A two-component scalar dark matter scenario comprising an additional scalar doublet and a scalar triplet is proposed. Key features of the ensuing dark matter phenomenology are highlighted with emphasis on interconversion between the two dark matter components. For suitable choices of the model parameters, we show that such interconversion can explain the observed relic abundance when the doublet dark matter component has mass in the desert region while the triplet component has sub-TeV mass. This finding is important in the context of such mass regions known to predict underabundant relic density for the stand-alone cases of the scalar doublet and triplet. In addition, we also show that the present scenario can stabilize the electroweak vacuum up to the Planck scale in the parameter space responsible for the requisite dark matter observables.