartness....tchew

guilty conscience indeed.

Cmanforall:


No, it doesn't work that way.
He can get his money back.

Why did he not take the product aafter payment ?


The way Nigeria is now, the seller may not be able to buy the raw materials he used to produce those doors again at that price

They could have simply come to terms at the middle

Oga, once you get receipt, the goods are you
The receipt is the title deed to those goods before the law. This is sentiments aside.

SoNature:


No, it's not the same thing. If he sells below the current selling price (from his source), he will practically run out of business because he won't have enough money to restock

Sellers sell to buyers and restock later. You can only sell something below its selling price if you don't wish to return to business again.

Read the report again, he has already sold the produce in profit only to reclaim it back after 2 hours. What if this seller bought every single door in this shop and took it away in his vehicle immediately? Does it mean his business will close?

Do you know that that same door was once sold for 20k some years ago, did those that sell at that price close up their shop?

The pure water that is sold for 50 naira per ratchet now was once sold for 5 naira, did they close their business because of price fluctuation.

Every business has a profit and loss account, goods sold has no value again

OlujobaSamuel:

No be only jail, na prison, una just love to dey throw words around anyhow

I can't facilitate a prison when I'm not the judge but I can help the DPO see you into a jail cell pending when the magistrates grants you bail

OlujobaSamuel:

Seems you are not aware that contract are sometimes renegotiated, one of the reasons for abandoned project litters around is because some are going through renegotiation phase with the govt due to inflation or forex fluctuations

Contracts are renegotiated on the agreement of both parties and one party can not compel another into a contract renegotiation under force or duress when the existing one has not lapsed or been broken by either party.

The buyer here if he has made full payment under the "verbal" understanding that the price has been negotiated and accepted can not be forced into a renegotiation. He for all intents and purposes is the owner of the doors even if an invoice has not been issued. The invoice would only strengthen his case as an undeniable evidence. The seller would then have to prove that he did issue the invoice under duress