E-commerce refers to any business or transaction that entails the transfer of information over the internet, removing barriers of time and distance, thus enabling a wide range of services such as comparison shopping and niche market opportunities. Flipkart, founded by Sachin and Binny Bansal, operates in India and has become a major player by offering exclusive products and acquiring companies like Myntra, aiming to be the 'Amazon of India.' Additionally, the document mentions various aspects of e-commerce, including the importance of customer experience and technological advancement.