There are six possible decision terms available in EM. The following overview shows their meaning.

Accept without revisions
This is the final verdict of unconditional acceptance, usually at the end of two or more rounds of revisions. After acceptance, the paper will be published online first immediately.

Accept with minor revisions 
This means a conditional acceptance, however there are a few issues that you still have to take care of. This clearly signals that the reviewers rate the paper as publishable and encourage you to go the last mile.

Accept with major revisions 
This means that the reviewers have identified significant concerns about your paper, still they see enough promise to suggest that the paper should be conditionally accepted.

Reject and resubmit 
This recommendation signals that the reviewers see merit in your paper, yet have major concerns about its current form. The paper needs to be substantially revised and rewritten. The revised version will be treated as a new submission. We aim to send it to the same reviewers. 

The paper does not fit Electronic Markets in terms of content and/ or quality.

Desk reject 
The editor has identified major issues with the paper and regards the paper as not suitable for Electronic markets in its current form. The likelihood of favourable reviews at this stage is regarded so low that the paper will not be sent out to reviewers. A desk reject obviously does not preclude a resubmission of a revised paper.

For more information regarding acceptance rates and cycle times, see here.