E-commerce is a term used to refer to the buying and selling of goods in an electronic format, such as through the use of the internet. The e-commerce industry is a vast and well-developed one that continues to grow with the increasing usage and popularity of the internet.
Also known as electronic commerce, e-commerce is a huge industry that allows businesses to carry out the entire online process of developing, marketing, selling, delivering, servicing and paying for products and services. The UK has the biggest e-commerce market in the world, whilst China’s e-commerce presence is continually expanding. The success of the e-commerce industry is due to a broad range of factors, and the growth of e-commerce is being demonstrated in countries across the globe.
Instantaneous, worldwide access to the internet has enhanced the e-commerce industry significantly in recent years. In addition, the internet provides ease of access to a range of goods and services, whilst many items can be purchased at highly competitive rates due to the global availability of goods. The ability to process transactions and receive goods in a relatively short space of time is another contributing factor to the popularity of e-commerce. Payments can be made quickly and easily through the availability of electronic payment systems, including online merchant accounts.