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...The losses that some of these companies have made should not lead us to the erroneous conclusion that the underlying digital business models have little value. These companies have raised the productivity bar for more conventional off-line players and forced them to re-engineer their processes. Although some of the companies mentioned in the article have made significant losses, they and many of their offline peers, have begun to rethink what their digital journey looks like. Over the next two years, these are likely to pay off handsomely. ...Live Mint on March 3, 2017, 1:30 a.m.