E-PAYMENT SYSTEM AND SALES GROWTH OF RETAIL OUTLETS IN NIGERIA

Abstract

This study explored the relationship between e-payment system and sales growth of retail outlets in Nigeria. The study adopted the correlation survey research design where data were collected from managers and sales personnel of some selected retail outlets in Rivers State. A sample of 248 respondents was used for the study. The sample size was determined using the Taro Yamene’s formula. A structured questionnaire was used to elicit data from the respondents. The data collected were analyzed statistically while the hypotheses were tested using Spearman Rank Order Correlation Coefficient (rho). The SPSS 22.0 version was used to correlate the data on the study variables. The findings revealed that there is significant relationship between POS system and increase in sales volume of retail outlets. This study also found a significant relationship between POS system and increase in sales turnover rate of retail outlets. This study equally found a significant relationship between electronic funds transfer system and increase in sales volume of retail outlets. This study also reported a significant relationship between electronic funds transfer system and increase in sales turnover rate of retail outlets. Based on these findings, it was concluded that e-payment systems significantly enhance sales growth of retail outlets in Nigeria. Based on the above drawn conclusion, it was recommended that retailers in Nigeria should adopt e- payment system as it would enhance their sales growth.