Business model innovation in post-pandemic economies
University of Edinburgh MA Social Policy and Economics, United Kingdom.
Review Article
GSC Advanced Research and Reviews, 2024, 21(02), 494-503.
Article DOI: 10.30574/gscarr.2024.21.2.0425
Publication history:
Received on 26 September 2024; revised on 07 November 2024; accepted on 09 November 2024
Abstract:
The COVID-19 pandemic has created a new lens on economies especially the SMEs in emerging markets. These businesses have struggled for example through changes in customer palate, supply chain shocks, financial constraints amidst limited access to both capital and technology. In response, many SMEs have embarked on Business Model Innovation (BMI) which involves redesigning a firm’s value proposition and delivery logics in order to adapt to the new post-pandemic reality. This change very much entails embracing technological tools that will enable the business to continue running and responding to customers’ needs accordingly. However, there are challenges associated with this shift especially to SMEs most of which includes provide of funds, managerial skills and market risks. SMEs therefore need to acquire dynamic capabilities which enhance their operational capabilities to deal with external change. The purpose of this research is to analyse the way in which BMI has been adopted by SMEs in emerging markets, to secure business sustainability and competitiveness under the conditions created by the COVID-19 proliferation and its impact. Through assessing the practices like digitalization, customer relationship management and product differentiation the study aims to determine appropriate management solutions that can allow SME endure in the modern era typified by frequent global integration. The results should offer significant information to authorities and managers aiming to help SMEs improve their stability and development despite further economic risks.
Keywords:
Business Model Innovation; SMEs; Emerging Markets; Digital Transformation; Post-Pandemic Economy; Competitive Advantage
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
