Barriers to the Adoption of E-Marketing in The Banking Sector in Nigeria

Abstract

In the world today, technology is evolving rapidly. Today, artificial intelligence, robotics, smartphones and gadgets, computer programming, remote controls, and other advancements in information technology are new technologies that have triggered a revolution and altered completely the traditional world order. In most developing economies, e-marketing is somewhat a contemporary issue among practitioners, academics, and policymakers. It is one of those concepts that were birthed with rapid advancements in technology. E-marketing is a modern business tool used in the marketing of goods, services, information, and ideas through the Internet and other electronic means (El-Gohary, 2010). Coviello (2004), notes that businesses in the services sector, primarily the consultancy and professional service providers like banks, have shown a robust interest in adopting Internet technologies for marketing purposes as their type of business integration necessitates the use of computer technologies as a core activity. The practice of marketing has been redefined to a level that seeks to change the traditional concept of marketing propelled by technology. As a result, e-marketing has gained prominence as a vital tool for carrying out strategic marketing activities and gaining competitive advantage which has wide-range implications for marketing practice . Firms must take advantage of information technology, especially the internet to survive in the 21st century (Weihrich and Koontz,2005). Nnolim, and Nkamnebe (2007) opine that it is becoming obvious that firms, and consumers who continue to ignore the internet technology would soon discover the difficulty of surviving outside it beacuse it is redefining the relationship between exchange parties and determines the exchange mechanism. Rapid growth in information technology has revolutionized marketing activities and business operations worldwide. Because, businesses are adopting technology and other electronic means in conducting marketing activities, e-marketing has now developed as a new marketing philosophy.