Explanation of Solution
- Electronic commerce is a method of buying and selling of products or goods through online. Here, money and data transactions are done using internet.
- Electronic commerce is also called as E-commerce or Internet commerce.
- Even though the technologies available such as e-mail, social media, and mobiles, the modern e-commerce mostly uses the Internet for the online purchasing of products.
- It is the most efficient method to communicate within the organization of business transactions such as maintaining the financial records of the users such as bank balances, name, and address. But it is just a part of e-commerce business.
Six forms of electronic commerce:
- It includes different forms of commerce based on the transactions performed.
- Business-to-Business (B2B)
- It includes the transactions performed between two different businesses like manufacturer and wholesaler, wholesaler and retailer and many such.
- Example: automobile manufacturing.
- Business-to-Consumer (B2C)
- It includes the transactions performed between the companies and the consumers or customers...