e-Marketplace

An e-Marketplace in procurement is an online platform that connects buyers and suppliers, allowing organizations to purchase goods and services from multiple vendors in a centralized, digital environment. It functions like a B2B version of an online shopping site, where procurement teams can browse catalogs, compare prices, place orders, and manage transactions—all within a controlled and compliant framework.

Key Features of an e-Marketplace:

• Pre-approved vendors and products
• Real-time pricing and availability
• Integrated procurement workflows (e.g., purchase orders, invoicing)
• Spend visibility and control
• Compliance with procurement policies

e-Marketplaces can be public (open to many buyers and sellers) or private (restricted to specific organizations and vendors). They are often integrated with e-procurement systems and ERP platforms to streamline purchasing and improve efficiency.

By using e-Marketplaces, organizations can reduce procurement cycle times, ensure compliance, and gain better control over tail spend.