CHAPTER ONE
1.0
INTRODUCTION
1.1
INSIGHT
TO ONLINE MARKETPLACE
Online Market, commonly known as e-commerce
or eCommerce, or e-business consists of the buying and selling of
products or services over electronic systems such as the Internet and other
computer networks. The amount of trade conducted electronically has grown
extraordinarily with widespread Internet usage. The use of commerce is
conducted in this way, spurring and drawing on innovations in electronic funds
transfer, supply chain management, Internet marketing, online transaction
processing, electronic data interchange (EDI), inventory management systems,
and automated data collection systems. Modern electronic commerce typically
uses the World Wide Web at least at some point in the transaction's lifecycle,
although it can encompass a wider range of technologies such as e-mail as well.
A large percentage of electronic commerce is conducted entirely
electronically for virtual items such as access to premium content on a
website, but most electronic commerce involves the transportation of physical
items in some way. Online retailers are sometimes known as e-tailers and online
retail is sometimes known as e-tail. Almost all big retailers have
electronic commerce presence on the World Wide Web.
1.2
HISTORICAL OVERVIEW OF
ONLINE MARKETPLACE
Over the past decade,
there has been an extreme jump in internet sales. For example, in 2006, from
November 1st to December 26th online shopping soared to
$23.1 billion dollars, increasing by 26% from the previous year. Creating a
competitive battle with retail stores, online shopping presents a more
convenient method of shopping without the lines and the crowds, however, buying
online takes away from the social aspect of shopping. Having recognized the
lack of social appeal that e-commerce presents, new navigating tools to ease
decision- making are being implemented as a result, people are becoming more
comfortable with shopping online. As the pressure from online shopping sites
increases, retailers have to focus on better marketing strategies to promote
products and influence customers to shop in their stores instead of online. In
fact, many retailers are now making their products available online. Thus, a new influx of “click and mortar”
retailers are surfacing. The “click and mortar” retailers that provide online
shoppers with easy to use features are increasing their online profits and
becoming strict competitors to the top online-only companies (ie Amazon and
Netflix.
1.3
STATEMENT
OF PROBLEM
In human endeavor,
there is a lot of development which helps to maximize production, income and
operation of businesses at Ogbete main market.
These have brought increase in complexity of marketing system like B2B
(Business to Business) and B2C (Business to Consumers) and its operations.
Based on these, a
number of problems are facing the Ogbete main market system which include
a)
Day-to-Day pressures of selling
b)
Coping with customers
c)
Solving basic business problems
d)
Competitions (a new player enters,
market conditions changes, sales drops, the company introduces a new products
or services).
e)
Most of the leads came from the sales
staff.
f)
Unable to recognize previously visited
customers
g)
Availability of market (sales and
services) to the whole parts of Nigeria
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