The physical market where the buyers and sellers must converge is fast giving way to the e-market place.
The Oba market, Oyingbo market, Jankara are all examples of physical markets where the buyers and sellers have physical contacts and interface.
The E-Market place, on the contrary, is an internet based on line market platform that connects the buyers and the sellers together. Here companies register to conduct business to business transactions using the internet.
The major advantage of the e – market place are reduced costs , greater flexibility , better information and better collaboration and the market is available to a wider audience irrespective of distance and place.
At the same time, the e-markets have their own limitations which include amongst others; transaction and subscription cost and cost of set up, internet maintenance costs etc.
It should be noted that the phrase e-market place and E-Marketing are seen as synonymous but are distinguishably. E-marketing is the marketing of products and services using the internet tools e.g. Facebook, E-Mails, Instagram, Twitter and so on.