B2C stands for Business-to-Consumer and refers to the exchange of goods and services between businesses and individual consumers.
The significance of B2C lies in its importance to the retail industry and the broader economy. B2C transactions account for a significant portion of global trade and contribute to the growth of many industries, including e-commerce, hospitality, and entertainment.
One use case of B2C is in online retail sales. B2C transactions are essential for the operation of e-commerce platforms, allowing businesses to sell products and services directly to consumers over the internet. B2C transactions enable businesses to reach a global audience of consumers, offering convenience and accessibility that traditional retail cannot match. Brick-and-mortar retail sales, hospitality and tourism, including hotels, restaurants, attractions and entertainment and media, including movies, music, and sports are some other use cases of B2C.