In the marketplace model, ec technology is used to streamline the purchasing process in order to reduce the cost of items purchased, the administrative cost of procurement, and the purchasing cycle time. +

The answer is "buy-side marketplace model".

The buy-side marketplace is a model in which associations endeavor to purchase required items or administrations from different associations electronically. A noteworthy strategy for purchasing products and enterprises in the buy-side model is the turn around closeout. The buy-side model uses EC technology to streamline the buying procedure. The objective is to decrease both the expenses of things bought and the managerial costs engaged with obtaining them. Moreover, EC technology can abbreviate the buying process duration.