Digital business models: an evolutionary perspective on how digital technologies shape ecosystems PDF Free Download
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3. Digital business models: an
evolutionary perspective on how
digital technologies shape ecosystems
Marco Balzano, Andrea Ciacci and Giacomo
Marzi
1 INTRODUCTION
Business models and business model innovation have gained increased
attention in the academic community in recent years (Baden-Fuller and
Haefliger, 2013; Foss and Saebi, 2017). The concept of ‘digital business
models’ has evolved significantly, with the ‘digital’ component playing an
increasingly central role (Aagaard, 2019; Luz Martín-Peña, Díaz-Garrido
and Sánchez-López, 2018; Sundaram, Sharma and Shakya, 2020). Indeed, to
remain competitive in the ever-evolving marketplace, firms continuously seek
ways to adopt and implement these advanced digital technologies (Marrucci,
Rialti and Balzano, 2023; Marzi et al., 2023).
The dot-com bubble and the massive expansion of e-commerce inspired
Amit and Zott’s (2001) seminal contribution to the business model literature
by focusing on how firms create value in e-business contexts. More recently,
digital transformation (e.g., Industry 4.0) has been radically redefining the
business environment (Hanelt et al., 2021), making digital technologies a dom-
inant source of innovation (Lanzolla and Markides, 2021), and requiring firms
to position their business models in relation to digital technologies (e.g., the
application of novel technologies). In this perspective, digital business models
have emerged as enablers, facilitating firms to utilize digital technologies for
value creation and capture, improving efficiency, reducing costs, and devising
novel customer engagement strategies. Firms that fail to keep up with these
technology trends face the risk of lagging behind their competitors (Kohtamäki
et al., 2022; Lucas and Goh, 2009; Nylén and Holmström, 2015). For example,
the advent of advanced digital technologies such as artificial intelligence,
machine learning, cloud and edge computing, robotics, nanotechnology,
and 3D printing have ushered in disruptive changes to traditional business
67
Digital business models: an evolutionary perspective
practices. These technologies have given rise to digital ecosystems where
traditional and digital firms interact competitively and collaboratively to create
and capture value (Constantinides, Henfridsson and Parker, 2018; Jacobides,
Cennamo and Gawer, 2018; Marzi et al., 2023).
While digital technologies have fundamentally altered traditional business
practices and given rise to interactive digital ecosystems, they have simultane-
ously paved the way for innovative digital business models that leverage these
technologies for monetization. These models often utilize data and network
effects to create value for the firm and customers (Loebbecke and Picot, 2015).
Examples include the freemium model, subscription-based models, and adver-
tising for revenue generation (Aral and Dhillon, 2021; Rietveld, 2018). Also,
digital technologies have presented management challenges for academics
and practitioners, affecting how firms compete, choose business models, and
balance value creation and capture (Volberda et al., 2021). In parallel, these
technologies have influenced how firms organize internal activities and adapt
to digital environments (Annosi et al., 2023; Birkinshaw, 2018; Rossi et al.,
2020). Also, digital technologies and data-driven decision-making have trans-
formed how businesses operate and compete (Vial, 2021). Established firms
face challenges in their digital transformation, requiring them to overhaul
business models and operations to keep up with technological change and
customer expectations. Some firms have struggled to adapt and survive, while
others have succeeded by embracing new technologies and fostering a culture
of innovation (Autio, Mudambi & Yoo, 2021; Matt, Hess & Benlian, 2015;
Verhoef et al., 2021).
While the evolution of digital business model literature has been acknowl-
edged, there remains some degree of fragmentation in the historical analysis
of business models within digital landscapes. At the same time, relatively
low attention has been devoted to the transformation of firms with a shaping
orientation within these ecosystems (Volberda et al., 2021). This study aims
to fill this gap by analysing the evolution of digital business model literature
and examining how the profile of firms with a shaping orientation has changed
over time. Thus, the research question is as follows: ‘How did the literature on
digital business models of firms with a shaping orientation to the ecosystem
evolve over time?’
To address this research question, we build upon the principles of literature
reviews. Our research aims to trace the temporal evolution of the literature on
digital business models, ensuring an overview that encompasses a spectrum of
ideas, theories, and trends over time. As a result, our literature review unveils
the transformative journey, encompassing three pivotal phases. In the first
phase, businesses recognized the disruptive potential of digital technologies,
particularly in industries like newspapers, music, and retail, leading to the
adoption of shaping-oriented strategies. The second phase witnessed the rise
68 Digital entrepreneurship in science, technology and innovation
of digital platforms and dynamic ecosystems, fuelled by interconnectivity and
technological advancements. In the third phase, deep integration of digital
technologies into business models emerged, with a focus on optimizing value
creation, implementing innovative revenue models, and navigating global
markets.
2 THEORETICAL BACKGROUND
In the rapidly evolving digital age, firms must continuously adapt and innovate
to remain competitive and gain an advantage (Knudsen et al., 2021). Analysing
business models provides insights into strategic choices and underlying
assumptions driving a firm’s operations. This is particularly relevant during
recent times, wherein advanced technologies and digital platforms challenge
traditional business models and create opportunities for business model
innovation.
Digital technologies have also impacted business operations and customer
interactions. They have enabled the creation of new business models that were
previously unpredictable (Swatman, Krueger and Van Der Beek, 2006). For
example, e-commerce has facilitated online sales, bypassing traditional stores,
and providing new ways to reach and engage customers (Lee, 2001). Over
the years, the proliferation of mobile devices has led to the development of
digital products like apps, offering new types of products and services (Van
Angeren et al., 2022). Digital technologies have also facilitated data-driven
business models, leveraging data mining and machine learning to customize
offerings for individual customers (Mariani and Nambisan, 2021). In addition,
digital technologies have redefined industrial boundaries. The Internet and
e-commerce platforms have enabled global supply chains, connecting firms
with suppliers worldwide and blurring geographical boundaries (Belhadi et
al., 2021). Digital platforms have created virtual marketplaces where buyers
and sellers connect and transact without physical locations (Stallkamp and
Schotter, 2021). This has given rise to online-only businesses, further chal-
lenging traditional industrial sectors.
Scholars have also devoted attention to strategic orientation within eco-
systems. Indeed, various authors have highlighted that firms interact with
their surrounding environments either by developing adequate responses
or attempting to shape future trajectories. Nonetheless, a firm is sustaina-
ble only if it can anticipate and adequately react to environmental changes
(Demil & Lecocq, 2010). Thus, the need to incorporate environmental forces
into firm-level decisions is at the core of business model strategy (Martins,
Rindova and Greenbaum, 2015).
With the expansion of digital technologies, firms are embracing
platform-based business models where the ecosystem level, rather than the
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Digital business models: an evolutionary perspective
firm-centric level, becomes paramount (Jacobides et al., 2018; Kohtamäki et
al., 2019). Therefore, it is important to position the management of ecosys-
tem forces at the core of the digital business model strategy (Martins et al.,
2015). While embeddedness in the surrounding ecosystem remains present,
the firm’s strategic orientation may be either in responding to or attempting
to shape the digital ecosystem (Volberda et al., 2021). First, a responding
strategic orientation reflects a firm’s posture in monitoring ecosystem actors
and promptly reacting through business model evolution (Demil and Lecocq,
2010; Zott, Amit and Massa, 2011). Second, a shaping strategic orientation
would require superior competitive performance, envisioned decision-making,
process optimization, and innovative consumer solutions to reach untargeted
segments (Landoni et al., 2020; Matarazzo et al., 2021; Van Angeren et al.,
2022). Following the multiple theoretical layers based on dynamic capabilities
and strategic isomorphism by Volberda et al. (2021), we assume two firms’
strategic orientations to the ecosystem – namely, responding and shaping.
In this study, our emphasis is on firms employing a shaping strategic ori-
entation. We base our choice on three key considerations. First, these firms,
as active proponents of innovation, stand at the vanguard of technological
advancement, providing an ideal subject to understand how organizations
harness digital transformation to sustain competitive advantage. Second,
shaping firms offer distinct insights into the dynamics of business ecosys-
tems. They do not merely adapt to changes but also strive to influence and
steer the ecosystem’s equilibrium, offering a forward-looking viewpoint on
the management of interfirm relationships and industry interactions. Third,
focusing on shaping firms aligns with growing research interests in strategic
management concerning proactive ecosystem leadership. This investigation
underscores the significance of such leadership in pursuit of new business
prospects, disruption through novel products and services, and the potential to
shape the business ecosystem.
3 METHODOLOGY
A two-step approach was used to conduct the literature review. The first
step involved iterative searches into SCOPUS, Web of Science, and Google
Scholar to identify relevant articles about firms with a shaping strategic ori-
entation in the digital landscape. The search was limited to English-language,
peer-reviewed articles published in journals with a ranking of three stars or
more according to the ABS Journal Ranking 2021 and was conducted using the
SCOPUS and Web of Science databases.
To obtain a clearer picture at the beginning, we decided not to apply any
time constraints to this research. This choice is driven by two reasons. First, the
phenomenon of business model digitalization remains relatively recent, and, as
70 Digital entrepreneurship in science, technology and innovation
such, there are no compelling practical or theoretical imperatives that require
the implementation of exclusion criteria based on time constraints. Second,
a central objective of our research is to shed light on the temporal evolution
of the literature itself. By abstaining from arbitrary time restrictions, we can
better trace the development of ideas, theories, and trends over time. This
approach enables us to provide a holistic perspective on the evolution of digital
business models, also ensuring that we do not overlook valuable insights that
may emerge from earlier works.
In particular, we set our research query as follows: TITLE-ABS-KEY
(digital*) AND TITLE-ABS-KEY (“business*” OR “model*” OR “BM” OR)
AND ISSN (“[International Standard Serial Numbers (ISSN) of Journals with
a ranking equal to or above 3 in CABS-AJG 2021]”). The integration of the
review was conducted using backward and forward procedures as described by
vom Brocke et al. (2009) and aided by using the VisualBiB software (Dattolo
and Corbatto, 2019).
The identified articles were then evaluated in light of the nine relevance
criteria (i.e., topicality, availability, quality, completeness, authority, currency,
convenience, usability, and standardization) (Zhang et al., 2021). These cri-
teria, together with the focus of the study on firms with a shaping strategic
orientation in the ecosystem rather than a responding one, were applied by
the three co-authors independently, and any discrepancies were discussed and
resolved. The final sample of relevant articles included 72 on-topic articles.
In the second phase, the sample of articles was further narrowed based on
topic centrality, normalized citations, and the rank of the journal in which they
were published. This was done to provide an evolutionary overview of the aca-
demic debate on the topic from the early 2000s to the present and to organize
the review chronologically in the following section.
4 FINDINGS
As the business landscape has evolved, digital technologies have played a role
in organizational transformation and growth, disrupting traditional business
models and giving rise to new digital strategies (Amit and Zott, 2001; Foss and
Saebi, 2017; Johnson, Christensen and Kagermann, 2008; Osterwalder and
Pigneur, 2010; Teece, 2010; Zott and Amit, 2008). This shift towards digital
paradigms has opened up opportunities for competitiveness and innovation
(Kohtamäki et al., 2022; Nylén and Holmström, 2015), prompting businesses
to adapt or shape their ecosystems as digital leaders (Foss, Schmidt and Teece,
2022). This section outlines the transformative journey, consisting of three
significant phases: the shift towards digital approaches, the rise of digital
ecosystems, and the digital transformation era. Each phase represents a distinct
period with prevalent business strategies and practices influenced by techno-
Figure 3.1 Digital business models: an evolutionary perspective
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Digital business models: an evolutionary perspective
logical advancements and market needs. Figure 3.1 illustrates the evolution of
digital technologies in business models
In the first phase, businesses have adopted digital technologies, particu-
larly in sectors like newspapers, music, and retail (Gallaugher, Auger and
BarNir, 2001; Verhoef, Kannan and Inman, 2015). Early adopters employed
shaping-oriented strategies to anticipate changes in consumer behaviour
driven by mobile channels and social media (Sosna, Trevinyo-Rodríguez and
Velamuri, 2010). The shift from multichannel to omnichannel retailing, as
exemplified by US company Nordstrom’s integration of in-store and online
experiences, laid the foundation for enhancing the value of digital solutions.
The second phase witnessed the emergence of digital platforms as key
drivers of business model transformation (Adner, 2017; Jacobides et al.,
2018; Kohtamäki et al., 2019). These platforms facilitated interconnectivity,
collaboration, and resource integration, fostering dynamic digital ecosystems
(Frank et al., 2019; Ng and Wakenshaw, 2017; Rayna and Striukova, 2016).
Technological advancements, such as the Internet of Things (IoT) and digital
fabrication, expanded the scope for customization and value creation (Bogers,
Hadar and Bilberg, 2016; Rajala et al., 2018). Collaborative business models
and new production systems emerged, driven by enhanced connectivity and
resource optimization.
The third phase represents a deep integration of digital technologies
into business models (Guo, Yang and Han, 2021; Sjödin et al., 2020).
Businesses strategically optimize their value creation and capture mecha-
nisms to achieve superior performance in the digital landscape (Tidhar and
Eisenhardt, 2020; Van Angeren et al., 2022). Revenue models like freemium
and blockchain-based models have gained prominence as businesses harness
72 Digital entrepreneurship in science, technology and innovation
the potential of digital technologies (Boudreau, Jeppesen and Miric, 2022;
Chang et al., 2020). Additionally, digital strategies are crucial for navigating
global markets and digital ecosystems effectively (Tidhar and Eisenhardt,
2020). This phase demands continuous adaptation, strategic decision-making,
and a customer-centric approach to thrive in the ever-evolving digital age.
These three phases of the digital journey provide a framework for under-
standing the evolution of digital technologies in business models. From recog-
nizing the digital potential to embracing collaborative ecosystems and ongoing
digital transformation, businesses have harnessed digital approaches to shape
industries and drive competitive advantage. Below, we delve into each of the
three identified phases.
4.1 Shifting Towards Digital Approaches: From Analogue to Digital
The early 21st century witnessed a significant shift as traditional industries
embraced digital approaches. This transformative phase manifested an increas-
ing influence of digital technologies on sectors such as newspapers, music, and
retail (Bhatia et al., 2003; Gallaugher et al., 2001; Verhoef et al., 2015).
In the retail sector, the rise of mobile channels and social media brought
about a paradigm shift in consumer behaviour (Sorescu et al., 2011). Retailers
adopted shaping-oriented strategies to anticipate and adapt to these changes,
reshaping competitive landscapes (Sosna et al., 2010). The concept of mul-
tichannel retailing evolved into an integrated omnichannel configuration
(Brynjolfsson, Hu and Rahman, 2013), exemplified by firms like Nordstrom,
seamlessly integrating in-store and online shopping experiences and lever-
aging data for personalized offerings (Ritala, Golnam and Wegmann, 2014).
Digital business models have highlighted coopetition, where firms collaborate
and compete simultaneously within the same value chain, integrating comple-
mentary resources for synergies and value generation (Bourreau, Gensollen
and Moreau, 2012).
The newspaper industry also underwent significant transformations.
Strategies focused on delivering digital content replaced traditional print-centric
approaches. The New York Times, for instance, embraced an online presence
and employed social media-based marketing strategies to broaden audience
reach (Gallaugher et al., 2001). Successful digital transformation in the
newspaper industry has required technological adaptations as well as strategic
reconstruction. The incorporation of social computing provided a competitive
advantage, as increased consumer participation on digital platforms created
positive network effects (Oestreicher-Singer and Zalmanson, 2013).
Similarly, the music industry experienced disruptive changes in its busi-
ness models with the emergence of the Internet and digital technologies
(Lam and Tan, 2001). Different configurations emerged, including models
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Digital business models: an evolutionary perspective
integrating software platforms to create and capture value through network
effects and models relying on strategic partnerships to support core compe-
tencies (Swatman et al., 2006). The advantages of being a first-mover versus
a second-mover in the music industry sparked debates, considering factors like
leveraging scarce resources and economies of scale while managing unpredict-
able creative destruction processes (Bourreau et al., 2012; Markides and Sosa,
2013; Wu, Ma and Shi, 2010).
During this phase of shifting towards digital approaches, traditional indus-
tries had to adapt their strategies and business models to the digital landscape.
The integration of digital technologies required firms to reimagine their
approaches, resulting in substantial transformations in how they operated and
competed in their respective sectors.
Table 3.1 provides examples to encapsulate the central topic and related
insights concerning the transition to digital approaches.
4.2 The Rise of Digital Ecosystems: Enhancing Knowledge and
Networks
The concept of digital ecosystems has gained significant attention, highlight-
ing the impact of digital technologies on business models and the broader
business landscape (Jacobides et al., 2018). Organizations recognize the need
to enhance knowledge sharing and networks to thrive in the digital era. Digital
ecosystems, characterized by interconnected networks of firms, customers,
suppliers, and stakeholders enable collaboration and value creation (Adner,
2017). These ecosystems extend beyond traditional boundaries, allowing
organizations to access a wider pool of resources, expertise, and opportunities.
The integration of digital technologies and platforms fosters interconnectivity
and knowledge exchange on a large scale (Correani et al., 2020; Jacobides et
al., 2018; Kohtamäki et al., 2019).
Advanced digital technologies have revolutionized value chains, trans-
forming how organizations create and deliver value (Frank et al., 2019; Ng
and Wakenshaw, 2017; Rayna and Striukova, 2016). For example, digital
fabrication, including additive manufacturing and 3D printing, has dis-
rupted traditional production systems by enabling highly customized products
(Bogers et al., 2016). The shift towards customization and personalization is
facilitated by increased product connectivity and the ability to capture and
analyse vast amounts of data (Unterfrauner et al., 2019). The IoT has also
enhanced knowledge and networks within digital ecosystems by enabling
seamless communication and collaboration among interconnected devices and
systems (Ng and Wakenshaw, 2017). Digital platforms, as the backbone of
digital ecosystems, catalyse collaboration and value creation (Adner, 2017; de
Vasconcelos Gomes et al., 2018; Teece, 2018). They allow organizations to
Table 3.1 Shifting towards digital approaches: from analogue to digital
Exemplary Articles Topics Research Aims Conceptual Lenses Article Type Key Insights
Bourreau et al. (2012) The impact of
digitalization on
business models in
the recorded music
industry
Examine whether
digitalization
induces incremental
adjustments or
a radical overhaul of
business models in
the recorded music
industry
Business model and
radical innovation
Quantitative Digitalization has led to
a business model shift in the
music industry, rather than
incremental adjustments to
existing models
Gallaugher et al.
(2001)
The transition from
physical to digital
content delivery
Investigate the
impact of diverse
revenue streams on
online performance
metrics in magazine
publishing
Challenges and
strategies in
monetizing online
content
Quantitative Online advertising and
content aggregation through
subscription and syndication
positively impact online
performance, while affiliate
programmes may have
a negative association with
profitability
Oestreicher-Singer
and Zalmanson
(2013)
Social computing in
the content industry
Investigate how the
content industry
can leverage social
computing as an
integral part of its
digital business
strategy
Ladder of
participation
paradigm
Quantitative Users who actively
participate in the online
community and exhibit
leadership tendencies are
more willing to pay for
premium services
74 Digital entrepreneurship in science, technology and innovation
Exemplary Articles Topics Research Aims Conceptual Lenses Article Type Key Insights
Sorescu et al. (2011) Innovations in retail
business models
as a response to
significant shifts
in the retailing
landscape driven by
the growth of the
Internet
Conceptualize
innovations in retail
business models in
the context of Internet
growth
The organization of
activities, the types of
activities conducted,
and the level of
participation of actors
involved in these
activities
Conceptual Retailers innovate their
business models to
enhance value creation
and appropriation. Retail
business model innovations
involve changes in the
organization of activities,
types of activities, and actor
participation, and are critical
for building sustainable
competitive advantage in
a rapidly changing retail
marketplace
Verhoef et al. (2015) The transformation of
the retailing industry
due to digitalization,
the online channel,
mobile channels, and
social media
Analyse and discuss
the transition from
multichannel to
omnichannel retailing
Digitalization and
omnichannel retail
Conceptual In the shift from
multichannel to omnichannel
retailing, the distinctions
between physical and online
retailing are vanishing,
creating a seamless shopping
experience
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Digital business models: an evolutionary perspective
76 Digital entrepreneurship in science, technology and innovation
leverage complementary resources and capabilities, generating network effects
with increasing participants (Adner, 2017). By adopting customer-centric par-
adigms, firms can co-create value with customers and stakeholders, leading to
tailored offerings (Rietveld, 2018).
The rise of digital ecosystems has impacted various industries, includ-
ing manufacturing and industrial sectors (Frank et al., 2019; Kohtamäki et
al., 2019). The adoption of IoT systems and Industry 4.0 technologies has
improved industrial processes and enabled proactive maintenance and opti-
mization (Benitez, Ayala and Frank, 2020; Paiola and Gebauer, 2020). The
shift towards servitization, combining products and services to deliver inte-
grated solutions, has transformed traditional business models, necessitating
new value propositions and value streams (Ayala et al., 2017; Kowalkowski,
Gebauer and Oliva, 2017; Martinez et al., 2017).
Regarding sustainability and the circular economy, digital technologies
support and sometimes enable greener practices and circular value chains
(Rajala et al., 2018). They allow organizations to track goods’ provenance,
optimize resource utilization, and promote sustainable production and con-
sumption patterns. Smart goods powered by digital technologies contribute to
sustainable practices within digital ecosystems, creating value while minimiz-
ing environmental impact (Frank et al., 2019).
Table 3.2 offers instances from key articles to better capture the core topics
and associated findings with reference to the rise of digital ecosystems.
4.3 Digital Transformation: Rethinking About Strategy
In the context of digital transformation, recent studies focus on the strategic
aspects of digital transformation and the need to rethink traditional approaches
(Dąbrowska et al., 2022; Matarazzo et al., 2021). One key aspect is optimiz-
ing the functioning and alignment of different components within a digital
business model, such as value creation and value capture (Guo et al., 2021;
Sjödin et al., 2020; Tidhar and Eisenhardt, 2020; Van Angeren et al., 2022).
Achieving a harmonious combination of these components is essential for
successful business model innovation, requiring a dynamic approach to adapt
to the evolving business environment (Tian et al., 2022).
Technologies like blockchain have also impacted revenue models by
reducing costs and streamlining payment processes (Chang et al., 2020; Gong
et al., 2022; Schneider, Leyer and Tate, 2020; Trabucchi et al., 2020). In this
perspective, digital transformation necessitates rethinking existing strategies
(Hanelt et al., 2021; Lanzolla and Markides, 2021; Leppänen, George and
Alexy, 2021; Van Zeebroeck, Kretschmer and Bughin, 2023; Volberda et al.,
2021). For example, innovation strategies such as design-driven innovation,
market pull, and technology push have emerged as viable approaches for firms
Table 3.2 The rise of digital ecosystems: enhancing knowledge and networks
Exemplary Articles Topics Research Aims Conceptual Lenses Article Type Key Insights
Ayala et al. (2017) The transition
towards servitized
business model
innovation through
knowledge
integration from
service suppliers
Understand
the dynamics
of knowledge
integration in
servitization-driven
business model
innovation
Servitization,
business model
innovation, buyer–
supplier relationships,
and knowledge
management
Qualitative Different configurations of
business model innovation
and supplier involvement
can lead to varying
levels of knowledge
sharing, impacting the
development of internal
service capabilities and
the speed of servitization
implementation
Frank et al. (2019) The interface
between servitization
and Industry 4.0
Develop a conceptual
framework
connecting
servitization and
Industry 4.0 in the
context of business
model innovation
Servitization and
Industry 4.0
Conceptual Firms can implement
servitization into their
Industry 4.0 systems
by leveraging different
configurations
Kohtamäki et al.
(2019)
Digital servitization
business models and
their interaction with
theories of the firm
within ecosystems
and platforms
Understand how
digital servitization
shapes business
model configurations
and identify research
directions in this
context
Industrial
organization,
resource-based
view, organizational
identity, and
transaction cost
approach
Conceptual and
critical review
Digitalization transforms
business models of
solution providers,
influencing their firm
boundary decisions as they
develop digital solutions
within ecosystems
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Digital business models: an evolutionary perspective
Exemplary Articles Topics Research Aims Conceptual Lenses Article Type Key Insights
Rietveld (2018) Freemium and
premium business
models in the digital
market
Aim to understand
the impact of
business models
on consumer
perceptions and
willingness-to-pay
Prospect theory and
mental accounting
Quantitative Freemium games generate
fewer revenues and are
played less than premium
games. Temporal
transaction decoupling
in freemium models
lowers perceived benefits
and willingness-to-pay.
Diverse paid item menus
boost freemium revenue
Rajala et al. (2018) The impact
of disruptive
technologies and
intelligent goods on
the sustainability and
business models in
the circular economy
Investigate how
the increasing
intelligence of goods
affects closed-loop
systems in the
circular economy
Industrial ecology
perspective
Qualitative The study identifies
three closed-loop system
archetypes – inner circles,
decentralized systems,
and open systems – with
distinct collaboration
approaches, information
management, and
sustainable recycling.
Intelligent goods enhance
service-focused value
creation
78 Digital entrepreneurship in science, technology and innovation
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Digital business models: an evolutionary perspective
with disruptive digital business models (Azcan et al., 2022). These strategies
involve redefining products or services, understanding and meeting customer
needs, and developing innovative technologies, respectively.
Digital strategies play a critical role in optimizing business models domes-
tically and internationally (Piaskowska, Tippmann and Monaghan, 2021; Van
Zeebroeck et al., 2023). Firms need to navigate complex ecosystems in new
markets and develop internationalization strategies that leverage new technol-
ogies for a competitive edge (Aversa, Huyghe and Bonadio, 2021; Furr, Ozcan
and Eisenhardt, 2022; Stallkamp and Schotter, 2021). Data-driven strategies,
enabled by advanced analytics, support structural changes and improve busi-
ness model efficiency (Chen et al., 2021). Digital platforms have reduced
geographical barriers and transaction costs, providing global expansion oppor-
tunities (Ravishankar, 2021; Zeng, Yang and Lee, 2023).
Market entry strategies are crucial for the success of digital firms (Aversa
et al., 2021). These strategies require firms to overcome opposition from
stakeholders and incumbent players. Categorization strategies, such as
incumbent-focused and emergent-focused strategies, have emerged as effec-
tive approaches (ibid.). Incumbent-focused strategies emphasize similarities
with established categories, while emergent-focused strategies introduce novel
value propositions that differentiate from incumbents. To become global enti-
ties, firms must develop digital business models that address primary tensions
in digital transformation and evaluate different strategic options (Furr et al.,
2022).
Overall, digital transformation calls for strategic change and business model
innovation (Dąbrowska et al., 2022; Haaker et al., 2021; Landoni et al., 2020).
Continuous innovation and adaptation are necessary to respond to technolog-
ical advancements and changing business environments. Enablers of digital
business model innovation, including digital innovation attributes, resources,
capabilities, and customer relationships, play a critical role in driving success-
ful innovation (Cheng and Wang, 2022; Sjödin et al., 2021; Soluk et al., 2021;
Veile, Schmidt and Voigt, 2022). Embracing the evolutionary perspective on
business models allows firms to navigate the dynamics of change and seize
new opportunities for growth and value creation (Friedrich, Lange and Elbert,
2022; Tian et al., 2022).
Table 3.3 provides some examples from key articles of the topics and related
evidence addressed during this timeframe.
Table 3.3 Digital transformation: rethinking about strategy
Exemplary
Articles
Topics Research Aims Conceptual Lenses Article Type Key Insights
Aversa et al.
(2021)
Market entry
strategies of digital
firms (Uber and
BlaBlaCar)
Investigate how
the market entry
strategies of digital
firms lead to
divergent responses
from non-market
stakeholders
Strategic
categorization
Qualitative Uber’s incumbent-focused
strategy led stakeholders to
compare it to taxis, causing
polarized responses, while
BlaBlaCar’s emergent-focused
strategy garnered more
favourable responses by diverting
attention from existing categories
Furr et al. (2022) Digital
transformation
and its strategic
implications for
established firms
operating on
a global stage
Understand
what digital
transformation
means in terms
of incumbents’
strategies
Core tensions
shaping the strategic
alternatives for
global firms in the
context of digital
transformation
Conceptual Digital transformation is not
a one-size-fits-all approach
and the impact and strategies
associated with it can vary for
different firms, even within the
same industry or country
Rietveld and
Ploog (2022)
Strategic
considerations
about the impact of
incorporating social
product features in
freemium products
on their success
in digital platform
markets
Investigate how and
when the inclusion
of social product
features influences
the likelihood
of a freemium
product’s becoming
a ‘superstar’ in
digital platform
markets
Freemium business
model and network
effects
Quantitative Freemium games with social
features thrive on platforms with
large user bases but struggle
on smaller ones. Freemium
products differ from paid ones
in benefiting from social referral
and network effects
80 Digital entrepreneurship in science, technology and innovation
Exemplary
Articles
Topics Research Aims Conceptual Lenses Article Type Key Insights
Stallkamp and
Schotter (2021)
International
strategies of
platform firms in
the context of the
digital economy
Examine the
influence of network
externalities on
the international
expansion strategies
of platform firms,
including entry
modes, international
strategic posture,
foreign market
selection criteria,
and market exit
decisions
Network
externalities, with
internalization
theory and
firm-specific
advantages
Qualitative Different types of network
externalities have heterogeneous
effects on the international
strategies of platform firms,
influencing their entry mode
choices, international strategic
posture, foreign market selection,
and exit decisions
Van Zeebroeck et
al. (2023)
Interdependence
between new digital
technology adoption
and changes in firm
strategy
Investigate the
relationship between
the adoption of new
digital technologies
and changes in firm
strategy
Strategic ICT
alignment and
technology adoption
Quantitative The study finds a positive
link between adopting digital
technology and firms renewing
their strategies. This connection
applies to both minor and major
strategic changes and varies
based on the specific technology
adopted
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Digital business models: an evolutionary perspective
82 Digital entrepreneurship in science, technology and innovation
5 DISCUSSION
5.1 Implications
This study makes a significant contribution by providing an evolutionary
perspective on the role of digital technologies in shaping business ecosystems
and the evolution of digital business models. One key contribution of our study
is highlighting the transformative power of digital technologies. We point out
how adopting digital business models and integrating advanced technologies
have disrupted traditional industries, presenting new opportunities for compet-
itiveness and innovation (Hanelt et al., 2021; Landoni et al., 2020).
Moreover, our review sheds light on the significance of revenue models
within digital business models (Boudreau et al., 2022; Rietveld and Ploog,
2022; Van Angeren et al., 2022). We highlight the prevalence of paid and
freemium models, with freemium models gaining considerable traction by
offering basic services for free while charging for additional premium features.
Additionally, we illustrate how technologies like blockchain have influenced
revenue models by reducing costs and streamlining payment processes (Chang
et al., 2020; Gong et al., 2022; Schneider et al., 2020).
Furthermore, our study underscores the need for organizations to rethink
traditional approaches and develop strategies that effectively integrate digital
technologies into their business models. Our review highlights the role of
digital strategies in optimizing business models, both in domestic and foreign
domains (Piaskowska et al., 2021; Van Zeebroeck et al., 2023). We underscore
the challenges organizations face in navigating complex ecosystems in new
markets and the importance of developing internationalization strategies that
leverage new technologies to enhance business models and gain a competitive
edge (Aversa et al., 2021; Furr et al., 2022; Stallkamp and Schotter, 2021). Our
review highlights the significance of data-driven strategies enabled by advanced
analytics in supporting structural changes and improving business model
efficiency (Chen et al., 2021; Saura, Ribeiro-Soriano and Palacios-Marqués,
2024). Furthermore, we note how digital platforms have reduced geographical
barriers and transaction costs, providing organizations with opportunities for
global expansion (Ravishankar, 2021; Zeng et al., 2023).
With regard to practical implications, in today’s rapidly changing digital
landscape, organizations must proactively reassess their strategies to remain
competitive (Volberda et al., 2021). Organizations could frame digital trans-
formation as an ongoing journey rather than a one-time event. It involves
continuously adapting strategies to align with evolving digital trends and tech-
nologies (Annosi et al., 2023; Van Zeebroeck et al., 2023). To drive innovation
within digital business models, managers should consider adopting various
83
Digital business models: an evolutionary perspective
strategies such as design-driven innovation, market pull, and technology push
(Azcan et al., 2022). These approaches involve redefining products or ser-
vices, understanding customer needs, and developing innovative technologies
(Rietveld, 2018; Sjödin et al., 2021). For international growth, firms should
develop digital strategies that harness the power of advanced analytics and
digital platforms. These strategies can facilitate market entry in new geogra-
phies by helping to navigate complex ecosystems and reducing geographical
barriers (Chen et al., 2021; Zeng et al., 2023). At the same time, digital firms
need to plan market entry strategies carefully. Categorization strategies,
including incumbent-focused and emergent-focused approaches, can be effec-
tive approaches to overcome opposition and differentiate from competitors in
new markets (Aversa et al., 2021).
From a public policy perspective, governments should invest in digital
education and skills development programmes to equip the workforce with
the skills needed for digital transformation and business model innovation.
In the rapidly evolving digital landscape, there is a growing gap between the
skills demanded by the job market and the skills of the current workforce.
Government investment in digital education and skills development pro-
grammes is crucial to bridge this gap. Such programmes can provide indi-
viduals with the necessary knowledge and abilities to thrive in digital-centric
roles. Additionally, the government should support businesses in their digital
transformation efforts by implementing favourable policies and initiatives that
drive innovation within digital business models (Foss et al., 2022; Saura et al.,
2024).
5.2 Future Research Avenues
Building upon the findings and implications of this study, several areas warrant
further investigation to advance knowledge and guide practical applications
in the digital landscape. First, future research could explore the long-term
effects of digital transformation on various industries and sectors. Examining
the sustained impact of digital technologies on traditional industries, such as
manufacturing, healthcare, and finance, can provide valuable insights into
the evolution of business models and the development of new ecosystems.
Additionally, investigating the implications of emerging technologies, such
as artificial intelligence, blockchain, and the IoT, on business ecosystems and
their transformative potential presents a promising avenue for future research
(Chen et al., 2021; Gong et al., 2022; Ravishankar, 2021).
Another direction for future research is to delve deeper into the dynamics of
digital platforms and their role in shaping business ecosystems. Understanding
the mechanisms through which digital platforms enable collaboration, value
creation, and competition among diverse stakeholders can provide valuable
84 Digital entrepreneurship in science, technology and innovation
insights into the evolving nature of ecosystems and the strategies that foster
their growth. Furthermore, investigating the implications of platformization
and the emergence of platform ecosystems can shed light on the implications
for traditional industries and the challenges and opportunities they face in this
context (Adner, 2017; de Vasconcelos Gomes et al., 2018; Teece, 2018).
Future research could also explore the interplay between digital technolo-
gies, business models, and sustainability. Investigating how digital technolo-
gies can enable and support sustainable practices, circular economy initiatives,
and green business models can contribute to both environmental and economic
goals. Understanding the potential synergies between digital transformation
and sustainability can inform strategies and policies that foster responsible and
sustainable digital ecosystems (Frank et al., 2019; Rajala et al., 2018).
Additionally, future research could explore the implications of digital trans-
formation on organizational structures, capabilities, and talent management.
Exploring the role of leadership, organizational culture, and human resource
practices in facilitating digital transformation can provide insights into the
challenges and strategies for building digital-ready organizations (Furr et al.,
2022; Lanzolla and Markides, 2021; Leppänen et al., 2021).
Investigating the ethical and societal implications of digital technologies
in business ecosystems is another potential area for future inquiry. Exploring
issues such as data privacy, algorithmic bias, the digital divide, and the impact
on employment and labour markets can inform the development of responsible
and inclusive digital ecosystems. Research in this domain can contribute to
formulating policies and guidelines that promote ethical and socially respon-
sible digital transformation (Piaskowska et al., 2021; Van Zeebroeck et al.,
2023). Scholars may apply established ethical frameworks and theories, such
as deontology, utilitarianism, or virtue ethics (Lim, 2016), to analyse the
ethical challenges posed by digital technologies in business ecosystems.
6 CONCLUSIONS AND LIMITATIONS
While this literature review aimed to provide valuable insights into the evolu-
tion of digital business models with a shaping strategic orientation, it is impor-
tant to acknowledge certain limitations inherent to the study. For example,
the review’s initial pool of documents was derived from top-tier management
journals, which may have inadvertently excluded relevant studies published in
other outlets, especially in light of the abundance of studies on the topic. This
selection bias could limit the representativity of our analysis and potentially
overlook valuable insights from alternative sources, such as different journals,
industry-specific publications, or interdisciplinary research.
Moreover, the review followed a chronological approach, examining the
progression of literature over time. While this approach allowed us to trace the
85
Digital business models: an evolutionary perspective
development of concepts and identify key trends, it may not fully capture the
complexity and interrelated nature of the topic. Digital business models and
their strategic orientations are dynamic and intertwined, making it essential to
consider their multidimensional relationships in future research.
Despite these limitations, we believe this study could serve as an initial
step towards enhancing the academic debate on digital business models with
a shaping strategic orientation. Our findings provide an overview of the
literature, highlighting some key concepts, trends, and emerging themes. By
recognizing the limitations and considering the scope of this review, future
research can build upon our findings to delve deeper into specific aspects of
digital business models and trace future evolutionary trends in business model
innovation.
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