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.
MCQ : By Electronic Commerce we mean:
- Commerce of electronic goods
- Commerce which depends on electronics
- Commerce which is based on the use of internet
- Commerce which is based on transactions using computers connected by telecommunication network
By Electronic Commerce (e-commerce), we mean the buying and selling of goods and services over the internet or through electronic means. It involves conducting business transactions, including purchasing products, making payments, and exchanging information electronically.
E-commerce encompasses a wide range of activities, such as online retail shopping, electronic payments, online auctions, digital product downloads, business-to-business (B2B) transactions, and more. It eliminates the need for physical presence in traditional brick-and-mortar stores and enables businesses and consumers to engage in transactions from anywhere, anytime, using various electronic devices such as computers, smartphones, or tablets.
Key elements of e-commerce include online storefronts, secure payment gateways, electronic catalogs, shopping carts, digital marketing, logistics, and customer support systems. E-commerce has revolutionized the way businesses operate and has provided consumers with convenience, access to a broader range of products, and opportunities for global trade.
Overall, e-commerce is the digital infrastructure that enables online transactions, providing a platform for businesses and consumers to engage in buying and selling goods and services electronically.
