Online marketplaces, in particular Takealot, have greatly impacted the South African economy, transforming consumer behavior, supporting SMEs, and creating employment opportunities. These digital platform businesses offer ease, competitive pricing, and wide-ranging product access, reforming the retail landscape and compelling traditional businesses to adapt or risk obsolescence. While Takealot has enabled market access for SMEs and adopted economic growth, it also presents challenges, such as competition with larger sellers, governing challenges, and environmental concerns. The platform's influence extends to the broader economy, growing investment in digital infrastructure and starting debates on tax compliance and digital inclusion. As South Africa navigates the digital revolution, addressing these challenges is critical for achieving sustainable and equitable economic growth. In this study, an academic review is performed to better understand the socio-economic impact of online marketplaces on the South African economy, from a micro- and macro-perspective. The review focuses on Takealot as the dominant market role-player. This review highlights the need for balanced development, ensuring that online marketplaces contribute positively to society while improving possible negative impacts. The insights brought by the review of Takealot are of benefit to other emerging economies where digital platform businesses in the form of online marketplaces, may create similar opportunities and challenges.