The term business model innovation is particularly at home in the areas of digital transformation, eCommerce and digital commerce as well as digital disruption. Business model innovation means that a company finds new ways to create and deliver value and earn money with it. It is therefore not just about developing a new product, but changing the entire system behind it - for example, how customers buy or use the product.
One well-known example is the company Netflix. People used to rent DVDs by going to the shop. With its innovative business model, Netflix has introduced a subscription model for streaming films and series over the internet. This digitised and fundamentally changed the traditional rental business.
Business model innovation is important for companies because markets and customer needs are changing rapidly as a result of digitalisation. Those who are creative here can tap into new customer groups or completely transform existing markets. It's not just a good idea that counts, but above all the implementation. Companies that adapt their business model innovatively at an early stage secure decisive competitive advantages.
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