Supriya Prakash Sen shares an article that identifies how Digital Business Ecosystems could be the answer to addressing the multiple needs of the consumer, and how COVID-19 has accelerated the need to change.
As purchasing behaviors change over time, so too does the landscape that solution providers operate in. In 2020, consumers are spoilt for choice; but consumers are short on time and often overwhelmed by the options on offer. Consequently, the balance of power for businesses has shifted in favor of those who can provide a seamless, curated service, that offers customers Value, Choice and Delightful Experience- meeting not one but their multiple needs. Companies in South East Asia have begun to recognize the importance of meeting these consumers’ new and diverse needs under one single umbrella.
This means that the arena is ripe for successful introduction of services embedded within Digital Business Ecosystems. A digital business ecosystem is an environment of digital platforms with a complex network of stakeholders that connect online to do business and interact digitally in ways that create value for all. And instead of concentrating on linear supplier, customer, and distributor relationships, these companies focus on adding value in new ways to how each party in the ecosystem can bring value to the other parties.
In this context, Singapore has much to contribute to the South East Asia region in human capital even as we meet our own ecosystem buildout needs. It is possible to design intentionally for how our companies, solution providers as well as foreign companies within our digital business ecosystem can be a potent force for good within the larger South East Asia region. One example of this, as I point out later in this article, is AFIN-APIX, the innovative fintech collaboration platform set up as a non-profit in Singapore (where I am an independent Director).
Key points in this article include:
- Collaboration between players
- Reaching a broader customer base
- Platform business models
Read the full article, Collaborating to Succeed: Evolving Digital Financial Ecosystems in SEA, on LinkedIn.