E-commerce involves the buying and selling of goods and services over electronic systems like the internet. It provides advantages like low entry costs, reduced transaction costs, and access to global markets. Various types of e-commerce include business-to-business (B2B), business-to-consumer (B2C), business-to-employee (B2E), and consumer-to-consumer (C2C) models. While e-commerce offers benefits such as convenience and wide product selection, it also has drawbacks like the inability to physically examine products and potential credit card theft. E-commerce is growing rapidly in India and is expected to exceed Rs. 3500 crore by 2010-11.