Abstract
This paper aims to explore E-commerce as a strategy for sustainable value creation among selected traditional open market retailers in Enugu state. Every town in Nigeria boasts of an appreciable number of traditional retail markets, which play an essential role in African life, acting as both an economic necessity, and a cultural phenomenon that has helped to shape community ideas for centuries. Transactions are mainly conducted using cash. Increased sales, lower costs and enhanced sustainability are potential benefits accruable to the traditional retail markets, considering full adoption of E-commerce. Using a concurrent mixed method, this research used a descriptive survey design with a population, which comprised retailers in the selected traditional markets. A sample size of 234 was drawn from the selected markets using Bill Godden’s sampling size determination. Primary data were collected by questionnaire and interviews, and these data were analysed using descriptive statistics. Hypotheses were tested with chi square. It was concluded that E-commerce has the potential to open up vistas of opportunities in the traditional open markets when used strategically, thereby eradicating incidences of debt, which is a common factor in the traditional retail business, ensuring a mutually beneficial business relationship between retailer and consumer. This ultimately leads to a wider reach, higher transaction rates, bigger profits and sustainability.
Highlights
The world is moving at a faster pace, and globalization, actively driven by technology, is defining nations and their status in the scheme of business globally
This paper aims to ascertain the potential of E-commerce as a strategy for sustainable value creation amongst selected traditional open market retailers in Enugu state, Nigeria
Despite the level of E-commerce awareness amongst retailers in the traditional open markets, few have fully embraced it in their business operations
Summary
The world is moving at a faster pace, and globalization, actively driven by technology, is defining nations and their status in the scheme of business globally. As opined by the United Nations Conference on Trade and Development (UNCTAD), E-commerce has advantages in the form of bridging trade gaps between countries, improved and faster access to markets, whilst lowering costs [1]. The ability to create value relates directly to how efficient a business model is and how good it is at attracting customers and keeping them. It has been reported that companies that use the internet to increase their customer base have the potential to create value.
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