Electronic commerce

Electronic commerce commonly known as e-commerce or eCommerce consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily since the spread of the Internet. A wide variety of commerce is conducted in this way spurring and drawing on innovations in electronic funds transfer supply chain management Internet marketing online transaction processing electronic data interchange EDI inventory management systems and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle although it can encompass a wider range of technologies such as e-mail as well.
A small percentage of electronic commerce is conducted entirely electronically for virtual items such as access to premium content on a website but most electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost all big retailers have electronic commerce presence on the World Wide Web.
Electronic commerce that is conducted between businesses is referred to as Business-to-business or B2B. B2B can be open to all interested parties e.g. commodity exchange or limited to specific pre-qualified participants private electronic market.
Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of the business transactions.
Product business
In business a product is a good or service which can be bought and sold. In marketing a product is anything that can be offered to a market that might satisfy a want or need. In retailing products are called merchandise. In manufacturing products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products but a commodity can also be anything widely available in the open market.
The verb produce prə doos' or -dyoos' is from the Latin prōdūcere to lead or bring forth. The noun product prod'əkt or-ukt is "a thing produced by labor or effort". Since 1575 the word "product" has referred to anything produced. Since 1695 the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith.
In general usage product may refer to a single item or unit a group of equivalent products a grouping of goods or services or an industrial classification for the goods or services.
A service is the non-material equivale
Service economics
nt of a good. A service provision is an economic activity that does not result in ownership and this is what differentiates it from providing physical goods. It is claimed to be a process that creates benefits by facilitating either a change in customers a change in their physical possessions or a change in their intangible assets.
By supplying some level of skill ingenuityand experience providers of a service participate in an economy without the restrictions of carrying stock inventory or the need to concern themselves with bulky raw materials. On the other hand their investment in expertise does require marketing and upgrading in the face of competition which has equally few physical restrictions.
Computer network
A computer network is an interconnection of a group of computers. Networks may be classified by what is called the network layer at which they operate according to basic reference models considered as standards in the industry such as the four-layer Internet Protocol Suite model. While the seven-layer Open Systems Interconnection OSI reference model is better known in academia the majority of networks use the Internet Protocol Suite IP as their network model.