Business
Business

Electronic trading platform: what is this?


The trend of modern procurement is that most tenders are held electronically. The transfer of paper-based procedures to electronic format is planned even in the public procurement sector. Therefore, the time when absolutely all public procurement will be carried out through electronic procedures is not far off.

Electronic trading platform (ETP) is a website on the Internet where electronic auctions (purchases) are held, for example, Digital Global℠ marketplace. The electronic platform combines a complex of organizational, information and technical solutions that ensure interaction between the customer (buyer) and the supplier (seller). Such interaction is carried out through electronic document management.

In fact, at the present time, you can call any online resource “electronic trading platform” where transactions of purchase and sale between buyers and sellers are held. Customers (buyers) are the organizers of the auction, thereby optimizing their costs for the purchase of goods, works or services, and suppliers (sellers) place information about their products or services. The intermediary between the customer and the seller is the operator of the electronic platform.

What are the types of electronic platforms? There is an electronic platform that is created and maintained by buyers. In order to optimize their procurement process, one or more large companies create their own trading platform to attract a large number of suppliers.

There are areas which on the contrary are created and supported by large vendors. These companies are interested in expanding the distribution channels of its products.

Finally, there are platforms that are created and maintained by a third-party intermediary between sellers and buyers (third-party-driven).