Explain the differences between independent e-marketplaces and private exchanges.
What will be an ideal response?
Both are forms of e-marketplaces. Independent e-marketplaces act as a neutral third-party and provide an Internet technology trading platform and a centralized market that enable exchanges between buyers and sellers. They charge a fee for their service and exist in settings that have one or more of the following features: (1) thousands of geographically dispersed buyers and sellers; (2) volatile prices caused by demand and supply fluctuation; (3) time sensitivity due to perishable offerings and changing technologies; and (4) easily comparable offerings between a variety of sellers. Independent e-marketplaces typically focus on a product or serve a particular industry and offer small business buyers and sellers an economical way to expand their customer base and reduce the cost of purchased products. Private exchanges focus on streamlining a company's purchase transactions with its suppliers and customers. Like independent marketplaces, private exchanges provide a technology trading platform and central market for buyer-seller interactions. They are not a neutral third party, however, but represent the interests of their owners. Large companies tend to favor private exchanges.
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