Recent advancements in Information Technology have revolutionised the way we communicate and information is now accessible from virtually anywhere. The ability of the internet to bring together various races of people from different parts of the world has huge potential for developing up-coming countries like Nigeria.
The amount of information that is now available online has increased dramatically over the recent years, including trade and economic information. The level of e-Commerce transactions conducted in Nigeria in the past three years has increased exponentially, but there are still lots of room for improvement.
E-Commerce is not just about setting up computers and businesses, but encompasses a larger scope. It is about doing business with an entirely different mind-set, using a medium that challenges the very basic rules of traditional ways of doing business. E-Commerce is all about a perfect interface between business management, strategy and technology with a view to serving the customers more satisfactorily.
The internet on which e-Commerce rides is a major catalyst for the economic development of Nigeria. E-Commerce can be placed in two categories i.e. e-Merchandise (selling goods and services electronically) and e-Finance (online financial services and transactions).
A typical e-Commerce transaction involves four major stages; the customer search stage (from the various e-Commerce sites available), the ordering stage by the customer, the online payment stage for the goods and services and, finally, the delivery stage. Some other stages such as inquiry, complaints, returns of goods, etc., may, however, come in at some point within, or along the major stages of the e-Commerce transaction.
It is, therefore, clear from the above that e-Commerce involves the dissemination of pre-purchase information and post-sales services and support. Some of the advantages of engaging in e-Commerce transactions by the e-Commerce sites include reduction of transaction and operational costs, maximising efficiency and convenience of receiving payments online, among many other benefits.
The way an e-Commerce site handles the transactions goes a long way in determining customer trust, loyalty, retention and referral, which will further boost sales and profits.
On the growth of e-Commerce in the Nigerian community, many steps have been taken for its promotion, but there are still lots to be done to make it operate well in the country. Some of the major steps already taken by the government include legislative efforts to ensure that telecommunications companies operate easily by providing the necessary interconnectivity required for e-Commerce to fully take root and the WIN Project, — Finish Reading on the Punch Website
