Question: What is Electronic Commerce (e-commerce)?

Answer:

Electronic Commerce (e-commerce) refers to the buying and selling of goods, services, or information over electronic networks, primarily the internet. It involves the use of technology to conduct various commercial activities, including online shopping, electronic payments, online banking, supply chain management, and online auctions, among others.

E-commerce has transformed the way businesses operate and how consumers engage in commercial transactions. It offers convenience, accessibility, and efficiency by enabling transactions to occur anytime and anywhere. Customers can browse through online catalogs, compare prices, make purchases, and track their orders without the need for physical presence in traditional brick-and-mortar stores.

Key components of e-commerce include online storefronts or websites, secure payment gateways, digital marketing strategies, inventory management systems, and logistics and shipping solutions. Businesses can reach a global audience and expand their market reach through e-commerce platforms.

E-commerce encompasses various models, including Business-to-Consumer (B2C), Consumer-to-Consumer (C2C), Business-to-Business (B2B), and even emerging models like Consumer-to-Business (C2B) and Business-to-Government (B2G). Each model involves different types of transactions and interactions between different entities.

Overall, e-commerce revolutionizes the way commerce is conducted by leveraging technology and digital platforms to facilitate buying and selling, enabling businesses and consumers to connect, transact, and exchange value electronically.