ADVANCEMENTS AND REFORMS IN INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) FOR INTERNATIONAL TRADE, MARKETING AND ECONMETRIC APPLICATIONS

Abstract

This study evaluated the growth and reform of information and communication technology (ICT) in international trade, marketing and econometrics. The diffusion of innovation theory of cross-cultural adaptation was anchored in this study. This study adopted a library research method to explore the role of Information and Communication Technology (ICT) in enhancing international trade, marketing, and econometric applications. The study utilises secondary data from existing literature, including academic journals, books, government reports, and other relevant publications. The population for this study consists of scholarly works, articles, and case studies published globally on ICT’s impact on trade, marketing, and econometrics. The sample includes selected research studies and reports published between 2010 and 2024. For data collection, the study employs documentary analysis by reviewing and synthesising literature from reputable sources, including databases such as JSTOR, Google Scholar, ScienceDirect, and Nigerian-based publications. The method of data analysis involves thematic content analysis, where the findings from the selected studies are grouped into themes related to ICT’s impact on trade, marketing, and econometrics. The findings revealed that, ICT plays a crucial role in facilitating international trade by reducing transaction costs, improving communication, and enhancing the ability of businesses, especially SMEs, to access global markets. Tools like electronic data interchange (EDI), e-commerce platforms, and secure digital payment systems enable businesses to efficiently engage in crossborder trade, overcoming geographical and logistical barriers while providing realtime updates on transactions. The study concluded that ICT plays a transformative role in facilitating international trade and expanding market access, particularly for SMEs The study recommended that businesses and governments should invest in digital infrastructure and promote policies that support the adoption of ICT tools, such as ecommerce platforms and secure digital payment systems, to enhance global market access and international trade opportunities for SMEs.