Final answer:
B2B, or business-to-business, is the term for transactions between businesses in the e-commerce world. It has been impacted by improvements in technology and the globalization of markets, allowing businesses to connect globally for supplies and trade, increasing competition, and connecting markets worldwide.
Step-by-step explanation:
The e-commerce term for transactions that take place between a business and other businesses is known as business-to-business (B2B). These B2B interactions are a crucial aspect of the global market, where technology and globalization have dramatically changed how markets are defined. The advent of the Internet and communications technologies has facilitated these B2B exchanges, allowing companies to engage with suppliers and buyers globally, thereby increasing competition and connecting markets worldwide.
These changes have impacted not only consumer retail but also the markets for business supplies. Business-to-business websites aid in bridging geographical distances, making intra-industry trade more efficient, and allowing for the splitting up of the value chain across different locations. This creates a more interconnected and competitive marketplace, challenging businesses to adapt and innovate continually.