Porter (1980) still works — but platforms invert it. In warung, supplier power matters; on Shopee, platform is the buyer and the regulator.
5 Forces, Platform Remix
- Supplier Power: Gojek drivers & warungs fragmented → low. But top 5% power sellers → high (they multihome).
- Buyer Power: Consumers swipe compare in 2 sec → brutal. Lock via subscription (Tokopedia Plus) or bundling.
- New Entrants: Code cheap, liquidity expensive. Moat is not app, it's density (riders, warehouses).
- Substitutes: WA group + COD bypasses platform — keep take rate <5% or they leave.
- Rivalry: Burn to win → margin 0. Win via cost per order, not GMV.
Bottom line: On platforms, moat = density + habit. Own a kecamatan deeply, not Indonesia thinly.