E-commerce:The Business of Internet in Business

E-Commerce or E-Business simply means carrying out business using electronic devices as the “Market Place”. Business here refers to exchange of goods or services for a consideration in form of a payment with a universally accepted means of payment. Against the background of the merging of Telecommunications and Computer Technology that gave birth to Internet in the society today, business or exchange of goods and services that require payment now cut across geographical boundaries. With e-business, one does not need to have a physical contact before consummation of any business deal. Thus, the technological evolution as pronounced with the emergence of internet has not only increased the volume of transactions, eliminated implicit and explicit costs, reduced influence of human factor in business negotiation but has reduced the time lag in consummation of any business deal. E-business has permeated many sectors of the global economy. It is gradually becoming a market place in a number of economic sectors such as in Aviation, Manufacturing, Electronic/Computer, Hotel & Tourism, Banking, Fashion, Entertainment, Distributing & Wholesale industries, etc. However, this enhancement in business transactions though laudable, is not devoid of a few flaws. This, we will try to find out in this work. Against this background, this book – “E-commerce: The Business of Internet in Business” explains how “Internet” has become a “market place” and a global fashion for today's buying and selling of goods and services and the attendant challenges. Also, to explain this technological growth in this new way of doing business to non-ICT professionals and potential benefactors of the technology, we will look at Electronic Payment Systems which are anchored on Electronic Banking (e-banking) with reference to the Nigerian experience. Thus, an empirical analysis of the degree of its introduction, acceptability and limitations in Nigerian Banking environment is carried out in this book.