The Impact Of E-Commerce On Emerging Markets

Project and Seminar Material for Commerce

The Impact Of E-Commerce On Emerging Markets


Abstract


Electronic commerce may have large economic effects in the future. Internet commerce will change the face of business forever. Moreover, e-commerce will change banking in 21st century. The e-commerce has affected the global economy in many different ways. First of all, it has affected the information technology, and all the economic sectors, all and above e-commerce has enhanced the productivity growth worldwide and here we are going to discuss this impact, they are able to identify the number of qualified people needed to advance their country’s information economy or to calculate the amount of investments needed to provide business with access to the internet. Some countries are already benefiting from the results, they are now in apposition to benchmark their economies with competitors internationally and there are many ways to accelerate the growth of productivity but the reason for this is rather controversial. Banks and financial services companies in the developing countries will need to adopt online payment system, to obtain e-trade finance and equity investment, tourism and its internet incarnation is regularly cited as one of the fastest growing ecommerce sectors


Chapter One


Introduction

1.1 Background of the Study

E-commerce, is more than just electronics and commerce added together. It represents an entirely new way of doing business over a medium that changes the very rules of doing business. It is therefore, far more about strategy and business management than it is about technology. E-commerce and the internet, if correctly utilized for development, can be instruments for ensuring future sustainable economic growth [1]. Throughout the world, the profound impact of electronic commerce in the economics and societies of the glob will no doubt improve economic efficiency, competitiveness, and profitability (for those engaging in e-commerce) and, therefore result in the development of the information society. E-commerce and the new emerging digital technologies and services can be tools for development and help improve the livelihood of millions across the globe, by linking up remote regions and bringing together scientist, administrators development professionals, managers, and people into projects and programmes to promote economic and social development

The Internet revolution was really about people customer and fundamental shift of market power from the seller to buyer. In the new economy customers expectations are very different than before. A company understanding of this difference and its ability to capitalize on it will be the key to success. The web, the internet and emerging computing and communication technologies have redefined business erasing traditional boundaries of time and geography and creating new virtual communities of customers and suppliers with new demand to product and services. E-commerce only forms a fragment of e-business. Earlier companies had web sites displaying the company products etc. then they started to use the e-commerce as one of the distribution channel in addition to the existing system for sales that is e-commerce. The term Electronic commerce or e-commerce consists of all business activities carried on with the use of electronic media, that is, computer network. It involves conducting business with the help of the electronic media, making use of the information technology such as Electronic Data Interchange (EDI). In simple words, Electronic commerce involves buying and selling of goods and services over the World Wide Web. Customers can purchase anything right from a car or a cake sitting comfortably in his room and gift it to someone sitting miles apart just by click of a mouse. Shipping method is generally used for the delivery of the goods ordered. Every Bank which is highly leading now performs their transaction through computer and computer is not only the concept can make off the transaction automatic. All the commercial application now transfers to the concept of e-commerce and is one of the very important aspects for carrying bank transactions falsity. In the commercial world surrounded by highly competitive and volatile market conditions, any new concept or technology would be acceptable only if it provides strong benefits to all concerned. Ecommerce offers some distinct advantages.

The E-commerce is more than just electronics and commerce added together. It represents an entirely new way of doing business over a medium that changes the very rules of doing business. It is therefore, far more about strategy and business management than it is about technology (ILO, 1999). E-commerce and the internet, if correctly utilized for development, can be instruments for ensuring future sustainable economic growth through the promotion of retail businesses in Nigeria. Throughout the world, the profound impact of electronic commerce in the economics and societies of the globe will no doubt improve economic efficiency, competitiveness, and profitability (for those engaging in e-commerce) and, therefore result in the development of the information society. E-commerce and the new emerging digital technologies and services can be tools for development and help improve the livelihood of millions across the globe, by linking up remote regions and bringing together scientist, administrators development professionals, managers, and people into projects and programmes to promote economic and social development (Goldsmith & McGregor, 2000). The general category of e-commerce can be broken down into two parts which are E-merchandize and E-finance.

E-merchandiseis area that concerns the retail business and the focus of this study. E-merchandize involves selling goods and services electronically and moving items through distribution channels, for example through internet shopping for groceries, tickets, music, cloths, hardware, travel, book, flower or gifts.

Ahmed (2001) reported that the enormous flexibility of the internet has made possible what is popularly called e-commerce, which has made inroads in the traditional method of business management. All facets the business tradition with which we are accustomed in physical environment can be now executed over the internet including online advertising, online ordering, publishing, banking, investment, auction and professional services.

E-commerce involves conducting business using modern communication instrument: telephone, fax, e-payment, money transfer systems, e-data inter-change and the internet. E-commerce is not only a new technology and a new frontier for global business and trade, it is also still evolving. It is essential, therefore for Nigerians to understand in detail what is e-commerce, what are their challenges, and opportunities it holds, lastly what can be done to harness the benefits from e-commerce. All these are being focused upon in this study.

It is important to elaborate on the definitions of e-commerce as that will help determine the scope of the technology and how it can be applied into retail business. E-commerce has been simply defined as conducting business on-line. The organization for economic cooperation and development (OECD) defines electronic commerce as a new way of conducting business, qualifying it as business occurring over network which use nonproprietary protocols that are established through an open standard setting process such as the internet (OECD, 1999). This definition distinguishes it from electronic data interchanges (EDI) type proprietary based networks or intranets that were not based on an open (and therefore, not cost effective information infrastructure) like the internet. In the WTO work programme on electronic commerce, it is understood to mean the production, distribution, marketing, sales or delivery of goods and services by electronic means. A commercial transaction can be divided into three main stages; the advertising and searching stage, the ordering and payment stage and the delivery stage. Any or all of these may be carried out electronically and may, therefore, be covered by the concept of electronic commerce. Broadly defines electronic commerce encompasses all kinds of commercial transaction that are concluded over an electronic medium or network, essentially, the internet.

First, portability improves bottom line of and organization. And secondly expanded market share, some component can be handled by multiple customers at the same time.


1.2 Statement of the Problem

A study by the United Nations Conference on Trade and Development (UNCTAD) has shown that SMEs, while generally lagging in ICT, have the most to gain from increases in productivity thanks to e-commerce. SMEs, however, actually run the risk of missing opportunities in both productivity and profitability by not engaging in e-business.


1.3 Objectives of the Study

  1. To study how e-commerce aid in the economic development of developing countries.
  2. To identify the relationship between e-commerce and emerging market.
  3. To identify the significant impact of e-commerce on emerging market.
  4. To assess the influence of e-commerce in developing an economy.

1.4 Research Questions

  1. Does e-commerce aid in the economic development of developing countries?
  2. Is there a relationship between e-commerce and emerging market?
  3. What significant impact does e-commerce have on emerging market?
  4. Can e-commerce influence the development of an economy?

1.5 Research Hypotheses

  1. H0: E-commerce has no significant impact on emerging market.
    H1: E-commerce has significant impact on emerging market.
  2. H0: there is no significant relationship between e-commerce and emerging market
    H2: there is a significant relationship between e-commerce and emerging market

1.6 Significance of the Study

E-commerce has been hailed by many as an opportunity for developing countries to gain a stronger foothold in the multilateral trading system. E-commerce has the ability to play an instrumental role in helping developing economies benefit more from trade. Unlike the requirements necessary to run a business from a physical building, e-commerce does not require storage space, insurance, or infrastructure investment on the part of the retailer. The only pre-requisite is a well-designed web storefront to reach customers. Additionally, e-commerce allows for higher profit margins as the cost of running a business is markedly less.


1.7 Scope / Limitations of the Study

This study is on the impact of e-commerce on emerging markets using konga online store as a case study.

Limitations of Study
Financial constraint

Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint

The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.


1.8 Definition of Terms

E-commerce:

It is the buying and selling of goods and services or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business, business-to-customer, customer-to-customer or the customer-to-business.

ICT

Information and communication technology (ICT) is another/extensional term for information technology (IT) which stresses the role of unified communications and the integration of telecommunications (telephone lines and wireless signals), computers as well as necessary enterprise software, middleware, storage, and audio-visual systems, which enable users to access, store, transmit, and manipulate information

Economic Development

Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries


1.9 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows

  • Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study.
  • Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature.
  • Chapter three deals on the research design and methodology adopted in the study.
  • Chapter four concentrate on the data collection and analysis and presentation of finding.
  • Chapter five gives summary, conclusion, and recommendations made of the study.

Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was to evaluate the impact of e-commerce in an emerging market.

In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of e-commerce on emerging business in Nigeria.


5.2 Summary

Many companies, organizations and communities in Nigeria are beginning to take advantages of the opportunities offered by e – commerce, critical challenges remain to be overcome before e – commerce would become an asset for a common man in Nigeria. Challenges like, consumer’s confusion, apprehension and risk need to be identified, understood and alleviated. E – Commerce provides tremendous opportunities in different areas but it requires careful application for consumer issues.


5.3 Conclusion

E-Commerce dominance has been on the increase and the growth worldwide has been phenomenon. While may be impossible to completely eliminate brick and mortar business, the reality is that E-Commerce is the future of commerce globally and developing nations been part of a world that has been reduced to a global village have no option 60 than to flow in the direction of the tide or they will be left behind. It is also imperative the consumers who are the end users of the E-Commerce products are continually encouraged so as to ensure attitudinal changes so that they can become more disposed to using these products and platforms. The developing nations are not immune from the fact that E-commerce rightly rides on a technology that causes boundaries of nations to collapse, a platform that has made distance no much of an issue in trade and commerce. It is high time that the developing nations embraced this phenomenon holistically. While issues and challenges of E-Commerce in developing nations are factual, consumer attitude to E-Commerce is changing, as we have seen in the data analysis chapter of the rise in the usage of different platforms by consumers in developing markets. The developing nations are becoming more dominant in the global economy as they are the terrain where growth opportunities for businesses now exist if this is juxtaposed with the realization that E-Commerce represents the future of commerce worldwide, it can therefore be concluded that for developing economies to keep developing, consumer attitude to frequently be checked by regularly feeling the pulse of the consumers that uses there E-Commerce products and platforms as it wouldn’t make too much sense to invest so much into making these products and platforms available and consumer attitude as not moved away from the brick and mortar ways.


5.4 Recommendations

Haven completed the study, the researcher therefore proffer the following recommendations; Issuers of electronic transactions will need to take great care to ensure that the danger of counterfeiting is minimized and they must be very vigilant in monitoring their systems and operations so that fraud can be detected quickly when it occurs.

They should identify ways to increasing interests of e-commerce among retail businesses.
Reduce the usage of traditional payment methods; the traditional payments, where the clumsy and expensive way to handle notes is being replaced by efficient electronic means initiated by various types of plastic cards


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