What does "e-commerce" refer to?

E-commerce specifically refers to the buying and selling of goods and services over the internet. This encompasses a wide range of online business activities, including retail sales, electronic payment processing, and online auctions. The significance of e-commerce lies in its ability to facilitate transactions without the need for physical interactions, allowing consumers to shop from anywhere at any time.

Unlike the processes of traditional retailing that involve physical store locations or methods for reducing costs for brick-and-mortar businesses, e-commerce leverages digital technology to create a marketplace that is accessible globally. This shift has transformed the way businesses operate, with many now prioritizing online platforms to reach a broader customer base. Additionally, e-commerce is not merely a form of traditional advertising; rather, it represents a comprehensive approach to online sales and customer engagement.