What is Online Marketplace in Retail? Explained

An Online Marketplace is a digital platform where multiple third-party sellers or vendors can list and sell their products or services to a broader audience of online shoppers. These platforms facilitate transactions between buyers and sellers, providing a centralized space for product listings, transactions, and often, payment processing. Examples of online marketplaces include platforms like Amazon, eBay, and Etsy. These marketplaces offer sellers the opportunity to reach a large customer base without the need to set up individual e-commerce websites. Customers, in turn, benefit from a wide range of products, competitive pricing, and the convenience of shopping from various sellers in one location.