The term used to describe business transactions online is ______. (A) Cyber-buying (B) E-commerce (C) iShopping (D) Inter-purchase
Answer (1)
The term used to describe business transactions online is (B) E-commerce .
What is E-commerce?
E-commerce, short for electronic commerce, refers to the buying and selling of goods or services using the internet. It also includes the transfer of money and data to execute these transactions.
Why is E-commerce Important?
E-commerce has revolutionized the way businesses operate by:
Allowing businesses to reach a global market.
Reducing costs related to location and physical stores.
Providing convenient shopping experiences for consumers, who can shop from anywhere at any time.
How Does E-commerce Work?
Basic steps involved in e-commerce include:
Browsing: Consumers use the internet to search for products or services.
Ordering: Customers place orders through an online platform or website.
Payment: Transactions are completed using secure online payment methods like credit cards or digital wallets.
Fulfillment: Products are delivered to the consumer, and services are rendered.
Overall, e-commerce has become an integral part of the modern economy, shaping how businesses and consumers interact. As technology advances, e-commerce continues to evolve with new trends like mobile commerce and social commerce.
