<![CDATA[Indonesia is the largest e-commerce market in Southeast Asia; however, not all marketplace platforms have successfully maintained business sustainability amid the acceleration of digital transformation. This study analyzes the determinant factors of success and failure in digital marketplace adaptation through a comparative case study of Tokopedia and Blanja.com. Three research gaps are addressed: the absence of studies that simultaneously integrate PPT, BMC, and Agile Transformation frameworks for Indonesian cases; the scarcity of polar-case comparisons between successful and failed marketplaces in Southeast Asia; and the unmapped causal hierarchy among the People, Process, and Technology dimensions as determinants of platform sustainability. Using a qualitative approach with a comparative case study method, analysis was conducted through the integration of four analytical frameworks: PPT, BMC, Agile Transformation, and UX Honeycomb. The results identify that Tokopedia's success is determined by organizational agility, Lean UX implementation, AI personalization, and a hyperlocal ecosystem strategy, while Blanja.com's failure stems from joint-venture structural rigidity and a mismatch between the global platform and local market preferences. The primary contribution of this study is a theoretical proposition that the People dimension in the PPT framework causally precedes Process and Technology rather than being parallel, along with an integrative diagnostic framework for e-commerce platforms in emerging markets to assess their digital transformation readiness. ]]>
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