Historically, the term e-commerce originally meant facilitation of ___...
Originally, electronic commerce meant the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). Commercial transaction means a transaction in which the goods or services are intended by the borrower for use primarily for other than personal, family or household purposes. B2B deals with commercial Transactions.
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Historically, the term e-commerce originally meant facilitation of ___...
Explanation:
E-commerce stands for electronic commerce, which refers to the buying and selling of goods and services over the internet. However, historically, the term e-commerce had a narrower definition. It originally meant the facilitation of business-to-business (B2B) transactions using Electronic Data Interchange (EDI) technology to send and receive commercial documents like purchase orders or invoices.
Electronic Data Interchange (EDI):
Electronic Data Interchange (EDI) is the electronic exchange of business documents between organizations. It allows businesses to exchange standardized documents in a structured format, eliminating the need for manual data entry and reducing errors. EDI technology has been in use since the 1960s and played a significant role in early e-commerce.
B2B Commerce:
B2B commerce refers to the exchange of goods and services between businesses. In this type of commerce, businesses sell their products or services to other businesses rather than individual consumers. B2B transactions are typically larger in volume and involve more complex processes compared to business-to-consumer (B2C) transactions. B2B e-commerce using EDI technology was one of the earliest forms of e-commerce.
Facilitation of B2B Transactions:
The term e-commerce originally meant the facilitation of B2B transactions using EDI technology. This means that businesses used electronic means to exchange commercial documents such as purchase orders or invoices. Instead of relying on traditional paper-based documents, businesses could exchange these documents electronically, improving efficiency and reducing costs.
C2B, C2C, and B2C Commerce:
While the term e-commerce initially referred to B2B transactions, it has since expanded to include other forms of commerce as well. C2B commerce refers to the exchange of goods and services between individual consumers and businesses. C2C commerce, on the other hand, involves transactions between individual consumers. Finally, B2C commerce refers to the exchange of goods and services between businesses and individual consumers.
Conclusion:
In conclusion, the term e-commerce originally meant the facilitation of B2B transactions using EDI technology to send and receive commercial documents. However, it has since evolved to include various other forms of commerce, such as C2B, C2C, and B2C.
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