ONLINE ELECTRONIC DATABASE DRIVEN MARKETPLACE
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ONLINE ELECTRONIC DATABASE DRIVEN MARKETPLACE
Chapter one
INTRODUCTION
1.1 Insight into the Online Marketplace
Online Market, also known as e-commerce, eCommerce, or e-business, is the buying and selling of goods or services over electronic systems such as the Internet and other computer networks. With the increasing use of the Internet, the volume of trade undertaken electronically has increased dramatically.
This method of conducting business encourages and draws on developments in electronic money transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data gathering systems.
Modern electronic commerce often makes use of the World Wide Web at some point during the transaction’s lifespan, while it can also include a broader range of technologies such as e-mail.
A significant portion of electronic commerce is handled purely electronically for virtual things such as access to premium content on a website, but the majority of electronic commerce requires the transfer of physical items in some form.
Online merchants are also known as e-tailers, and online retail is frequently referred to as e-commerce. Almost all major retailers have an electronic commerce presence on the Web.
1.2 Historical Overview of Online Marketplace
Over the last decade, internet sales have skyrocketed. For example, from November 1st to December 26th, 2006, internet shopping totaled $23.1 billion, a 26% increase over the previous year.
Creating a competitive war with retail businesses, internet shopping offers a more convenient means of shopping without the lines and crowds; nevertheless, purchasing online detracts from the social side of shopping.
Recognising the absence of social appeal that e-commerce provides, new navigating tools to aid decision-making are being implemented; as a result, individuals are getting more comfortable shopping online.
As the pressure from online shopping sites grows, merchants must focus on improved marketing methods to promote products and persuade customers to shop in their stores rather than online. In fact, many shops are already offering their products online.
As a result, a new wave of “click and mortar” stores are emerging. The “click and mortar” stores that give online buyers with easy-to-use features are boosting their online revenues and becoming fierce competitors to the top online-only corporations (such as Amazon and Netflix).
1.3 Statement of Problem
In human endeavour, there is a lot of development that serves to maximise production, income, and commercial operations at the Gboko primary market.
These have increased the complexity of marketing systems such as B2B (Business to Business) and B2C (Business to Consumer) and their operations.
Based on them, a variety of issues confront the Gboko primary market system, including
Day-to-day pressures in selling
dealing with consumers
Solving basic business problems.
Competition (a new player enters the market, market conditions change, revenues decline, or the company develops new products or services).
The majority of the leads came from the sales staff.
Cannot recognise previously visited customers.
Availability of market (sales and services) throughout Nigeria
Unstable fixed prices
1.4 Object of the Study
The goal of this research is to build and construct a database-driven online virtual marketplace, with a focus on the Gboko primary market.
The web-based programme established in this study essentially delivers all of the necessary marketing services and operations performed at Gboko’s major market, which will assist them in increasing their sales and services revenues.
These operations encompass general sales and marketing management.
In this study, the researchers intend to achieve the following objective:
To develop a more effective market pricing system
To address the issue of geographical location
To maximise sales.
To help improve customer relationships.
Reduces pressures placed on sellers.
Improved inventory management
Easy shopping
Introduces the bidding mechanism.
accommodates more marketers.
To improve the quality delivery system.
1.5 Significance of the Study
Buying and selling are very vital in our daily lives; we humans must market what we have, such as commodities and services, to others who need them, as well as purchase what we lack. Marketing is highly valued throughout the world. The following are some of the implications of this study:
The secured electronic commerce site will assist Nigerians in eliminating the risk of carrying cash and providing the convenience of buying at any time of day.
It reduces the danger of transportation because the buyer does not have to drive far to purchase any things or goods.
It will lower the risk of product authentication and increase commercial transactions because customers will be more confident in the product’s authenticity.
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