Summarize the passage given below in one paragraph: (5marks) E-commerce is the short name for ‘electronic commerce’. It is the
buying and selling of goods and services, or the transmitting of
funds or data, over an electronic network, primarily the internet. It
means business transactions done through the internet,
telephone, credit card, etc. without the help of cheque or physical
payment of money on the part of the buyer. The money is paid by

the bank or company. It is the most modern method of transaction
and is in practice in the developed countries of the world. E-
commerce is in turn driven by the technological advances of the
semiconductor industry and is the largest sector of the electronics
industry. Any information regarding the price, availability, and
quality of the goods is transmitted through the internet and
telephone. Thus E-commerce facilitates business transactions
without the trouble and risk of carrying money physically.
There are three areas of e-commerce: online retailing, electronic
markets, and online auctions. E-commerce is supported by
electronic business. In our country attempt is being made to
introduce it in big cities. E-commerce is especially convenient in
import and export business. It requires the company to have the
ability to satisfy the multiple needs of different customers and
provide them with a wider range of products. An importer in one
country can know about a commodity he/she wishes to import
from another country and order for it through the internet without
being physically present there. He/she may even see the
commodity on the screen and be sure of its quality. Thus money,
labor and time are saved in the transaction through the