Final answer:
e-Procurement refers to various procurement methods that utilize electronic platforms to interact and collaborate with suppliers, providing businesses with greater efficiency and accessibility to a wider range of suppliers.
Step-by-step explanation:
e-Procurement refers to many different procurement methods that make use of an electronic venue for identifying, evaluating, selecting, negotiating, and collaborating with suppliers.
With the advancement in communication technologies, businesses can utilize e-procurement platforms or websites to connect with suppliers from anywhere in the world. These platforms streamline the procurement process, improve efficiency, and increase access to a wider variety of suppliers.
The term referred to in the question is e-procurement, which encompasses various procurement methods that utilize an electronic platform to identify, assess, select, negotiate, and collaborate with suppliers.
In light of the technological advancements and the push towards globalization, market dynamics have undergone significant changes. The rise of e-commerce and business-to-business (B2B) online platforms has expanded markets beyond local boundaries, allowing for increased competition and global supplier interactions.