What is e-commerce?

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Detailed Solution

E-commerce (electronic commerce) refers to the buying and selling of goods and services over the internet, and the transfer of money and data to execute those transactions. It covers a broad range of websites and business models including:

Business-to-consumer (B2C) online retail stores
Business-to-business (B2B) online transactions
Consumer-to-consumer (C2C) marketplaces
Mobile commerce (m-commerce)

Key features: 24/7 availability, wide geographic reach, reduction of physical storefronts, integration of digital payments, logistics and fulfilment. Benefits: convenience, lower overheads, larger customer pool, personalisation of marketing, data-driven insights. Challenges: online security/privacy, returns and logistics, customer trust, digital divide.

In short, e-commerce transforms traditional commerce by leveraging the internet, mobile devices, digital payment systems and supply-chain integrations to enable transactions beyond physical constraints.

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