This chapter unfold the impact of Web-based Trading System, it background information, the statement of the problem, it expresses it aims and objectives, the significance of study and the scope thereof and it focuses on it limitation.
1.1 Background Information Of The Study
The internet has revolutionized the act of purchasing goods and services at the beckon of one’s impulse irrespective of the distance and location also the ease to supply and sell products; simply there is a financial exchange for either item(s) or services directly or indirectly. According to David(2011) Advertising Empire: Race and Visual Culture in Imperial Germany, Corporate bodies such as financial institutions, manufacturing industries and other like individuals now embraces the web platform for exercising exchange of mental resources, products and services for cashless-flow. The internet is the largest global set of computer communication network which is vast to accommodate a global economic trade of differs pattern and styles from selling heavy duties machinery to buying pen and cloths even rendering services as simulative ubiquitous learning, based on its universal access from all nations of the earth the internet serve as a medium of electronic transaction, boundless from any digital transaction except by restriction from merchant. The internet is actually a platform for advertising products and services and creating awareness of one’s intellectual property for financial fortunes.
Electronic trading is distinctively the most eminent function of the internet, the internet has had profound impact from inception in the lives of human in various facets as in informative approach, electronic trading is informative because it displays goods and services that are available for sales from various electronic stores and there are varieties of commodities that are available constantly, consistently and continuously online from different merchants, thereby providing billions of people entrance to trade at the click of the buttons, which unfold the wide range of transaction appreciation and dissatisfaction from different items purchased via customer response to encourage more buyers of such product or to dissuade one from purchasing such item, thereby positioning as a giant stack of financial transaction medium.
For electronic commerce to occur there need to be an access to the internet from any available devices at hand such as desktop PC, laptop, phone, tablets etc. to gain authorization by making placement of items and adding to cart and usage of smart card from various vendor or merchant id as in PayPal these devices are necessary in transaction process from access to the internet to placement of item then to payment of such item via smart card and shipping, furthermore to tracking of one’s item and finally receiving of one purchased item either from a courier services agent or at your door-step as the case maybe. The financial transaction can be done within few seconds, although when an item is outside a geographical sovereignty the item might take few days to arrive its destination depending on the weight of the item, which can be shipped via airplane or ship, finally checked by Custom of a different nation, else if it with a geographical location arrival might be at one doorstep same day it was purchased.
Federal University of Technology Minna Niger State, will be engaging in electronic campus trading to ease the purchase of items and services within the campus communities to create avenue for awareness of personally items to be sold by staff and students and auctioning of university items such as vehicles, Air Conditions, Agro produces, Computers, printers, intellectual services, farm implement, etc. furthermore individuals within the campus community can also engage in the campus electronic trading, for a startup the platform will encourage online trading awareness where individual would be capable of advertising one’s items for sale for member of the campus communities Bosso and Gidan Kwano campuses, the mode of transaction would be based on items displayed from the university online server whereby potential buyers and sellers meet online later contact each other for final purchase within the campus community, i.e. if a student or staff need to sell for instance a shoe or a car such item can be advertise online through the campus trade platform and there will be people interested to purchase such items, because of the community numerical strength.
1.2 Statement Of The Problem
Difficulties arises from when members of the campus communities are in search for how to convey their items or possessions which is still relevant to another persons on the campus but of less importance to them as owner, that is why student and even staff paste things for prospective buyers to see and patronize thereby littering the campus communities.
Processual theory of haggling and dickering has eaten deeply into most of the populace but with the aid of the electronic campus trading system the vendor that upload their item also fix the prices and if anyone is interested can call the seller or not thereby reducing the great time of bargain even at the expense of the other party.
FUTMINNA is a citadel of learning and should possess a platform for documentation of every activities including buying and selling to ensure protection of buyer rights as not been exploited and championing prevention of risk involve from sold items.
1.3 Aims And Objectives
The aims of this project is to implement a web based campus trade system for a steadfast and comfortable way to advertise, sell and buy personal stuff and the objectives of the study includes the under listed approaches:
- To identify some of the key issues associated with trading between students of FUTMINNA.
- To determine the best trading concept available for FUTMINNA campus community.
- To implement a prototype of online campus trading for FUTMINNA.
1.4 Significance Of Study
Prior to this work project on Campus trading, the Federal University of Technology Minna has not yet employ any means to check customer satisfaction or displeasure for transaction done within her community, and various shop outlets should not only be told verbally what should or not be sold or service render but to inculcate a check mechanism to govern the practice of financial trading within so that the graduate been produced would have a sense of financial worthiness and maturity to combat unemployment rate which is prevailing in our economy. With the aid of the online transaction medium, student and staff would be able to blog rating of financial activities done for other to see the quality of sold items and to know if such person is a scammer is not.
1.5 Scope Of The Study
The scope and functionality of this project which is scalable, is to focus on the campus environment for advertising activities. This platform will definitely inspire financial planning fostering progress of one’ business.
- The buyer would be member of the campus community, student, staff, contract staff or even the university management that would like to patronize any displayed adverts.
- The seller cut across from individual who makes up the campus environment who has a product or service for exchange of financial currency or barter.
- The moderator checks the information uploaded by the seller to the public to ensure it does not violate and abuse the principles of the institution before the release of the items.
- The Administrator oversee the actions of the Web-based Campus Trading System.
1.6 Limitations Of The Study
Limitations of this study for the electronic trading, is restriction within the campus communities, the public are not entitled to advertise their products, unlike the major ecommerce firms or websites, the campus trading will be to advertise and contact via information release by the seller and projected by the Moderator checking it worthiness first before it is seen by the University community, without the use of smart card, though bank detail could be show case by the seller, and if they have a web presence it can be link for a proper assimilation of their goods and services.
1.7 Operational Definition Of Terms
The following are the terminologies used in this project work
Campus Trading, Electronic Trading, Online Campus Trading are synonyms that depict the acts of advertising once products on the campus communities, where buyer and seller meet for an exchange of product for currency and based on their negotiation and agreement.