Interactive virtual commodity exchanges on the Internet are one exciting development for business and commerce. For example, the Australian Meat and Livestock trading 'floor' links exporters, importers and processors world-wide. Offers to buy and sell specific products or commodities are posted on an electronic bulletin board. This openness reduces transactions costs, increases transparency and enhances competition. Another example is the Livestock Marketplace , involving traders from 44 countries, it provides a database on cattle prices in various auction markets, as well as a clearing house for buyers and sellers of cattle.
Transaction costs are low and access to a wide geographical market is facilitated.
Similar sites exist for selling farm equipment, farm properties and even fishing vessels. The Internet also provides farmers the opportunity to reach a wide and growing set of consumers through direct marketing. Products may be marketed individually or through thematic or regional sites. Orders are submitted through electronic mail and payments are made by credit card. The use of the Internet to promote agritourism, combined with sales of regional products, also offers enormous potential for less favoured rural areas by stimulating economic activity.