Business Technology and IT Managed Services - Dorks Delivered

1. The Platform Business Model The Platform Business Model With Jay Pandya With Jay Pandya In today's increasingly digital world, it's hard to overstate the importance of digital platforms. These online tools and services have transformed the way we live, work, and interact with one another. From social media networks to e-commerce marketplaces, digital platforms have become the backbone of modern life, enabling us to connect, communicate, and transact with people and businesses all around the world. Josh was joined by Jay Pandya from MVP1 Ventures to discuss all things about digital platforms and how they can help your business. How to Scale Your Business and Your Offerings How to Scale Your Business and Your Offerings Platforms Jay explains, “There's a lot of misunderstanding of the word platform. I've had people come and say they’ve got a platform when all they have is a website or an ecommerce store.” Digital Platform: How to Scale Your Business Having a platform is like hosting a party and inviting your friends and family over to your place to have a good time. You provide the space, food and drinks, and music. Lots of people come and join the party—the platform—and they participate and interact with each other. If you have few participants, such as only two people, that is not a party. Jay adds that those interactions create value. When those interactions are valuable to participants, you have a good platform. However, there's always a limit: the number of people you can invite into your home, how much noise you can make and how much food can be served, how many cuisines can be there, etc. There's a physical limit in the physical world. There’s no such limit in the digital world that’s why it’s exciting and sexy from a business perspective. Retailers There are retailers who consider themselves as business owners. However, when you think about the people who go to Garden City, who do they have a relationship with? They don’t say they will go to a particular shop in Westfield. They say: I’m going to Garden City. Garden City has been there for a long time. The retailers come and go. So if I had to choose what my business would be—a retailer in Garden City or owning the shopping centre—I would choose the latter. Jay explains, “As the owner of the shopping centre, you have incredible amount of power. You get to make the rules of the game: the tenancy agreement, the starting time, the end time, and own the relationship with the customer. If you don't own the relationship with the customer, you're not really in charge of your business.” Westfield is a platform. Retailers are the players within that platform. https://dorksdelivered.com.au/business- tips/digital-platforms