The Impact of the Platform Economy on the Structural Transformation of B2B Market Intermediaries

Abstract

Aim.  The purpose of this article is to identify the competitive advantages of digital platforms and their impact on the structure of intermediaries in the B2B market. To achieve this, the definitions of the terms “digital platform” and “market intermediary” were clarified; changes in the composition of modern intermediary structures in the economy were analyzed; a comparison of the functions of traditional intermediaries and platform companies in the B2B market was conducted; and factors contributing to the sustained market demand for their services were investigated.

The research methods are based on a combination of a systematic approach, comparative analysis, and retrospective analysis.

Methods.  The research methods are based on a combination of a systematic approach, structural-functional and comparative analysis. The systems approach made it possible to treat platform structures as integrated ecosystems that consolidate the functions of coordination, standardization, and processing of transactional flows. Structural-functional and comparative analysis was used to juxtapose traditional intermediary interaction models with digital platform mechanisms that operate on the basis of algorithmic matching of supply and demand.

Results. The study’s findings indicate that digital platforms have significant competitive advantages in the intermediary services market. The main ones include: the use of digital technologies to expand direct links between producers of goods and services and their industrial consumers; increased speed, efficiency, transparency, and accuracy of transactions; the expansion of the geographical scope of direct business relationships between producers and potential partners and suppliers; reducing, for companies that use digital platform services, transaction costs associated with selecting intermediaries, searching for counterparties for the purchase and sale of products, and obtaining information about product characteristics, prices, and the business reputation of sellers and buyers.

Conclusions. The platform economy has significant potential to influence the structure of intermediaries in the B2B market. This is because industrial digital platforms possess significant competitive advantages in the intermediary services market, enabling them to coordinate economic activity, lower barriers to market entry, gain market power, and assume the core functions of traditional intermediaries. However, their complete displacement from the market should not be expected in the near future. The main reasons for this are the continued high demand for the services of traditional intermediaries from entities in both the analog (traditional) economy, which produce non-digital goods, and the digital economy, which are dissatisfied with the level of information and transaction security on platforms.