INTRODUCTION Peoples trust are sometimes bridged when information technology which ought to be seen as a medium or a tool for

facilitating online transactions and the delivery of online goods and services within the twinkle of an eye is perceived as a conduit for online extortions and manipulations of all sorts via the internet in the name of online transaction of goods and services. Arguably, some factors for this recurring menace could be accompanied to the advert of the Internet and information technology revolution. Before we explore the numerous impact and benefits of information technology on commerce, lets define what information technology and commerce really is. According to Gharegozi et al (2011) Information Technology is the design, creation, utilization, support and management of computerbased information systems in fostering the transactions of information product and services. Better still, Information Technology could be seen as a tool that improves the form of information product and services. The form of information product may include the activities of the information life cycle. Some of these activities are information creation, processing,

dissemination, storage and disposal. Essentially, the impact of information technology in developmental sectors in Nigeria could not be overemphasized. Most especially in the area of commerce, where information technology is the wheel or tool that drives the manner and ways in which transactions of goods and services are made in real time. More importantly, information technology has bridge the transportation barrier and physical location of doing business in the 21st century. Taking into cognizance time and space as a resource in doing business.

It is imperative to say that information technology has become the pivot on which the operation of commerce rest on. Be that as it may, the commerce is one of the fastest growing industries worldwide, which is as a result of the pivotal role information technology has to play in the commerce industry. At this juncture, commerce could mean the whole system of an economy that constitutes an environment for business. The system in question could include legal, economic, political, cultural, and technological systems that are in operation in any country. Nevertheless, commerce is a system or an environment that affects the business prospects of an economy. In other words, commerce is said to be seen as business activities and components, functions and institutions involved in transferring goods from the producer to the consumer. The emergence of the Internet gave rise to electronic commerce in carrying out business transactions and services. Here the internet is the infrastructure that fosters electronic or online transaction of goods and services. So what is E-commerce? Electronic commerce or E-commerce explains the buying, selling and exchanging of services and information via computer network. In the same way, the term e-commerce gives an overview of how business are being conducted online. We cannot but say that e-commerce has help bridge the geographical boundaries and eliminate the physical traditional market for the transaction of goods and services. As all transactions is online based. More so, E-commerce could be seen as the application of current and emerging information and communication technologies (ICTs) to conduct business. These include existing technologies like landline telephone and fax, but the ICTs offering most scope for small businesses are mobile phones, electronic mail and other Internet-based services.

With the emergence of e-commerce, marketplace is extended beyond the traditional physical market and available everywhere: at work, at home, and boundaries is removed; one can carry out business transactions elsewhere via mobile devices, anytime. Geographic location Marketspace is created; shopping can take place anywhere. Customer convenience is enhanced, and shopping costs are reduced. This report shall extensively dwell on both the positive and the negative impact of information technology on commerce. Taking into consideration some of the positive impact of information technology to include: global reach, convenience, quicker delivery, information density, customer satisfaction and Supply chain efficiencies Meanwhile, information technology has posed some negatives impact on commerce such as concerns over Privacy, security, payment, and contact, delay in the time of delivery of physical products, and uncertainty of product delivery POSITIVE IMPACT OF INFORMATION TECHNOLOGY ON COMMERCE Global reach: E-commerce technology permits commercial transactions to cross cultural and national boundaries far more conveniently and cost-effectively than is true in traditional commerce. Here the traditional physical market is discarded as a result of a wireless society, which was made evident by the internet. As a result, the potential market size for e-commerce merchants is roughly equal to the size of the worlds online population. In other words, information technology has help bridge the physical transportation barrier that would have existed if not for the emergence of information technology in the developmental sector of commerce. At this juncture, we could say that information technology has made it essential for commerce across cultural and

across national boundaries, around the earth. National boundaries seamlessly and without modification. Information Density: The Internet and the Web vastly increase information density that is to say the total amount and quality of information available to all market participants, consumers, and merchants alike. In like manner E-commerce technologies reduce information collection, storage, processing, and communication costs. At the same time, these technologies increase greatly the currency, accuracy, and timeliness of informationmaking information more useful and important than ever. As a result, information becomes more plentiful, less expensive, and of higher quality. Basically, in e-commerce markets, prices and costs become more transparent. Price transparency refers to the ease with which consumers can find out the variety of prices in a market; cost transparency refers to the ability of consumers to discover the actual costs merchants pay for products (Sinha, 2000). Convenience : This is seen as one of the biggest advantages if information technology in commerce, in that customers have the access to a host of services literally at the tip of their fingers. Nevertheless, customers can buy whenever they want, from more location at any time of the day. This increases their choice. When customer are exposed with numerous choices, they can decide on a product with a better features at a more competitive price. Quicker delivery: Information technology enables quicker delivery of online products such as software, games, music, which can be downloaded. Quicker delivery is one of the enormous impact of information technology on commerce which makes it imperative for consumers who want to use the product immediately as opposed to waiting longer.

Customer satisfaction : With information technology, consumer can receive more information a product via the internet and make a more informed decision. Greater information leads to more confidence to make a purchase decision. More information also leads to enhanced consumer satisfaction because the consumer has a better idea about how to use the product. More so, information technology enables customization of products so that customers can have a product that suits their exact needs Supply chain efficiencies : The use of information technology in commerce can lead to a reduction in the inefficiencies relating to supply chain. Some of the benefits are reduced inventories, reduced delivery delay, and efficient e-procurement. Also in the field of commerce, information technology has fosters the collaborative and stronger relationships with suppliers. This include streaming and automating the underlying business process, enabling areas such as direct marketing, selling, customer service (call centres), fulfillment and information management. NEGATIVE IMPACT OF INFORMATION TECHNOLOGY ON COMMERCE Privacy, security, payment, and contact: This is the greatest challenge bedeviling online business. Privacy of information, security of that information and payment details whether or not payment details such as credit card detail will be misused, identity theft, contract, and what laws and legal jurisdiction apply, are some of the more serious issues on-line trading. The fact that credit card fraud and identity theft are a reality makes this issue more prominent and pronounced. Delay in the time of delivery of physical products: When purchases are made in physical stores, the customer gains possession of the product immediately on purchase. This is not possible over the internet. There are ways to get around the problem by substituting products such as books and CDs into downloadable e-books and files. However this cannot be done with every product.
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Uncertainty of product delivery: One of the implications of information technology on the customer view point is trust of the delivery of physical product. Nevertheless, in some e-commerce purchases are made on trust. This is because, firstly, customer not having had physical access to the product, a purchase is made on an expectation of what that product is and its condition. Secondly, because supplying business can be conducted across the globe, it can be uncertain whether or not they are legitimate businesses and are not just going to take your money. Thirdly, even if the item is sent, it is easy to start wondering whether or not it will ever arrived. Conclusion It is imperative to note that The impact of information technology has facilitated business transactions of goods and services, taking into consideration the death of space in the field of commerce, transactions can be carried out anytime, anywhere and at any place with the coverage of the internet . However, the essential problem of e-commerce is internet/data privacy which is at risk in a high security environment, threatening the current operation of online transaction of goods.

References : Gharegozi, A. ,Faraji, E., Heydari, L. The study of information technology effect on E-commerce growth. International conference on the advancements in information technology. Vol, 20. IACSIT press Singapore.

Information Technology and Commerce retrieved at www.scribd.com/doc/19973054/iinformationtechnology-and-commerce on 20th June 21, 2012 www.wikipedia .com accessed on 21st june 2012 at 4.pm www.answers.com accessed on the 21st June 21, 2012 at 4.pm