The program will begin July 1 and is expected to be fully implemented in three years.
The initiative, known as e-procurement, is aimed at decreasing paperwork and allowing companies statewide to bid on the services or goods of various vendors.
The Web-based system is expected to create more competition for goods and services, lowering prices and reducing taxes for residents.
"Enabling the state to purchase goods and services from a network of vendors in a Web-based system will result in a significant cost savings to taxpayers," Easley said.
"This system will be available to local governments allowing for savings across the board."
The state is currently suffering from a budget shortfall some fiscal analysts say could hit $750 million.
After receiving approval this month from the Information Resource Management Commission, the Office of Information Technology Services and Accenture exercised a portal contract option that allows for the e-procurement initiative to proceed.
The self-funded public/private partnership will not require any state appropriations. It will be funded by marketing fees paid by the vendors for the online usage.
Vendors will pay 1.75 percent of their total business accumulated by the Online service.