DEFINITION OF
E-COMMERCE
Electronic commerce, commonly known as e-commerce or
eCommerce is a type of industry where buying and selling of products or
services is conducted over electronic systems such as the Internet and other
computer networks. Electronic commerce
draws on technologies such as mobile commerce, electronic funds transfer,
supply chain management, Internet marketing, online transaction processing, electronic
data intercharge (EDI), inventory management systems and automated data collection
systems. Modern electronic commerce
typically uses the World Wide Web at least at one point in the transaction’s
life-cycle, although it may encompass wider range of technologies such as e-mail,
mobile devices social media and telephones as well.
Electronic commerce is generally considered to be the
sales aspect of e-business. It also
consists of the exchange of data to facilitate the financing and payment aspects
of business transactions. This is an
effective and efficient way of communicating within an organization and one of
the most effective and useful ways of conducting business.
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