Adaptation of ecosystem strategies in continuously evolving environments for sustainable growth

Abstract

The ever-evolving nature of business ecosystem due to various aspects like advancement of new technology, the behaviour of consumers, centripetal and centrifugal forces, regulatory instability and infrastructural deficiencies, opportunities like increased digital literacy and urbanization underscore the importance of strategic expansion and adaptation. The study explores adaptive strategies pursued by leading platform-based businesses in the dynamic market landscape. Through qualitative research, it examines how these companies craft ecosystem strategies to foster sustainable growth. Key strategies, including technological integration, market localization, and strategic partnerships, are identified as drivers of operational agility and competitive advantage. The study is carried out where thematic analysis is approached for the analysis of primary data gathered from open-ended survey questionnaires presented to the employees of the two platform-based companies. This study identifies several key strategies that these orchestrators take up and how those, supported by technological integration, market localization, and strategic partnerships, offer them operational agility and a competitive advantage.

This provides practical advice for companies similar to them so that they can enhance their strategic agility and resilience by organizing implementation teams, investing in technological infrastructure, and fostering a culture of learning and innovation. This research provides an account of strategy adaptation of local market champions in a constantly changing business environment in Bangladesh, thereby adding somewhat to the scanty academic literature in this area. It provides an explanation of how these companies adjust their business models in response to a complex interplay of local and global market forces.