From Products to Platforms: Building a Sustainable Business Model
Digital platforms are the foundation of some of the world's most valuable corporations, including Amazon, Facebook, and Google. According to 2017 MIT Sloan research, 60% to 70% of unicorns were platform businesses. What distinguishes platform-based enterprises and makes them successful in a competitive environment? They provide distinct value by establishing a comprehensive ecosystem through which businesses may serve their customers. The platform is transformed into a critical enabler of business objectives. Amazon has evolved from an e-commerce site to a platform where third-party vendors can sell a variety of things. It has evolved into a critical enabler of digital commerce strategy for enterprises of all sizes. Facebook has gone beyond its identity of a social networking platform. It provides APIs and tools to third-party developers, allowing them to create apps that connect with Facebook's fundamental marketing, advertising, and support services. It has evolved into an ...