Electronic Data Interchange
Do you visit the supplier's place with a purchase order in hand to restock products for your online store? We might be sounding too old-school, right? With mind-boggling growth in eCommerce transactions, gone are the days when people used to execute purchase/sale via papers. EDI or Electronic Data Interchange means communicating information related to business electronically, majorly consisting of purchase orders, invoices, and receipts. As per industry experts, in 2018 the combined total of EDI, website eCommerce, and e-procurement stood at $7.58 trillion.