Final answer:
A virtual marketplace is an online platform for business-to-business transactions, enabling businesses to buy, sell, and share information globally. These platforms have flourished due to advancements in technology and globalization, facilitating a wider scope of competition and international business opportunities.
Step-by-step explanation:
A virtual marketplace is an online platform in which businesses engage in business-to-business (B2B) transactions, buying and selling products and services to one another and sharing information. This concept is heavily interconnected with major shifts in technology and globalization.
For example, an electronic stock market founded in 1971 revolutionized the way individuals could buy or sell stocks from multiple physical locations. Today, similar platforms exist for virtually every type of business supply, resulting in increased competition and globalized markets.