Explain the concept & benefits of …

Electronic commerce or e-commerce refers to a wide range of online business activities for products and services.E-commerce is usually associated with buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network. A more complete definition is: E-commerce is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals.
Benefits of E-Commerce
Immediacy - no going to the shops or waiting in queues.
Price - goods bought online tend to be cheaper.
24-hour availability - the shop never closes.
Speed - you'll locate what you want much quicker.
Less paperwork - always a good thing!
Global markets - neither you nor the vendor are restricted to your/their locality.