E-commerce refers to the buying and selling of goods and services online. Transactions take place over the internet, typically between businesses and consumers. E-commerce can be used for business-to-business (B2B) or business-to-consumer (B2C) transactions.
There are a few key things that make e-commerce different from traditional commerce:
- Convenience - shoppers can purchase goods and services from the comfort of their own homes (or anywhere else with an internet connection)
- 24/7 availability - e-commerce businesses are open 24 hours a day, 7 days a week
- Global reach - businesses can sell to customers anywhere in the world
- Lower costs - businesses can save on overhead costs by operating online
- Increased competition - with more businesses selling online, there is increased competition for customers