Traditionally, a market is a physical or a meeting place where buyers and sellers gather to buy and sell products and services. These markets exist for products/services that are daily necessities like fruits, vegetables, fish, garments, electronic goods, etc. The transaction for these necessities happens directly with the buyer, which also includes a process of bargaining.
Modern markets are not different from traditional markets except the market need not only be a physical place. Modern markets act like facilitators that allow buyers and sellers of a product or service for exchange. Modern markets can include products/services which are daily necessities along with durable items like plates, knives, fans, etc.
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For example- supermarkets (Big Bazaar), hypermarkets, minimarkets, etc., provide all products / services under one roof at fixed prices. Modern markets however, do not allow bargaining like in traditional markets but are considered to be relatively cleaner environment than traditional markets. Modern markets also include online shopping for food (Big Basket), clothes (Myntra), etc., which focus on convenience at prices usually higher than traditional markets.
