Embracing digital business ecosystem: transforming traditional marketplaces

What is it about?

Traditional marketplaces are important public institutions in many countries, providing platforms for micro and small businesses and households to transact for daily needs. However, in recent years, their role has been slowly diminishing with the rise of supermarkets and digital marketplaces. Worse, the COVID-19 pandemic forced people to maintain physical distance, causing reluctance or discouragement in visiting traditional markets to avoid crowds. As a result, the future of traditional markets appears uncertain. To survive and grow, these important public institutions must undergo digital transformations to extend their services and capture both traditional and digital markets. This paper discusses a strategy for the digital transformation journey of traditional marketplaces, using the lens of Value Network Exchange—a framework for analyzing and designing a digital business ecosystem.

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