Final answer:
B2C e-commerce refers to businesses selling goods and services online to individual consumers. This form of commerce has been greatly influenced by technological advancements and globalization, leading to increased global competition and market accessibility.
Step-by-step explanation:
The term that refers to businesses selling goods and services electronically to individuals is B2C e-commerce. This encompasses transactions where companies sell products or provide services directly to consumers over the internet.
In recent decades, technological advancements and globalization have dramatically altered market definitions by allowing consumers to purchase a wide array of goods and services from anywhere in the world, thereby intensifying competition for local businesses. These shifts have also made it easier for buyers and suppliers in business-to-business markets to connect globally.