Lessons from Shiko of Hiii Style's Business Model
Shiko of Hiii Style (An entrepreneur) has taken the Kenyan TikTok & trading scene by storm, sending shockwaves through wholesalers and retailers of utensils, cutlery and other home goods.
Shiko of Hiii Style (An entrepreneur) has taken the Kenyan TikTok & trading scene by storm, sending shockwaves through wholesalers and retailers of utensils, cutlery and other home goods.
For the longest time, everyone believed Kamukunji was the go-to place for affordable cutlery and utensils. But Shiko is flipping the script, proving that goods can be even cheaper!
Right now, she’s in China, showing just how cheap products are over there and leveraging economies of scale to bring them to Kenya at competitive prices. Naturally, this is causing some tension among Kenyan traders, who are used to enjoying profit margins of 300% to 400%.
What’s even more brilliant? She’s asking her customers for feedback, encouraging them to share the types of products they want from China, and taking pre-orders for those items. Genius!
Her entire business strategy revolves around TikTok for advertising, and she only accepts orders through her e-commerce website, nowhere else.
While some customers have asked her to offer order placement via WhatsApp or phone calls, she’s held firm on teaching them how to navigate her website for purchases. Here are 10 lessons I have taken from all this:
1. We’ve been saying "digital is the future" for over a decade. Well, the future is here. Adapt or get left behind! It’s no longer acceptable to say, "We’re not social media people."
2. A good e-commerce website is a must. You need to invest in both the technology and the right team to manage it. (We Torras Digital Africa can build one and hire a team for you)
3. Kenya’s spending power has shrunk significantly. People want to spend their hard-earned money on products that offer real value.
4. Economies of scale can work wonders. Look for opportunities to apply this principle to reduce costs for customers and expand your market reach.
5. Transparency is key; customers love it!
6. Listen to your customers and involve them in your journey. When they feel heard, everyone wins.
7. Pre-orders are incredibly effective!
8. There’s enough pie for everyone. Be strategic and you’ll find your slice.
9. As an entrepreneur, you can be your biggest and best influencer. Invest in building your brand!
10. Yap about your business! Yap! Yap! Yap! Never stop yapping!
What other lessons can you draw from Shiko and her business model?