DESIGN AND IMPLEMENTATION OF AN ONLINE VIRTUAL MARKETPLACE

INTRODUCTION: Online Market, commonly known as e-commerce or eCommerce, or e-business consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle, although it can encompass a wider range of technologies such as e-mail as well.

A large percentage of electronic commerce is conducted entirely electronically for virtual items such as access to premium content on a website, but most electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost all big retailers have electronic commerce presence on the World Wide Web.

​​​​​​​HISTORICAL OVERVIEW OF ONLINE MARKETPLACE

Over the past decade, there has been an extreme jump in internet sales. For example, in 2006, from November 1st to December 26th online shopping soared to $23.1 billion dollars, increasing by 26% from the previous year. Creating a competitive battle with retail stores, online shopping presents a more convenient method of shopping without the lines and the crowds, however, buying online takes away from the social aspect of shopping. Having recognized the lack of social appeal that e-commerce presents, new navigating tools to ease decision- making are being implemented as a result, people are becoming more comfortable with shopping online. As the pressure from online shopping sites increases, retailers have to focus on better marketing strategies to promote products and influence customers to shop in their stores instead of online. In fact, many retailers are now making their products available online.  Thus, a new influx of “click and mortar” retailers are surfacing. The “click and mortar” retailers that provide online shoppers with easy to use features are increasing their online profits and becoming strict competitors to the top online-only companies (ie Amazon and Netflix.​​​​​​​

STATEMENT OF PROBLEM

In human endeavor, there is a lot of development which helps to maximize production, income and operation of businesses at Ogbete main market.  These have brought increase in complexity of marketing system like B2B (Business to Business) and B2C (Business to Consumers) and its operations.