PLATFORM DEVELOPMENT
An online platform is a derivative from the internet, it could be explained as a base or a foundation to connect users, merchants or in simple words different parties. The typical platforms we often encounter includes but not limited to: social media, travel planner, car service, food delivery, food ordering, e-commerce etc. An online platform is a strong medium for new business models as it has the element of aggregation of diversification. It supports a lot of our daily activities that we are dependent on these online platforms in our personal and professional lives.
Why online platform
Online platforms are strong drivers of innovation and helps transform societies and the global economy. They cover a huge variety of activities, at the same time increasing choices for customers.
Business owners need them as much as end users as they benefit a lot. The infrastructure provided by online platforms allow businesses to operate across a larger potential pool of consumers, at the same time reduce time and costs of searching for staff.
Moreover, companies are able to collect and organize information to analyse and manage users' patterns. For businesses utilizing online platforms such as crowdfunding platforms, they allow businesses to aggregate small investments over a large market in order to generate funds needed, diminishing risks to the minimum.
Finally, the quality of information and functionality of the platform helps build brand recognition for companies and will set standards for other companies to follow.
Did you know?
Online platforms rise since the internet boom era. The most common online platform is mostly built for e-commerce purposes.
Nowadays China had been manufacturing and promoting a lot of online platforms where Taobao still remains the biggest, recording 540.27 million average monthly users in 2018. XiaoHongShu is probably one of the most recognized new online platform where it utilizes KOLs (Key Opinion Leaders) to promote products and brands, recording 85 million average monthly users.
Another similar platform is TikTok, recording 800 million active users worldwide as an online streaming platform.