What is Commerce?
Commerce is defined as the process and procedure implicit within the facilitation of business activities, which typically implement a system of commercial operation; this can be classified as both the provision of a product or service, in addition to the events and circumstances that exist within the marketplace – this can include both the provision, as well as the purchase of products and services. Simply put, the notion of Commerce includes any or all interactions that take place within a business setting with regard to both providers as well as consumers.
Types of Commerce
Commerce can take place within a multitude of settings, ranging in the size of a commercial endeavor, the industry, the type of business, as well as the formulation and structure undertaken by the institution undergoing commercial activity. The following examples are some of the most common within the scope of Commerce and business industry:
Electronic Commerce (E-Commerce)
As a result of technological advancesexperiencedin modernity – ranging from domestic to international levels – a wide range of commerce can be conducted online within a virtual setting. This results in a heightened transformation of the commercial market both including and existing outside of the virtual marketplace. Commerce that takes place within a physical setting may also be able to function in concert with the virtual marketplace, whichcan be facilitated through the use of the virtual, commercial marketplace:
E-Commerce – also known as electronic commerce – employs business practices structured in order to gain opportunities involving manufacturing, distribution, production, vending, and retailing
While once confined strictly to physical interaction and dealings, the advancement within the setting of electroniccommerce has allowed for virtual, commercial activityto be conducted on a remote and virtual basis; not only does this allow the expansiveness of a business conducting electronic commerce to reach markets otherwise unavailable, but also marketing and sales strategies have evolved in tandem with these technological advances
Investments, Trading, and Exchanges
This type of Commerce is rooted deeply within finance; the implementation of the trading of financial instruments such as stocks, bonds, and commodities has allowed the revamping of the preexisting commercial marketplace. While Commerce was once limited to the purchase and exchange of physical, tangible items, investment-based Commerce has allowed for virtual items and products to be used for commercial activity:
The nature of finance-based Commerce resides in the prospect of growth and risk; investments in not only the theoretical ownership of a publically-traded company, but also the expected performance of that company has allowed for the advancement of Commerce once-limited to tangibility
The usage of trading and exchange strategies have allowed for individuals of various backgrounds and experience to participate in financially-based Commerce; furthermore, the pairing of electronic commerce and investment-based Commerce has allowed for trade and exchange activities to take place in both virtual and remote settings
The Legality of Commerce
Despite the particular nature of an individual method or structure of business and commercial activity, dealings involving Commerce are subject to applicable legislation with regard to the maintenance and regulation of any or all legality associated inherent in a particular practice; while the field of commercial law is typically the umbrella term for the regulation of legality with regard to Commerce, supplementary fields have been established in order to mandate specifics latent within particular Commerce – this includes Cyber Law and Consumer Law.