The study examines the performance of the decentralized channels under traditional markets (TMs) andelectronic markets (EMs), while selling a perishable product with multivariate demand function. we provide optimal dynamic decisions, including the retail price, revenue-sharing allocation, and replenishment schedule, in a single-retailer stackelberg and single-manufacturer channel with cosignment-based vendor-managed inventory (VMI) system under TM and EM, respectively, over a multi-period planning horizon, so that the profil are maximized. the numerical result show that the EM outperform the TM in terms of channel-wide profit and retailer profit, with a retailer premium to achieve pareto improvements for the two-echelon channel coordination.