Commerce means the exchange of goods and services, especially on a large scale between the economic agents. This word Commerce has been derived from the Latin word commercium, which means – com means together and merx means merchandise. Nations administer commerce that will be for enhancing the well-being of citizens, by providing jobs and producing beneficial goods and services, thus make the nation prosper. But if left unchecked or unregulated, this may lead to negative externalities. Here in the article readers can check the Commerce related abbreviations used in common.
In the present scenario, commerce normally refers to the macroeconomic purchases and sales of goods and services by large corporations at scale. The sale or purchase of a single item by a consumer is defined as a transaction, while commerce refers to all transactions related to the purchase and sale of that item in an economy. Companies of all forms can join in international commerce. Most commerce is conducted internationally and outlines the buying and merchandising of goods between nations.
Now, the view of commerce has expanded to embrace electronic commerce (e-commerce) in the 21st century. Presently e-commerce defines any business or commercial undertaking that includes the transfer of financial information over the Internet. This platform allows individual consumers to exchange value for goods and services with little to no barriers.
Father of Commerce
Father of commerce – Poseidon (as per the Greek mythology)
Father of Indian Commerce (e-commerce) – K Vaitheeswaran
Electronic Commerce is the activity of buying or selling products on online services or over the Internet. E-commerce uses the technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry. The situation of the pandemic has really shown to have an impact on the retail sales of e-commerce and further sales through electronic commerce are expected to reach around $6.5 trillion by 2023.
E-commerce Related Abbreviations
AVS – Address Verification Service
API – Application Programming Interface
B2B – Business to Business
B2C – Business to Consumer
CSV – Comma Separated Values
CRO – Conversion Rate Optimization
CMS – Content Management System
COS – Content Optimization System
CRM – Customer Relationship Management
CLV – Customer Lifetime Value
CAC – Customer Acquisition Cost
KPI – Key Performance Indicator
m-Commerce – mobile commerce
MBR – Monthly Recurring Revenue
NPS – Net Promoter Score
PPC – Pay-Per-Click marketing
POS – Point-of-Sale
QR Code – Quick Response Code
SEO – Search Engine Optimization
SERP – Search engine results page
SLA – Service Level Agreement
SKU – Stock Keeping Unit
SaaS – Software as a Service
Commerce Related Abbreviations – Free PDF Download
The department is consigned with forming the foreign trade policy and executing them. This also includes responsibilities relating to multilateral and bilateral commercial relations, state trading, export promotion measures, and the development and regulation of certain export-oriented industries and commodities.
Incumbent Minister for Commerce and Industry – Shri. Piyush Goyal
Division of Department of Commerce and Industry
The Department of Commerce and Industry is divided into divisions for the functioning, they are:
Administrative and General Division
Ministry of Commerce and Industries India
Trade Policy Division
Foreign Trade Territorial Division
State Trading & Infrastructure Division
The topics under the administrative control of the Ministry of Department of Commerce include:
Management of Indian Trade Services
Special Economic Zones
Abbreviations are used to write the terms in speedy. these shorthand writings are used by both students and officials. hope this article was beneficial and has included the most commonly used commerce terms’ abbreviations.