What is E-Commerce:
Electronic commerce or E-commerce is a transaction of buying or selling over the World Wide Web. It is a term for any type of business, or commercial transaction, that involves the transfer of information across the Internet. Electronic commerce covers a range of different types of businesses, from consumer based retail sites, through auction or music sites, to business exchanges trading goods and services between corporations. It also allows consumers to electronically exchange products or services with no barriers of time or distance. Electronic commerce has expanded rapidly over the past few years and is predicted to continue accelerate.
E-commerce is one of the most important aspects of the modern business. It addresses the need of business organizations and customers while helping them reduce cost and improve the quality of goods and services. It also increase the speed of delivery. Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle although it may also use other technologies such as e-mail. There are three areas of e-commerce: online retail, electric markets, and online auctions. E-commerce is supported by electronic business.
E-commerce businesses may also employ some or all of the followings:
- Online shopping web sites for retail sales direct to consumers.
- Providing or participating in online marketplaces, which process third-party business-to-consumer or consumer-to-consumer sales.
- Business-to-business buying and selling.
- Gathering and using demographic data through web contacts and social media.
- Business-to-business (B2B) electronic data interchange.
- Marketing to prospective and established customers by e-mail or fax (for example, with newsletters).
- Engaging in pretail for launching new products and services.
- Online financial exchanges for currency exchanges or trading purposes.
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