Elaborate upon the benefits and limitations of e-commerce. Also, describe

electronic payments. 10

Electronic commerce’ refers to all forms of business transactions which are carried out through electronic processing and transmission of data including text, sound, and visual images.

The term electronic commerce or e-commerce as it is popularly known; refers to a comprehensive system of trading that uses networks of computers for buying and selling of goods, information and services.

Using information and communication technology, e-commerce can take place between companies and their customers.

• Benefits of E-Commerce Businesses

1. Global Market:- E-Commerce businesses enable business firms to reach out to customers all over the world who have access to the internet.

2. Lower Transaction Cost and Higher Margin:- E-Commerce business reduces the cost of business transactions substantially.

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