What does the term "e-commerce" refer to in business transactions?
The term "e-commerce" refers to the buying and selling of goods and services over the internet. It encompasses a wide range of online business activities, including retail, wholesale, and transactions between businesses and consumers (B2C), as well as between business entities (B2B). E-commerce relies on various technologies and platforms, such as websites, mobile apps, and payment gateways, to facilitate transactions. This digital commerce approach provides convenience and accessibility, allowing customers to shop anytime and from anywhere, therefore revolutionizing traditional shopping experiences and driving significant economic growth.