E-Commerce and Traditional Open Market Retailers in the Federal Capital Territory of Abuja, Nigeria

Abstract

E-commerce encompasses more than just the trade of technology and goods. It's a whole new way of conducting business on a platform that changes the rules of the game dramatically. However, the paper investigates e-commerce and traditional open market retailers in the federal capital territory of Abuja, Nigeria. The study examines the association between e-commerce and traditional open markets in FCT, Abuja, and also examines the association between e-commerce adoption and sustainable value creation in traditional open markets in FCT, Abuja. Spearman’s rank correlation coefficient was used as the estimation technique, and the findings show that there is no significant association between e-commerce and traditional open markets in FCT, Abuja, and that there is a significant association between e-commerce adoption and sustainable value creation in traditional open markets in FCT, Abuja. The paper concludes that e-commerce lowers costs, increases clientele and operational effectiveness, better satisfies the needs of overseas consumers, and ultimately increases profit. E-commerce not only offers opportunities for the modification of customary tasks but also helps to create value that is unmatched for all stakeholders. Therefore, the study recommends that the government should take the lead in providing the necessary infrastructure to enable the growth and acceptance of e-commerce as a means of effective business operations for retailers operating in the traditional open market and that by providing loans to conventional open market merchants to aid in their startup, financial institutions play a significant role in encouraging them to participate in electronic commerce.