E-Business and E-Commerce

Flashcards covering key vocabulary and concepts related to E-Business and E-Commerce.

E-Commerce

The process of buying, selling, transferring, or exchanging products, services, or information through computer networks, including the internet.

Channel Conflict

Occurs when companies face a conflict with their regular distributors/channel partners when they also sell directly to customers online.

B2C

Business-to-consumer electronic commerce where sellers are organizations and the buyers are individuals.

B2B

Business-to-business electronic commerce where sellers and buyers are organizations.

C2C

Consumer-to-consumer electronic commerce where sellers and buyers are individuals, exemplified by platforms like Ebay and Facebook Marketplace.

Personalized Pricing

The practice of pricing items at a point determined by a particular customer’s perceived ability to pay, often driven by data analytics.

Webrooming

The practice of researching products online and then purchasing them in a physical store.

Showrooming

When a customer goes to a physical store to see/test a product but purchases it online, often at a lower price.

E-Business

A broader concept that refers to servicing customers, collaborating with business partners, and performing electronic transactions within an organization.

FinTech

An industry composed of companies that use technology to compete in the marketplace with traditional institutions in the delivery of financial services.

Electronic Payment Mechanisms

Systems that enable buyers to pay for goods and services electronically, such as credit cards and digital wallets.

Collaborative Consumption

An economic model based on sharing, swapping, trading, or renting products and services, emphasizing access over ownership.

Supply Chain Management (SCM)

The process of planning, organizing, and optimizing the various activities performed along the supply chain.

Just-in-Time (JIT)

An inventory strategy that aligns raw-material orders from suppliers directly with production schedules.

ERP Systems

Enterprise Resource Planning Systems that integrate the functional areas of an organization, allowing for seamless information flow.

Ad hoc reports

Custom reports created as needed to address specific questions or data issues that arise unexpectedly.