Title: From matching to integrating: iterative development of business models in China's B2B e-commerce

Authors: Xinyu Chen; Shan Liu; Junzhi Luo; Ziyang Wang; Tian Wu; Shuyang Xiao; Liming Xiong

Addresses: School of Electrical and Electronic Engineering, Huazhong University of Science and Technology, Wuhan, China; School of Management, Huazhong University of Science and Technology, Wuhan, China ' Logistics Science and Technology Innovation Integrated Development Research Center of Shaanxi Logistics Group, Xi'an Jiaotong University, Xi'an, China; School of Management, Xi'an Jiaotong University, Xi'an, China ' School of Economics and Management, Tsinghua University, Beijing, China ' Logistics Science and Technology Innovation Integrated Development Research Center of Shaanxi Logistics Group, Xi'an Jiaotong University, Xi'an, China; School of Management, Xi'an Jiaotong University, Xi'an, China ' School of Economics and Management, Tsinghua University, Beijing, China; Institute for Global Development, Tsinghua University, Beijing, China; Institute for National Governance and Global Governance, Tsinghua University, Beijing, China ' School of Economics and Management, Tsinghua University, Beijing, China; Research Center for Technological Innovation, Tsinghua University, Beijing, China ' School of Economics and Management, Tsinghua University, Beijing, China

Abstract: Adopting a platform-economy perspective, this study investigates the iterative evolution of business models in China's B2B sector, framing firms as multi-sided intermediaries that orchestrate ecosystem interactions. Through a longitudinal multi-case analysis, the research identifies distinct developmental pathways shaped by initial resource configurations, revealing how companies transform from transaction facilitators to ecosystem designers. The findings demonstrate that value is created through three synergistic mechanisms: improving operational efficiency, optimising activity systems, and reconfiguring the division of labour across upstream and downstream participants. Crucially, these business model innovations enable platforms to leverage bilateral network effects and collaborative resource utilisation, embodying key sharing economy characteristics such as shared infrastructure and the pooling of idle capacities. By explaining how platforms align their activity systems with resource-sharing logic, this paper contributes a comprehensive framework to platform economy theory and the broader literature on B2B digital transformation.

Keywords: platform economy; business model innovation; ecosystem integration; sharing economy; network effects; China.

DOI: 10.1504/IJTM.2025.151911

International Journal of Technology Management, 2025 Vol.99 No.1/2, pp.59 - 93

Received: 28 May 2024
Accepted: 08 Apr 2025
Published online: 25 Feb 2026 *

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