How do digital platforms create value for consumers and businesses? 🔊
Digital platforms create value for consumers and businesses by enabling direct interaction and fostering network effects. By connecting buyers and sellers efficiently, these platforms lower transaction costs and enhance accessibility to a broader range of products and services. For businesses, data analytics tools provided by these platforms can yield insights into consumer behavior, enabling targeted marketing and improved customer relationships. Additionally, digital platforms often facilitate scalability, allowing companies to grow without proportional increases in overhead costs. This synergy creates a win-win scenario for both parties involved.
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