What is e-commerce
Electronic commerce, also known as e-commerce, refers to any form of business or commercial entity that trades goods and services using the internet as a platform. E-commerce is a growing industry as it allows consumers to carry out transactions online across the world without hurdles such as time and distance.
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E-commerce explained
E-commerce is widely employed by retailers to help them cross barriers worldwide and appeal to a much larger audience through the internet. E-commerce includes but is not limited to:
• Electronic funds transfer
• Supply chain management
• Internet marketing
• Online transaction processing
• Electronic data interchange
E-commerce uses the internet as a medium to conduct business but it is not limited to this option, it can offer business transactions though Extranet, Electronic Data Interchange network or through electronic mail system. It benefits companies in providing various online payment transaction options to their customers.
E-commerce has been hugely successful and popular amongst retailers as it provides a faster, convenient and cheaper method in comparison to traditional offline business formations. Additionally, the exchange of goods online allows a safe and secure environment for processing payments.
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