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Chapter 2 E-marketplace: Structures and Mechanisms
OVERVIEW OF E-MARKETPLACE
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According to Bakos (1998), electronic markets play a central role in the econom
y, facilitating the exchange of information, goods, services, and payments. In the pr
ocess, they create economic value for buyers, sellers, market intermediaries, and f
or society at large.
The major place for conducting EC transaction is the electronic market (e-market).
An e-marketplace, also called e-marketspace, is a virtual marketplace in which selle
rs and buyers meet and conduct different types of transactions. Customers exchang
e these goods and services for money ( or other goods and services if bartering is u
sed). The functions of an e-market are the same as that of a physical marketplace;
however, computerized systems tend make markets much more efficient by providin
g more updated information to buyers and sellers.
In recent years, markets have seen a dramatic increase in the use of IT and EC (T
urban, etal. 2007). EC has increased market efficiency by expediting or improving th
e functions listed in Exhibit 2.1. Furthermore, EC has been able to significantly decr
ease the cost of executing these functions.
The emergence of electronic marketplaces, especially Internet-based ones, chang
ed several of the processes used in trading and supply chains. Theses changes, dri
ven by technology, result in even greater economic efficiency.
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