What is a marketplace & how does it work?

A marketplace is an online store or a platform that facilitates both buyer and seller in many ways. An online marketplace is just like an e-commerce website or mobile app where sellers meet buyers and offer products and services. The website is responsible for all the transactions i.e. payments, transactions and process. Definition.

What is a marketplace in e-commerce?

The definition of a marketplace, benefits, types, how to build one from scratch, and more. A marketplace is a type of e-commerce platform where people exchange goods, services, or information. The online marketplace model is growing rapidly. In 2021, online marketplaces generated 67% of all global eCommerce sales.

What is an online marketplace?

The online marketplace model is growing rapidly. In 2021, online marketplaces generated 67% of all global eCommerce sales. By 2027, third-party sales through online marketplaces will be the largest retail channel globally. Though the term “marketplace” has several economic uses, this article focuses on online marketplaces like Amazon and Airbnb.