How do online marketplaces differ from traditional retail? 🔊
Online marketplaces differ from traditional retail by eliminating physical storefronts and facilitating transactions over the internet. In online marketplaces, multiple sellers can offer goods and services on a single platform, allowing for greater product variety and competitive pricing. Consumers benefit from the convenience of shopping from anywhere and accessing customer reviews, which aid decision-making. Traditional retail usually involves direct customer interaction and limited inventory. Additionally, online marketplaces leverage data analytics to personalize shopping experiences, whereas traditional retailers rely more on in-person experiences and established relationships.
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