E-commerce is usually associated with buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network.
Though popular, this definition is not comprehensive enough to capture recent developments in this new and revolutionary business phenomenon.
A more complete definition is: E-commerce is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals.
International Data Corp (IDC) estimates the value of global e-commerce in 2000 at US$350.38 billion.
Figure 1: Worldwide E-Commerce Revenue, 20 (as a % share of each country/region) Asia-Pacific e-commerce revenues are projected to increase from $76.8 billion at year-end of 2001 to $338.5 billion by the end of 2004. While some use e-commerce and e-business interchangeably, they are distinct concepts.