marketplace

Vocabulary Word

Definition

A marketplace is a setting where buyers and sellers interact to exchange goods or services. It can be a physical place where trade happens, like a farmer's market, or a virtual place like online eCommerce platforms.

Examples in Different Contexts

In e-commerce, a 'marketplace' is an online platform where multiple vendors can sell their products or services to consumers. An e-commerce manager might say, 'Our marketplace has grown to feature over 1,000 sellers, offering everything from handmade crafts to electronic gadgets.'

Practice Scenarios

Tech

Scenario:

Our platform is positioned to revolutionize the way people shop and interact, much like the way social media changed the game.

Response:

It's great, digitizing the marketplace can be a real game-changer.

Academics

Scenario:

How can a society ensure that diverse opinions are heard and that the best ideas are ultimately adopted?

Response:

We can foster a marketplace of ideas, where everyone has a chance to voice their opinions and debate.