The term business model innovation is particularly at home in the areas of digital transformation, e-commerce and digital retail, as well as digital disruption. Business model innovation means that a company finds new ways to create, deliver and therefore earn money. So it's not just about developing a new product, but about changing the entire system behind it – for example, how customers buy or use the product.
A well-known example is the company Netflix. Previously, people rented DVDs by going to a shop. Netflix, with its business model innovation, introduced a subscription model for streaming films and series over the internet. This digitised and fundamentally changed the traditional rental business.
For businesses, business model innovation is important because markets and customer needs are changing rapidly due to digitalisation. Those who are creative in this area can tap into new customer groups or completely reshape existing markets. It's not just about having a good idea, but above all about the execution. Companies that proactively adapt their business models innovatively secure decisive competitive advantages.
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