What is the difference between a physical and virtual market?

Answer 1

A physical market refers to a tangible space where buyers and sellers interact face-to-face, such as a farmer's market or a retail store. In contrast, a virtual market operates online, allowing transactions to occur through digital platforms without the need for physical presence, like e-commerce websites or online auction sites. The key difference lies in the mode of interaction and transaction—physical markets involve direct, in-person exchanges, while virtual markets facilitate remote exchanges through technology.