The Digital Platform Innovation and the Reconfiguration of Koi Fish Marketing: Evidence from Masterkoibot Indonesia
Abstract
The digital transformation of marketplaces has altered how transactions, prices, and relationships between market actors are organized. However, limited research has examined these transformations in hobby-based markets characterized by heterogeneous products, subjective quality assessment, strong communities, and historically relationship-based intermediation. This study explores how digital platform innovation reconfigures the marketing system of koi fish in Indonesia through a qualitative case study of Masterkoibot, a digital auction platform based in Bondowoso, Indonesia. Data were obtained through an in-depth semi-structured interview with the platform manager and analyzed using thematic analysis. The findings reveal five interconnected dimensions of market reconfiguration: expanded market access, reintermediation rather than the elimination of intermediaries, auction-based price discovery, digital trust infrastructure, and hybrid governance challenges. Masterkoibot integrates sellers and buyers through synchronized digital channels, including mobile applications and messaging platforms, while enabling breeders, dealers, and traditional intermediaries to participate in the same ecosystem. Price formation is reconstructed from fixed-price transactions toward competitive bidding, where product quality, seller reputation, bidding activity, and herding or fear-of-missing-out behavior interact. To address uncertainty, the platform employs reputation scores, transaction histories, identity verification, escrow services, deposits for new bidders, and device identification. Nevertheless, digitalization does not fully eliminate market imperfections, particularly regarding product representation, bid manipulation, delivery monitoring, and seller continuity. This study contributes to the literature on digital platform innovation by demonstrating that, in a hobby-based market, platform innovation functions not merely as a new sales channel but as a market-organizing mechanism that restructures intermediation, price discovery, trust, and governance.
Keywords: digital platform innovation; koi fish marketing; online auction; digital trust; reintermediation
References
Agustin, A. T., Al Hafidz, M. Z., Susanti, S., & Sanjaya, V. F. (2024). Inovasi model bisnis platform untuk meningkatkan keunggulan kompetitif teknologi digital di industri ecommerce Indonesia: Studi kasus UMKM [Platform business model innovation to enhance digital technology competitive advantage in the Indonesian e-commerce industry: A case study of SMEs]. Labs: Jurnal Bisnis dan Manajemen, 29(4), 19–24. https://doi.org/10.57134/labs.v29i4.107
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. https://doi.org/10.2307/1879431
Arida, R. W., Sholihin, & Maulana, J. I. (2025). Evaluasi margin pemasaran ikan hias melalui saluran pemasaran dan media sosial [Evaluation of ornamental fish marketing margins through marketing channels and social media]. SEIKO: Journal of Management & Business, 8(1), 21–28.
Ariely, D., & Simonson, I. (2003). Buying, bidding, playing, or competing? Value assessment and decision dynamics in online auctions. Journal of Consumer Psychology, 13(1–2), 113–123. https://doi.org/10.1207/S15327663JCP13-1&2_10
Ashley, P. J. (2007). Fish welfare: Current issues in aquaculture. Applied Animal Behaviour Science, 103(3–4), 221–233. https://doi.org/10.1016/j.applanim.2006.05.020
Ba, S., & Pavlou, P. A. (2002). Evidence of the effect of trust building technology in electronic markets: Price premiums and buyer behavior. MIS Quarterly, 26(3), 243–268. https://doi.org/10.2307/4132332
Bajari, P., & Hortaçsu, A. (2004). Economic insights from internet auctions. Journal of Economic Literature, 42(2), 457–486. https://doi.org/10.1257/0022051042177685
Balon, E. K. (2004). About the oldest domesticates among fishes. Journal of Fish Biology, 65(Suppl. A), 1–27. https://doi.org/10.1111/j.0022-1112.2004.00563.x
Belk, R. W. (1995). Collecting in a consumer society. Routledge.
Berka, R. (1986). The transport of live fish: A review (FAO Fisheries Technical Paper No. 269). Food and Agriculture Organization of the United Nations.
Braun, V., & Clarke, V. (2021). Thematic analysis: A practical guide. Sage.
Brynjolfsson, E., & Smith, M. D. (2000). Frictionless commerce? A comparison of Internet and conventional retailers. Management Science, 46(4), 563–585. https://doi.org/10.1287/mnsc.46.4.563.12061
Callon, M. (Ed.). (1998). The laws of the markets. Blackwell.
Cennamo, C., Dagnino, G. B., Di Minin, A., & Lanzolla, G. (2020). Managing digital transformation: Scope of transformation and modalities of value co-generation and delivery. California Management Review, 62(4), 5–16. https://doi.org/10.1177/0008125620913245
Chircu, A. M., & Kauffman, R. J. (2000). Reintermediation strategies in business-to-business electronic commerce. International Journal of Electronic Commerce, 4(4), 7–41. https://doi.org/10.1080/10864415.2000.11044201
Corbin, J., & Strauss, A. (2008). Basics of qualitative research: Techniques and procedures for developing grounded theory (3rd ed.). Sage.
Dellarocas, C. (2003). The digitization of word of mouth: Promise and challenges of online feedback mechanisms. Management Science, 49(10), 1407–1424. https://doi.org/10.1287/mnsc.49.10.1407.17308
Eisenmann, T., Parker, G., & Van Alstyne, M. W. (2006). Strategies for two-sided markets. Harvard Business Review, 84(10), 92–101.
Fauziah, Hartono, R., & Heryadi, A. (2025). Analisis pengaruh perkembangan teknologi terhadap kegiatan pasar tradisional [Analysis of the influence of technological development on traditional market activities]. Jurnal Teknologi Pendidikan, 13(2). https://ejournal.uika-bogor.ac.id/index.php/TEK/article/view/18369
Gawer, A. (2021). Digital platforms’ boundaries: The interplay of firm scope, platform sides, and digital interfaces. Long Range Planning, 54(5), 102045. https://doi.org/10.1016/j.lrp.2020.102045
Giaglis, G. M., Klein, S., & O’Keefe, R. M. (2002). The role of intermediaries in electronic marketplaces: Developing a contingency model. Journal of Strategic Information Systems, 11(3), 231–246. https://doi.org/10.1016/S0963-8687(02)00014-8
Gioia, D. A., Corley, K. G., & Hamilton, A. L. (2013). Seeking qualitative rigor in inductive research: Notes on the Gioia methodology. Organizational Research Methods, 16(1), 15–31. https://doi.org/10.1177/1094428112452151
Gupta, M., & Sharma, A. (2021). Fear of missing out: A brief overview of origin, theoretical underpinnings and relationship with mental health. World Journal of Clinical Cases, 9(19), 4881–4889. https://doi.org/10.12998/wjcc.v9.i19.4881
Hund, A., Wagner, H.-T., Beimborn, D., & Weitzel, T. (2021). Digital innovation: Review and novel perspective. Journal of Strategic Information Systems, 30(4), 101695. https://doi.org/10.1016/j.jsis.2021.101695
Klemperer, P. (1999). Auction theory: A guide to the literature. Journal of Economic Surveys, 13(3), 227–286. https://doi.org/10.1111/1467-6419.00083
Kollock, P. (1999). The production of trust in online markets. Advances in Group Processes, 16, 99–123.
Kretschmer, T., Leiponen, A., Schilling, M., & Vasudeva, G. (2022). Platform ecosystems as meta-organizations: Implications for platform strategies. Strategic Management Journal, 43(3), 405–424. https://doi.org/10.1002/smj.3250
Ku, G., Malhotra, D., & Murnighan, J. K. (2005). Towards a competitive arousal model of decision-making: A study of auction fever in live and internet auctions. Organizational Behavior and Human Decision Processes, 96(1), 90–104. https://doi.org/10.1016/j.obhdp.2004.08.001
MacKenzie, D., & Millo, Y. (2003). Constructing a market, performing theory: The historical sociology of a financial derivatives exchange. American Journal of Sociology, 109(1), 107–142. https://doi.org/10.1086/375389
McKnight, D. H., Choudhury, V., & Kacmar, C. (2002). Developing and validating trust measures for e-commerce: An integrative typology. Information Systems Research, 13(3), 334–359. https://doi.org/10.1287/isre.13.3.334.81
Milgrom, P. R., & Weber, R. J. (1982). A theory of auctions and competitive bidding. Econometrica, 50(5), 1089–1122. https://doi.org/10.2307/1911865
Moe, T. (1998). Perspectives on traceability in food manufacture. Trends in Food Science & Technology, 9(5), 211–214. https://doi.org/10.1016/S0924-2244(98)00040-5
Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), 103773. https://doi.org/10.1016/j.respol.2019.03.018
Parker, G. G., Van Alstyne, M. W., & Choudary, S. P. (2016). Platform revolution: How networked markets are transforming the economy and how to make them work for you. W. W. Norton & Company.
Pavlou, P. A., & Gefen, D. (2004). Building effective online marketplaces with institution-based trust. Information Systems Research, 15(1), 37–59. https://doi.org/10.1287/isre.1040.0016
Plantin, J.-C., Lagoze, C., Edwards, P. N., & Sandvig, C. (2018). Infrastructure studies meet platform studies in the age of Google and Facebook. New Media & Society, 20(1), 293–310. https://doi.org/10.1177/1461444816686328
Regattieri, A., Gamberi, M., & Manzini, R. (2007). Traceability of food products: General framework and experimental evidence. Journal of Food Engineering, 81(2), 347–356. https://doi.org/10.1016/j.jfoodeng.2006.11.003
Resnick, P., Zeckhauser, R., Friedman, E., & Kuwabara, K. (2000). Reputation systems. Communications of the ACM, 43(12), 45–48. https://doi.org/10.1145/355112.355122
Rietveld, J., & Schilling, M. A. (2021). Platform competition: A systematic and interdisciplinary review of the literature. Journal of Management, 47(6), 1528–1563. https://doi.org/10.1177/0149206320969791
Rochet, J.-C., & Tirole, J. (2003). Platform competition in two-sided markets. Journal of the European Economic Association, 1(4), 990–1029. https://doi.org/10.1162/154247603322493212
Saputra, M. F., Maulina, I., Rostika, R., & Nurhayati, A. (2025). Pemanfaatan media sosial dalam pemasaran ikan hias di Kota Bandung [Utilization of social media in ornamental fish marketing in Bandung City]. Jurnal Sosial Ekonomi Kelautan dan Perikanan, 20(2). http://dx.doi.org/10.15578/jsekp.v20i2.16520
Shapiro, C. (1983). Premiums for high quality products as returns to reputations. The Quarterly Journal of Economics, 98(4), 659–679. https://doi.org/10.2307/1881782
Tamba, E. D., & Sulistyo, W. (2025). Pengaruh keamanan data, kepercayaan dan kualitas website terhadap keputusan pembelian pada TikTok Shop dan Facebook Marketplace pada Kota Salatiga [The influence of data security, trust, and website quality on purchasing decisions on TikTok Shop and Facebook Marketplace in Salatiga City]. JIPI (Jurnal Ilmiah Penelitian dan Pembelajaran Informatika), 10(1), 675–685. https://doi.org/10.29100/jipi.v10i1.5526
Tarmizi, R., Septiani, N., Sunarya, P. A., & Sanjaya, Y. P. A. (2023). Harnessing digital platforms for entrepreneurial success: A study of technopreneurship trends and practices. Aptisi Transactions on Technopreneurship (ATT), 5(3), 278–290. https://doi.org/10.34306/att.v5i3.360
Tiwana, A., Konsynski, B., & Bush, A. A. (2010). Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics. Information Systems Research, 21(4), 675–687. https://doi.org/10.1287/isre.1100.0323
Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). Sage.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Nursalim Nur, Mohammad Wasil Wasil, Ulil Hartono Ulil
This work is licensed under a Creative Commons Attribution 4.0 International License.
