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
I’m certain in time we will get there. Nigeria as well as Africa is growing.
good review
E-commerce is the new Oil Well for developing economies like ours. Alibaba and a host of others are raking in millions of dollars from this sector. I just wish we would do some diversification on time so as to save the country from economic quagmire that we are presently in.
This is a great write-up. And I hope someone right at the helms of affairs is reading this and would also act on it for the benefit of all.
One of the major issues of E-commerce in Nigeria’s is the fact that most Nigerians are yet to fully accept online payment. You can see that out of the millions internet users only about 200, 000 have active cards that can be use online. Even at that, most people prefer the option of pay-on-delivery than online payments. so it is also line up on mentality and mindset
Truly the new oil well. Or should I say new to us cos it’s been there just that it’s untapped.
Mentality and mindset will always play a major role for we are still growing in this sector. Trust is a key feature in customer relation in order for this sector to be fully appreciated and welcomed in the hearts and minds of the people.
E-Commerce as name implies means electronic commerce. E-Commerce was introduced into nigeria not quite long ago. E-Commerce is gradually gaining ground among nigerians but more awareness need to created about this means of purchasing goods and services through internet in order to improve and expand the e-commerce sector of the nigerian economy. I think the government needs to do more to help the e-commerce sector of the nigerian economy. As said in the post I think trust is the major issue with e-commerce website as nigerians should be careful about fake and dubious e-commerce websites when making payment for goods and services in order not fall into hands of 419. The e-commerce companies in nigeria needs to improve on the services they render to their clients from the ordering stage to the delivery stage. In conclusion I can say e-commerce is growing gradually in nigeria with the increasing number of e-commerce companies but it still has its problem and challenges.
yea E-commerce has great advantages but the disadvantages cannot be overlooked. But i believe with time, we are gonna get there. I love dis review
I think E-commerce in Nigeria has grown drastically and we can still do better than we’ve been doing.
E-commerce in Nigeria has know an unprecedented Boom in recent times and, I was thinking one day: probably Internet has come to revolutionized our markets, the same way industrialization did to production some centuries ago. There are more and more transactions being done online today than they are done physically. It’s a paradigm shift
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