Exploring "platforms": An ecosystem approach for competing in a changed world

The COVID-19-induced social distancing norms have resulted in businesses looking for new ways to stay connected with their consumers. Increased use of online business models and digital opportunities have provided businesses with new market insights over the last year, where data-driven approaches could be pivoted to serve unmet consumer needs. While emerging technologies, e.g., AI and ML, have been touted as key drivers of change, it is far more important to broadly examine how one can rethink consumer interaction, understand behavioural changes through deep market insights, and drive further differentiation.

As the pandemic pushes businesses to innovate, it offers the opportunity for incumbents to invest in a platform-based model and shift the focus away from a core-product approach. Legacy organisations that are unable to spot new trends, innovate at speed, and leverage their position will leave white spaces for new entrants to disrupt and take over their dominance in the value chain. The realisation of placing the consumer at the core of the business and innovating around them, with the help of technology, will help businesses fight fierce competition.