In this globalised business, companies are in a symbiotic relationship to co-create

value by forming a digital business ecosystem. This multi-stakeholder approach

thrives to accelerate the business by sharing the products, accessing the services of
other companies for creating a high-value customer experience. India’s Business
giant “Reliance Retail” model of co-value creation illustrates it. On the consumer
side, it sells clothing, groceries, electronics etc. On the B2B side, Reliance procures
the products from its suppliers by providing a specification to tailor the needs of its
users. The payment system is managed by JIO platforms which is its subsidiary.
Similarly, it’s entire communication system is managed by JIO telecom. Also, it has
outsourced many of its functions to other companies. This collaborative business
ecosystem is a need to survive this cut-throat competition to reduce its costs.