CHAPTER 1 Flashcards
is defined as the exchange of goods and services
commerce
Refers to business transactions or information exchange, as well as buying and selling products from person to person.
Traditional commerce
Traditional street-side business that offers goods and services to its customers face-to-face in an office or store
Brick and mortar
companies and individuals that buy and sell goods and services over the internet using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT).
E-commerce
includes buying and selling goods and services online.
Digital commerce
is the act or process of selling products via an internet or mobile app, auction site, online classified advertisement, online shop, social networking, social media or web shop.
Online selling
is the structured transmission of data between organizations by electronic means.
Electronic Data Interchange (EDI)
is the electronic exchange or transfer of money from one account to another.
Electronic Funds Transfer (EFT)
are different, though they are closely related.
E-commerce and E-business
— refers to any business that applies internet technologies in its operation.
— Conducting all business operations
E-business
Electronic Data Interchange (EDI) was developed, allowing businesses to exchange documents electronically.
1960s
built the first online shopping platform using videotex. Modified TV set hooked to a telephone line. The platform failed.
1979 – Michael Aldrich
Boston Computer Exchange became the first online marketplace, selling used computers. They used minitel.
1982
e-commerce refers to electronic trade that takes place between companies.
B2B (business to business)
is the simplest and most recognizable form of e-commerce.
B2C ( business to consumer )
business model where individuals (consumers) create value that businesses consume.
C2B ( consumer to business )
consumers are given a venue to trade among themselves
C2C ( consumer to consumer )
decentralized exchange of goods, services, or information directly between individuals, without the involvement of a central authority or business intermediary.
P2P ( peer to peer )
— Businesses sell products through platforms like Shopee, Lazada, TikTok Shop, etc.
— The mode of selling is known as electronic retailing, or e-tailing.
ONLINE MARKET PLACES & STORES
refers to the process of selling goods and services over the internet.
E-Tailing
E-commerce cannot work if there is no mechanism for making and
accepting payments.
ELECTRONIC PAYMENTS
Buying, selling, and conducting financial transactions through mobile devices like smartphones and tablets.
MOBILE COMMERCE (M-COMMERCE)
is an order fulfillment method where the seller does not keep inventory.
Dropshipping
handle inventory storage, packing, and shipping on behalf of e-commerce businesses.
Fulfillment Services
____ refers to promoting goods or services using online channels, while ____ focuses on building relationships with customers to increase loyalty and sales
Digital marketing and customer engagement
BENEFITS OF E-COMMERCE
Global Reach
Data-Driven Decisions
24/7 Availability
Lower Costs
