e-Marketplace - definition

An e-Marketplace is a virtual online market in which business buyers and business sellers can buy and sell goods and services. e-Marketplaces have three main functions: they allow buyers to easily find and sellers to easily promote products; they facilitate e-Commerce such as online ordering and payment and they create a framework for the legal conduct of transactions. Typical elements of an e-Marketplace include the seller's portal, catalogues of the products, a search engine, a shopping cart and a payment gateway. There is a variety of types of e-Marketplace, with some offering online auctions, some private marketplaces set up for a single organisation and some independent marketplaces run by third parties for multiple sellers and buyers in a particular industry.

Reference: http://www.cips.org/products-services...

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