Review of E-Commerce Applications in Nigeria: Benefits and Challenges

Abstract

E-commerce is a profit-making transaction strategy that enables faster and wider business transactions in wider contexts of economic value and value creation via the Internet. The paper studies the current situation of e-commerce applications in Nigeria, with an emphasis on the drawbacks and advantages of online shopping in Nigeria. A review of the literature revealed that e-commerce applications have expanded dramatically over the years, creating a wealth of potential for both consumers and businesses. It also became clear that, despite the expansion, a number of challenges still prevent the business from reaching its full potential. Scarce infrastructure, weak legal enforcement, poor financial inclusion, a lack of access to technological advances, and a narrow selection of goods are a few of these barriers. Furthermore, research reveals that a lack of trust and knowledge is another factor impeding companies’ and customers' adoption of e-commerce applications. Notwithstanding these obstacles, the country is working to advance e-commerce applications by expanding technological access, assisting small and medium-sized businesses, and encouraging cooperation between the public and private sectors. In conclusion, the study indicates that the Nigerian e-commerce market has sizable potential and that continuing attempts to address current issues may result in additional development and growth.