E-procurement definition: electronic procurement, also known as e-procurement, is the business-to-business or business-to-consumer purchase and sale of goods and services over the internet. E-procurement platforms facilitate this process by providing a marketplace, where buyers and sellers can find each other and transact business.
E-procurement has been growing in popularity in recent years, as it offers a number of advantages over traditional procurement methods. For buyers, e-procurement can help to simplify the procurement process, save time and money, and improve supplier relationships. For sellers, e-procurement can provide access to a wider range of buyers, leading to increased sales and improved margins.
Despite these advantages, there are some challenges associated with e-procurement. One challenge is the risk of fraud and cybercrime; another is the need for careful supplier selection to ensure that goods and services meet quality standards. Overall, however, e-procurement is generally seen as a positive development for both buyers and sellers.