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Ecosystems, KOLs, Luxury,
Emerging Platforms and Review
January 2020
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1www.jeffreytowson.com
• Ecosystems Are Eating the World
• Hot Areas: KOL’s and Influencers
• Hot Areas: Luxury
• Hot Areas: Logistics
• Review
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“Software Is Eating the World”
- Marc Andreessen (2011)
2
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View 1: Cambrian Explosion in Digital
3
• For 4 billion years, very little life on earth beyond bacteria, algae and
plankton.
• But 540-570 million years ago, most modern animals emerged. Related
to the emergence of a genetic tool kit that suddenly made things
possible?
• Argument that something similar is happening in digital:
• Tons of new digital tools emerging. Exponential increase in
innovation and combinations.
• Lots of use cases being experimented with.
• Lots of new products and services.
• Lots of new business models.
• All happening differently industry-by-industry.
• This is changing competition dynamics. And changing strategy.
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View 2: The Second Machine Age
4
• The first machine age began with combustion and the steam engine.
• Human beings were no longer limited by their physical bodies in
terms of power and speed.
• Led to sustained gradual innovation and advancements. Which
led to productivity gains.
• Great inventions with big productivity benefits. But have slowed
over time.
• General purpose technologies (GPTs) require complements –
particularly business process changes and organizational
changes.
• There is also a lag between tech innovation and productivity
gains (i.e., labor productivity gains). It takes time.
www.jeffreytowson.com
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The Second Machine Age
5
• Digital is the second machine age – with software,
data, AI and other new tools. All about bits and
bytes, not atoms.
• Human beings no longer limited by their
brains in terms of computation, memory and
increasingly intelligence.
• Two powerful phenomena: AI and digital
networks of people and things
• Leading to sustained exponential
advancement in most aspects of computing +
massive amounts of digital information + lots
of recombinant innovation
www.jeffreytowson.com
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View 3: Coordination Costs, Ecosystems
and the Theory of the Firm
6
- Central planning fails because it requires perfect information (i.e.,
omniscience). The markets do it better.
- Hayek (Road to Serfdom)
- He wrote perfect information is impossible because it exists between
things. Never one person. It is coordinated knowledge. We live in
fragmented and decentralized information world. It’s about “local
knowledge” (which changes in time).
- So centralized coordination of large-scale economic activity is
impractical.
- You need a mechanism to aggregate and react to local knowledge of
all participants. This is market pricing. So markets are like a primitive
computer for this – and the data they put out is pricing. Everyone is
aggregating and reacting to their relevant local knowledge.
www.jeffreytowson.com
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All About Coordination Costs
7
- The Theory of the Firm
- Ronald Coase asked: If there are efficient markets that can coordinate economic
activity then why do firms exist? Most resources are deployed by companies.
- His answer was: There are transaction (or coordination) costs involved in participating
in market activity. It is too complicated and/or costly to find a worker to do a specific
task at a specific time and to negotiate prices. He created theory of the firm based on
these transaction / coordination costs.
- Companies come into existence to minimize the transaction costs and
information deficiencies that result from coordinating economic activity through
decentralized market exchanges.
- A company internalizes activities where it is more efficient than doing through
the market. A company is a small centrally planned economy in a larger market
system.
- As company grows it can do internalized activities more efficiently by economies of
scale.
www.jeffreytowson.com
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Plus Economies of Scale
8
- Economies of scale
- Bruce Henderson of BCG adds the idea that as
you get bigger your costs decrease. By about 25%
every time you double production volume.
- This leads to the idea of competitive advantage.
The company with biggest market share has a cost
advantage.
- But Hayek’s local knowledge problem reappears in
large organizations.
- After a certain size, coordination costs start to
increase and you get diseconomies of scale.
- So get a U curve because transaction costs
start to rise with more volume.
- And this happens well below the point were
they dominate a market. It gets too hard to
coordinate all that economic activity.
www.jeffreytowson.com
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Plus Value Chains and Tech
9
Michael Porter – Value Chain
- Michael Porter agrees with Henderson but said a firm also interacts with others.
Will have advantages in some areas and disadvantages in others.
- You need to break a firm down into key activities (a value chain)
- The components of the value chain are linked by transaction costs. They create the
boundaries by minimized transaction costs.
- When transaction costs change, the company can be reorganized in very
different ways.
- Transaction costs are the glue that hold value chains together.
- Like when go from integrated (Apple) to modular (Android).
- As technologies emerge, it changes transaction costs and therefore how
firms are organized via value chains.
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10
It’s all about networks and platforms
Processing speed increases and drops transaction costs.
• But you need the interconnections for coordination.
Value chains fell apart.
• Each one could be its own nimble company by just coordinating with other small
companies and recreating the whole value chain.
• Centralized big companies with economies of scale (such as newspapers and
encyclopedia) got killed by nimble competitors.
You began to use resources outside your company.
• Smaller companies actually had larger resources than traditional economy of scale
companies.
• The aggregator of value is no longer the value chain, it is the network / ecosystem.
Decentralized markets with prices were just the only data points available. But now
have tons of data. The future may be centrally management networks. Capitalism and
centralization at the same time?
All About Coordination / Transaction Costs
www.jeffreytowson.com
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All About Coordination / Transaction Costs
11
Ronald Coase: Transaction or coordination costs
include money, time, effort, and attention.
• Search and information costs
• Bargaining costs
• Enforcement costs
Platforms and digital reduce coordination costs.
For platforms this is via four functions:
• Audience building
• Matchmaking
• Providing core tools and services
• Setting rules and standards
www.jeffreytowson.com
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12
There are four different ideas here:
- How coordination / transaction costs shape local knowledge and
economic activity -> and create value.
- Platform business models create a ton of value. They are
monopolies because they create value.
- Centralization vs. decentralization of an economy or ecosystem
- The role of competition
- The role of freedom of choice
The Great Digital Debate
www.jeffreytowson.com
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Luohan Academy: Why the Digital
Revolution Is Different
13
• A couple of big factors:
• Low use cost and non-rivalry of digital information. It can be replicated and
used at near-zero cost. Unlike physical goods, it allows consumption or
possession by multiple users.
• Low threshold for adoption and penetration of digital technology.
• Falling cost of computer power plus internet has led to falling costs of
sharing digital information. Mobile devices have expanded reach of internet.
www.jeffreytowson.com
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Luohan: Why the Digital Revolution Is
Different
14
• So the level of economic development of a country is no longer determining modernization
and digital adoption.
• Digital is expanding in low development countries as fast as in developed countries.
Ecommerce is more widespread in China than USA.
• In the past, you needed to be in a developed economies. Or you needed proximity to
a developed area. Now small and micro firms can service customers thousands of
miles away.
• Often few alternatives to digital in underdeveloped countries. Mobile payments.
• Works as well in rural as urban.
• Low-skill thresholds drives penetration. Taobao villages. M-pesa
• Digital has the Lasic principle: Low profit margins, Asset light, Scalable, Innovative,
Compliance friendly. But all depends on infrastructure: mobile internet and broadband
access, supportive regulatory environment. www.jeffreytowson.com
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15www.jeffreytowson.com
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16www.jeffreytowson.com
• Ecosystems Are Eating the World
• Hot Areas: KOL’s and Influencers
• Hot Areas: Luxury
• Hot Areas: Logistics
• Review
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17www.jeffreytowson.com
• A lot of the thinking in this section is adapted
from a book by Lauren Hallanan and Ahsley
Dudarenok
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18www.jeffreytowson.com
• Estimated at $15B per year
• Note: Hollywood makes about $10B in US theaters
• Singles’ Day is a big event for influencers. And in 2017,
influencers broke into the top 10 best-selling fashion stores. Four
influencer stores made over $14M per day.
• Meanwhile, ads on TV, print and websites are losing their impact.
The China Influencer Economy
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19www.jeffreytowson.com
China’s #1 Influencer Viya
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China’s #1 Influencer Viya
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• Much more powerful than in the West
• Not just information. But opinions and influence.
• Can influence buying decisions for products.
• Can also sell their own products.
• Can have lots of followers or few followers. It’s more about the
depth of the relationship and trust.
• A true influencer is an expert, is trusted and has a relationship
with his/her following.
Chinese Influencers
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• Douyu is live-streamers playing video games and performing (lots
of singing)
• Feng Timo, a young woman doing live singing. 13M fans on
Douyu and 8M on Weibo.
• Douyin (i.e., Tiktok) launched on short videos
• Li Ge does dances and singing. 43M fans on Douyin and 1M
Weibo.
Short Video Lets Douyu and Douyin
Takes Off
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30www.jeffreytowson.com
• Launched in 2016, offers short video focused on music, fashion and
style.
• Show unusual skills and talents.
• Lots of music and dancing.
• Intuitive interface that is good for liking, sharing and building upon.
• Easy to make memes and new content which can be edited with
flash, slow and repeat. Huge UGC.
• Brands use to issue challenges with incentives and prizes for best
videos created. Michael Kors issued a catwalk challenge and got
three KOLs to participate and make videos – which got 5M views.
• Brands can offer stickers.
TikTok and Douyin
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31www.jeffreytowson.com
Douyin / TikTok
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Douyin / TikTok
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• Why did live-streaming take off faster than just blogging?
• Anyone could do it.
• You could monetize immediately with gifting or sales.
• You can make money and get famous. Very powerful.
• Live-streamers do swerve between serving an audience
and just doing whatever it takes to get an audience.
Influencers Really Take Off With Live-
Streaming
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• Launched in March 2016, based on Taobao the largest e-commerce site in
China. 425M active users in 2018.
• 70% are women. Popular categories are clothing, cosmetics and maternity.
Women are 80% of live-stream users. Typically active between 8-10pm.
• 30% are men. Popular categories are electronic products and sportswear.
• 43% of users are 24-30 years old.
• Most users access 4.6 times per day for 25 minutes.
Live-Streaming: TaoBao Live
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• In 2018, platform coordinated with Hunan TV to create jewelry
live-streaming show.
• Major brands like Chow Tai Fook and McLon participated.
• Hundreds of thousands of pieces sold.
Live-Streaming Example: TaoBao Live
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Live-Streaming: JD Live
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• In 2018, Antoine Bunel a top food and beverage KOL in China sold
$288,000 of milk powder in two hours of live-streaming to 10M
viewers.
• How did brand do this?
• Partner with top e-commerce site and not entertainment sites
• Give creative control to KOL to communicate passion and
information
Live-Streaming Example: JD Live
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• Huawei used a KOL to create video of optical illusion of floating
phone. Douyin is good for unusual skills. Video was reposted.
• Luxury brand Michael Kors hired 3 KOLs with 4M followers
collectively. They attended an event and did videos on the catwalk
wearing Michael Kors - which were released with #citycatwalk.
Their videos were streamed 5M and +41,000 users created
similar catwalk videos.
Short Video Examples: Douyin
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• Wang Hong
• Attractive and / or charming. But usually no skills.
• Large and broad followings. But often shallow.
• Can grow virally. But not a lot of trust.
• They rise and fall fast.
• Not regarded as an expert.
• Have little influence.
• Probably not great for brands to work with.
5 Types of KOL Personalities
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• Content Creators
• High quality and/or entertaining content.
• But also not deep expertise.
• Fans want to be entertained. Not to learn or get advice.
• Short video works well (i.e., Tiktok) here.
• For brands, good for general brand awareness but not niche
audiences or converting to sales.
5 Types of KOL Personalities
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• Key Opinion Leaders
• Not about getting rich like wang hong.
• It’s about building a personal brand and sharing expertise.
• Are strategic with their platforms and types of content.
• About serving an audience, sharing knowledge and building
an audience.
5 Types of KOL Personalities
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• Celebrities
• Huge fan base and
name recognition.
• Well-established
images.
• Experienced with
promotions.
• Pretty expensive for
brands.
5 Types of KOL Personalities
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43www.jeffreytowson.com
• We Media
• Small media companies. Often run by former journalists with /
without teams.
• Current affairs. Social issues.
5 Types of KOL Personalities
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• Increased brand awareness
• Increased sales
• Building a database of customers and potential customers
Why Would Brands Hire a KOL?
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45www.jeffreytowson.com
• Laser focused on a specific topic. So brands hiring need to tie
directly to this.
• Have professional expertise related to the topic. They have
expertise, authority and connections.
• Have a distinct voice and content style.
• Staying neutral, following trends and being everything to
everyone is less influential.
• Have a clear persona.
• Are community leaders. Provide value to their audience with
content. Engage in comments.
The Best KOLs?
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46www.jeffreytowson.com
• They evolve.
• Move to new platforms.
• Evolve content types.
• But also maintain on multiple platforms long-term to mitigate
risks.
• Some hire a team. And rely on sales rather than brand
sponsorship.
• They grow slowly. Avoid clickbait and other tricks.
• That’s how you build loyalty and trust. Gradually.
• They prioritize reputation over money.
The Best KOLs?
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47www.jeffreytowson.com
• Native advertisements
• Advertorials
• Product placement
• Embedded marketing
• Product reviews
• Sponsored campaigns. Such as Lectures and Q&A
• Co-branding and KOL Cross-promotions
• Social selling (prohibited on some sites)
• Live-streaming
KOL Cooperation Types
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Online Retailer
or Marketplace
48www.jeffreytowson.com
Consumers
Data NE
Phase 2b: Build Demand-Side Scale.
Add New Users and Use Cases.
Merchants / Brands /
Retailers
• Users
• Participation
• DataOther Revenue-Side Adv
• Share of consumer mind
• Switching costs
MSP Adv
• Subsidized pricing. Free?
Other Revenue-Side Adv
• Search costs
• Switching costs
• Limited options
Content
Creators
Network Effects:• Primary
Interaction
• Additional
interactions
• App Developers
• Advertisers
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• B2C is often about an emotional connection.
• B2B Influencing is similar to consulting and advising.
• Usually done by:
• Senior consultants with decades of expertise
• Management consultants
• Heads of industry associations promoting industry-related
education
• Analysts in specific industries
• Key suppliers
B2B Influencers
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• Ecosystems Are Eating the World
• Hot Areas: KOL’s and Influencers
• Hot Areas: Luxury
• Hot Areas: Logistics
• Review
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• Platforms vs. Pipelines
• Network Effects
• Economics of Digital
• Competitive Advantage: Digital vs. Traditional
• 6 Digital Superpowers
and / or
• Regular Digital Business and Dynamic Competition
Main Digital Strategy Ideas
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My Opinion
52
• Absent a competitive advantage, business is usually an endless marathon in operational scale, effectiveness and efficiency.
• Digital is destroying some traditional competitive advantages and creating some new ones.
• This operational marathon is being combined and sometimes replaced with marathons in:
• Rate of learning• Innovation (tied to rate of learning)• Ecosystem shaping and management
• The best players are fast in their marathons but also have strong competitive advantages that give them structural advantages in these
races.
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• Level 1: Digital is overwhelmingly granular.
• There are lots of new digital and data technologies being developed
and these can be used in lots of ways within businesses.
• The best approach to digital strategy is to just look at the use cases.
McKinsey has good reports that take this bottoms-up approach.
• Normal dynamic competition.
• Level 2: Bubbling up out of all these use cases are at least 6 digital
superpowers that can happen that really change a company.
• Level 3: At an even higher level, we can see platforms evolve in certain
patterns. Becoming conglomerates and other powerful structures.
• So you want to look at all of this at at least 3 levels.
Digital Transformation Happens At At 3
Least Levels
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MSPs vs. Pipelines (Platform Revolution)
54
1. One main customer group
2. Asset value increases as it moves down the
pipeline.
3. Through tightly controlled process and
assets (by contracts).
4. Management focuses on increasing the
efficiency and returns on internal assets.
5. Scales by internal actions such as acquiring
more assets or customers. Lot of attention
to supply-side economies of scale. Driven
by management.
6. Owned or contracted assets and products /
services. Centralized ownership, profit and
control.
7. Challenges: Well-known. See any 10k Risk
section.
1. Multiple user groups
2. Value is created by interactions of the user groups on the
platform
3. Provides open architecture and governance (rules for
users, incentives for participation).
4. Management orchestrates the ecosystem and its assets.
You focus on ecosystem assets (not internal assets). You
manage external actions / processes / interactions. If you
don’t own assets then need data to manage this.
5. Scales without effort. Driven by external participants and
their activity.
6. Decentralized assets, products and risks but centralized
ownership, profit and control
7. Challenges:
1. Need to decide the controls point(s) and what to
monetize (Apple lets developers take ecosystem
profits).
2. You want everyone to keep investing in the platform.
3. They can bait and switch by changing rules after
built biz on platform.
4. Backlash to centralized governance growing. May
need distributed governance (blockchain)
5. Some platforms enable you to build (apple,
Microsoft) others are channels and gatekeepers to
customers (Facebook)
Pipelines (VI) Platforms (MSP)
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55www.jeffreytowson.com
1. Marketplaces and Transaction Platforms
2. Coordination and Standardization Platforms
3. Payment Platforms
4. Innovation (and Audience-Builder) Platforms
5. Learning Platforms
• These re not mutually exclusive. Each platform can be a combination of users,
interactions and feedback loops. And you can combine them.
• Payment platforms are probably a type of coordination but pulled it out as
separate.
5 Common Types of Platforms
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56
Attractive But Dangerous Economics of
Information / Digital
• Zero marginal production costs
• Non-rival goods
• Low distribution costs
• Bundling and versioning
• Complements and consumer surplus
• Scalable
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Traditional Competitive Advantages (1 of 2)
57
1. Consumer – captive customers / control over pricing• Share of consumer mind or buying habits
• Switching costs (i.e. training costs)
• Searching costs (i.e. brand names)
2. Producer – proprietary production capability / manufacturing cost advantages• Labor costs
• Proprietary technology
• Lower cost of inputs
• Special resource
• Location or transportation
3. Scale economies – lower average costs at higher volumes• Manufacturing
• R&D
• Marketing
• Distribution / logistics
4. Government• License
• Regulation (antitrust, zoning, environment)
• Patents
• Tariffs and quotaswww.jeffreytowson.com
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Traditional Competitive Advantages (2 of 2)
58
5. Network economics– Demand side economies of scale.• One sided networks – Facebook, WeChat, telephone
• Two sided networks – UnionPay, American Express, Apple App Store
• Combos – Tencent multiplayer gaming is one sided and two sided.
• Data network advantages – insurance pricing, personalization / curation
6. Efficiency of Scale– One dominant company in small market – with high
capital costs and history of attacking new entrants.• Not a strict CA. But strong disincentive to new entrants.
• The only hospital or powerplant in a small town. High capital costs, limited
market and one dominant, entrenched player.
• Usually not (but not always) a competitive advantage:
• Most brands. You can buy a brand with cash. It’s an asset.
• Smarter. This can be copied.
• Expertise. Can be copied over time.
• Lower cost of capital – nope.
• Lower cost of labor – nope. Transitory.
• Most government regulations and tariffs
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Digital Competitive Advantages
59
1. Revenue Advantages• Share of consumer mind – software excels at hacking behavior. Gamification.
Habit-creating. Dopamine hits. Personalization and curation.
• Switching costs – Rare for consumers. Stronger for platforms, merchants, content creators, B2B, app developers, etc. Integration of workflow can be
powerful.
2. Production Cost Advantages• IP / tech cost advantage. Code written over time. Growing with AI and
algorithms.
• Special resource: Data. Partnerships.
3. Economies of Scale – Cost Advantages• Marketing• R&D• Web services / tech – particularly if open to market• Logistics / delivery – particularly if open to market• Medical teams? Driver services? Auto alliance?
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Digital Competitive Advantages (cont.)
60
3. Government. Licenses. Access to data / smart cities.
4. Network Effects• Network effects in main platform. • Data network effect• Emerging: AI? Autonomous vehicles?
5. Efficiency of Scale
Other
• MSP soft advantages. Subsidized or free pricing. Chicken-and-egg• Data soft advantages• Complementary platforms• Linked business models: Customers, data, capital• Combined services and digital conglomerates
• Platform vs. product / pipeline• Platform vs. platform• Platform vs. digital conglomerate
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6 Digital Superpowers
61
1. Dramatically improved user experience and journey. You need sufficient delta of
improvement (vs. pain of adoption)
2. Creates a platform (and gets complements or soft MSP advantages). Including without
NE.
3. Captures network effects, including data network effect. Including 1-sided without MSP.
4. Captures other competitive advantages - including switching costs and digitally-
enhanced share of consumer mind (habits, behavior, etc.).
5. Viral or other powerful customer acquisition and/or retention mechanism.
6. Scalable. Especially if gets massive demand-side scale. Global scale is best.
• Also awesome is recurring revenue, freemium and pre-pay if you can get it. Slack has this and all of above.
• B2B criticality is also great (Microsoft has)
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Rule 1: Give Customers EXACTLY What They Want – Or
Someone Else Will
Rule 2: Digitize and Re-Imagine Operations ASAP
Rule 3: Get Ready for Super-Platforms – and for Industry
Boundaries to Move and Fall
3 Simple Rules for Chinese Digital
Transformation
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Online Retailer
or Marketplace
63www.jeffreytowson.com
Consumers
Demand-Side
Scale (early)
Phase 1: Build Basic Demand-Side Scale
Around 1-2 Interactions.
Merchants / Brands
• Users
• Participation
• Data
Network Effects:• Primary Interaction
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Online Retailer
or Marketplace
64www.jeffreytowson.com
Consumers
Data NE
Demand-Side
Scale (Middle)
Phase 2a: Keep Adding Demand-Side
Scale. Add Other Advantages.
Merchants / Brands /
Retailers
• Users
• Participation
• DataOther Revenue-Side Adv
• Share of consumer mind
• Switching costs
MSP Adv
• Subsidized pricing. Free?
Other Revenue-Side Adv
• Search costs
• Switching costs
• Limited options
Network Effects:• Primary Interaction
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Online Retailer
or Marketplace
65www.jeffreytowson.com
Consumers
Data NE
Demand-Side
Scale (Later)
Phase 2b: Keep Building Demand-Side
Scale. Add New Users and Use Cases.
Merchants / Brands /
Retailers
• Users
• Participation
• DataOther Revenue-Side Adv
• Share of consumer mind
• Switching costs
MSP Adv
• Subsidized pricing. Free?
Other Revenue-Side Adv
• Search costs
• Switching costs
• Limited options
Additional User
Groups• App Developers
• Content
Creators
• Advertisers
Network Effects:• Primary
Interaction
• Additional
interactions
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Online Retailer
or Marketplace
66www.jeffreytowson.com
Consumers
Merchants / Brands /
Retailers
• Users
• Participation
• Data
Demand-Side
Scale (initial)
Phase 3a: Build Supply-Side Scale
Supply-Side
Scale (initial)
• Marketing
• R&D
IT / Web
Services
Logistics and
Delivery
• Physical vs. intangible
capabilities?
• In-house vs. partnership?
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Open Services
to Market
Open Services
to Market
Online Retailer
or Marketplace
67www.jeffreytowson.com
Consumers
Merchants / Brands /
Merchants / Brands
• Users
• Participation
• Data
Demand-Side
Scale (later)
Phase 3b: Keep Building Supply-Side
Scale. Digitize Capabilities and Invert.
Supply-Side
Scale (later)
• Marketing
• R&D
IT / Web
Services
Logistics and
Delivery
• Physical vs. intangible capabilities?
• In-house vs. partnership?
• Other cost adv: Economy of scope,
production cost, location & transport,
IP/Tech,
• Other adv: Patents, government regs
and limits
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Online Retailer
or Marketplace
68www.jeffreytowson.com
Consumers
Merchants / Brands
Users
Participation
Data
Data NE
Demand Side
Scale
• Identify and exploit
new services
• Horizontal attacks
Supply Side
Scale
• Marketing
• R&D
Tech / Web
Services
• App
Developers
• Content
Creators
• Advertisers
Logistics and
Delivery
Open Services
to Market
Open Services
to Market
Phase 4a: Exploit and Innovate Rapidly
(Elon Musk Strategy).
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Online Retailer
or Marketplace
69www.jeffreytowson.com
Consumers
Merchants / Brands
Users
Participation
Data
Data NE
Demand Side
Scale
• Identify and exploit
new services
• Horizontal attacks
Supply Side
Scale
• Marketing
• R&D
Tech / Web
Services
• App
Developers
• Content
Creators
• Advertisers
Complementary
Platforms
Logistics and
Delivery
Open Services
to Market
Open Services
to Market
Phase 4b: Add Platforms and Linked Biz
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Online Retailer
or Marketplace
70www.jeffreytowson.com
Consumers
Merchants / Brands
Users
Participation
Data
Data NE
Demand Side
Scale
• Identify and exploit
new services
• Horizontal attacks
Supply Side
Scale
• Marketing
• R&D
Tech / Web
Services
• App
Developers
• Content
Creators
• Advertisers
• Creating new use cases
and business models
• Bringing physical
retailers (and data) onto
platform
• Adding physical assets
to supply side
Complementary
Platforms
Logistics and
Delivery
Open Services
to Market
Open Services
to Market
Phase 5: New Retail
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LinkedIn: Jeffrey Towson
WeChat – a555666777aa
71
My Contact Information
www.jeffreytowson.com