In late August, video-sharing app TikTok became more than a place to learn short-form dances — it became a storefront for companies like Kylie Cosmetics, the billion-dollar makeup company founded by Kylie Jenner.
While viral videos and lip liner might not seem like a natural pairing, the partnership, made possible through e-commerce platform Shopify, is an example of the “platform-to-platform integration” experts see in 2021 as the platform economy continues to adjust to the COVID era.
A summary report from the 2021 MIT Sloan Platform Strategy Summit, hosted by the MIT Initiative on the Digital Economy, states that “integration with existing platforms is gaining acceptance,” as businesses rebound from the 2020 pandemic closures.
“While challenges remain, platforms provide rapid access to new products and services, transparency, and global collaboration,” the report states.
The summit report highlights a number of those challenges and collaborations, including how to regulate platforms; shifting corporate cultures to embrace digital transformation; and ways in which companies like Shell and Mitsubishi Power are using platforms to meet green energy goals.
A few other key summit takeaways:
- Big tech is exploring the financial and health care industries.
- Chinese super apps can teach other nations a lot about best practices.
- Even the steel industry sees the benefits of platforms.