A Quotation, often referred to as a quote or an estimate, is a formal document provided by a seller to a prospective customer in the field of e-commerce. This document outlines the proposed cost, terms, and specifications for products or services that the seller is offering to provide. A quotation serves as a transparent and legally binding proposal that helps the customer make informed purchasing decisions and provides the seller with a basis for pricing and negotiation.

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Explanation: Quotations are a standard practice in e-commerce, especially in B2B (business-to-business) transactions. They are used when customers request information about the cost and details of products or services they intend to purchase. E-commerce businesses generate quotations based on the customer's requirements, including quantity, specifications, and delivery terms. Quotations are commonly used for custom or high-value items where pricing and terms may vary based on specific customer needs.

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A quotation typically includes detailed information such as product descriptions, pricing, payment terms, delivery schedules, and any applicable terms and conditions. Once the customer accepts a quotation, it often forms the basis of a formal contract between the buyer and the seller. Quotations are valuable for e-commerce businesses in streamlining the sales process, providing clarity to customers, and ensuring that both parties have a mutual understanding of the terms of the transaction.

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In summary, a Quotation is a formal document in e-commerce that outlines the cost, terms, and specifications of products or services proposed by a seller to a prospective customer. Quotations are commonly used for custom or high-value items and serve as the basis for pricing, negotiation, and the formation of a contract. They play a crucial role in streamlining the sales process, providing transparency to customers, and facilitating efficient transactions in e-commerce.