E-commerce refers to the buying and selling of goods and services over the Internet. It has several key features, including ubiquity (being available anywhere at any time), a global reach that allows merchants to reach a worldwide market, universal technical standards, and interactivity that enables two-way communication between merchants and consumers. E-commerce also allows for personalization of products and marketing based on individual customers. While it provides many advantages, e-commerce also faces challenges such as delivery times for physical goods, uncertainty without being able to physically examine products, and ensuring privacy and security of financial transactions.
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