The emergence of modern technologies especially the internet has had an impact on the world in numerous ways. One of such economic benefits of the internet is the introduction of e-commerce which enables people to buy and sell online in various locations across the globe. With the use of e-commerce platforms, one can conveniently shop online for various items ranging from furniture to electrical gadgets, clothes and even food items without leaving the comfort of one’s couch at home. Beyond the purchase of goods, the offer and acceptance of technical and non-technical services can also be transacted online. Examples of the popular e-commerce businesses include Amazon, Alibaba, eBay, Jumia, Konga, Payporte, Shopify etc.
The e-commerce industry has, since its emergence,recorded an exponential growth. In 2019, e–commerce accounted for about $3.5 trillion in sales and this number is projected to increase to about $4.9 trillion by 2021. In the US alone, e–commerce is reported to represent over 10% of retail sales and this number is expected to grow by nearly 15% each year.In Nigeria, the e–commerce industry is estimated to have generated about $13 billion in 2018.
