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E-commerce has significant impact on emerging market. E-commerce has been hailed by many as an opportunity for developing countries to gain a stronger foothold in the multilateral trading system… Additionally, e-commerce allows for higher profit margins as the cost of running a business is markedly less. 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 ecommerce 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 countryâ€™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.
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 countryâ€™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.
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. 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 ecommerce) and, therefore result in the development of the information society. Ecommerce 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 ecommerce as one of the distribution channel in addition to the existing system for sales that is ecommerce. 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 ecommerce 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). 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 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 ecommerce. All these are being focused upon in this study.
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