Whereas שׁוֹפִּינְג (shoh-ping) is still the term that refers to that activity that my mother loves so much, shopping for clothes, Israelis call general shopping - like for food and electronics - קְנִיּוֹת.
קְנֵה פָּחוֹת, חְיֵה יוֹתֵר buy less, live more (picture of graffiti at a bus stop in Tel Aviv).
For example:
עָשִׂיתִי קְנִיּוֹת אֶתְמוֹל בַּסּוּפֶּר.
I went (literally, did) shopping yesterday at the supermarket.
קניות comes from the active-simple פָּעַל verb, לִקְנוֹת, which means, in Modern Hebrew, to buy or to purchase (in Biblical and Mishnaic Hebrew, it also means to possess).
A single act of purchasing is a קְנִיָּה, in Modern Hebrew (in Rabbinic literature, this is aקִנְיָן).
For example: