ABSTRACT
Catering to the new market segments requires deploying new business models for engaging with customers directly or through partners. This chapter looks at the new partnership models introduced by digital technologies or those required to address the needs of the new market segments introduced by digital technologies. Automation due to digital technologies and a wider consumer base helps reduce the cost for the producers or service providers and makes digital platforms a viable business model. The technology enabling digital platforms: The success of digital platforms is dependent on how the platforms generate value for the ecosystem and are able to attract, engage, and retain more and more sellers and buyers. The success of business application programming interfaces (APIs) depends on how well the APIs are externalized and realized. APIs needs to be easily discoverable and usable by third-party developers. The adoption of digital technologies has introduced new market segments and has changed business models.
