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Expanding Horizons for a Superyacht Agency: A Comparative Analysis of B2B to B2B2C Transitions PDF Free Download

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Master Degree programme

in Management

Final Thesis

Supervisor

Ch. Prof. Tiziano Vescovi

Graduand

Shradha Shrestha

Matriculation Number 893275

Academic Year

2023 / 2024

Expanding Horizons for a Superyacht Agency

A Comparative Analysis of B2B to B2B2C Transitions

Executive Summary

The modern business landscape, characterized by rapid technological advancements

and shifting market dynamics, necessitates that companies continuously innovate their

business models to stay competitive. Traditional models face significant challenges due to

digital transformation and changing consumer expectations. In response, companies are

strategically transitioning from B2B to B2B2C to enhance direct customer engagement while

maintaining existing B2B relationships. This transition towards the B2B2C business model,

though relatively new is rapidly being embraced across various industries and scales, and yet

it remains under-researched.

This thesis focuses on a leading superyacht management agency in Italy, Acquera,

which is contemplating a strategic expansion from its current B2B to a full-fledged B2B2C

model. The goal is to form direct relationships with Ultra-High-Net-Worth Individual

(UHNWI), the ultimate consumers of its luxury services. The primary objective of this thesis

is to understand the strategies, challenges, and opportunities associated with integrating B2C

elements into a traditionally B2B business model.

To achieve this objective, a multiple case study approach was employed, combining

primary internal and external secondary data exploration. Methods included unstructured

interviews, document analysis, and cross-case analysis to gather comprehensive data. This

methodology facilitated an in-depth exploration of the transition strategies employed by

selected companies, highlighting the relational elements, overall B2B2C strategies, and

outcomes. By analyzing the journeys of other companies, an empirical model and theoretical

foundation were developed for Acquera.

The findings show that transitioning to a B2B2C model can significantly boost brand

visibility and client engagement. Key recommendations include integrating B2B and B2C

strategies, investing in technology for direct consumer interactions, and leveraging digital

marketing. This research provides a strategic roadmap for Acquera and other luxury service

providers, offering valuable insights into business model innovation.

In conclusion, the model and theory grounded in business model innovation literature

help companies adapt to a dynamic market. This study bridges the gap between theory and

practice, offering actionable insights for luxury service industry practitioners.

List of Abbreviations

BM: Business Model

BMI: Business Model Innovation

B2C: Business-to-Customer

D2C: Direct-to-Customer

B2B: Business-to-Business

B2B2C: Business-to-Business-to-Customer

RQ: Research Question

CX: Customer Experience

SMEs: Small and Medium Enterprises

CRM: Customer Relationship Management

MVP: Minimum Viable Product

BNPL: Buy Now Pay Later

VPC: Value Proposition Canvas

UNHWI: Ultra-High-Net-Worth Individual


 
Contents 
Introduction .............................................................................................................. 8 
1 Business Research Case ................................................................................. 9 
1.1 Company Overview: ................................................................................. 9 
1.2 Situation Analysis: .................................................................................. 10 
1.3 Strategic Transition to B2B2C: .............................................................. 11 
2 Purpose and Objectives ................................................................................ 12 
2.1 Research Questions ................................................................................ 12 
3 Delimitations ................................................................................................ 13 
Literature Review and theoretical framework ....................................................... 14 
1 Business Model ............................................................................................ 14 
1.1 B2B and B2C Business Models ............................................................. 16 
2 B2B2C: Business-to-business-to-consumer................................................. 18 
2.1 Definition and models ............................................................................ 20 
2.2 Benefits of B2B2C Models .................................................................... 22 
2.3 Challenges of B2B2C Models ................................................................ 23 
3 Luxury .......................................................................................................... 24 
3.2 Ultra-High-Net-Worth Individuals, Luxury Consumer Experience (CX) 
and Ultra-Luxury Customer Experience (ULCX) ....................................... 26 
4 Superyacht and Superyacht Agencies .......................................................... 27 
4.1 Superyacht .............................................................................................. 27 
4.2 Superyacht Agency ................................................................................. 28 
5 Theoretical Framework ................................................................................ 31 
5.1 Theory on Business Model Transformation ........................................... 31 
5.2 Business Model Innovation .................................................................... 31 


 
5.3 Business Model Innovation Framework ................................................. 34 
5.4 Business Model Canvas .......................................................................... 37 
5.5 Value Proposition Canvas (VPC) ........................................................... 39 
5.6 Lean Canvas ........................................................................................... 41 
5.7 Pier Framework of Luxury Innovation ................................................... 43 
6 Research Gaps .............................................................................................. 45 
Methodology .......................................................................................................... 47 
1 Research Design and Approach ................................................................... 47 
2 Research Strategy......................................................................................... 47 
3 Research Methods: ....................................................................................... 49 
3.1 Inductive Approach ................................................................................ 49 
3.2 Qualitative Approach .............................................................................. 49 
3.3 Exploratory Research and Case Studies ................................................. 50 
3.4 Multiple Case Study Design ................................................................... 51 
3.5 Case selection and Context ..................................................................... 52 
4 Data Collection ............................................................................................ 53 
4.1 Internal exploration phase ...................................................................... 53 
4.2 External Exploration Phase .................................................................... 53 
5 Data Analysis Procedures ............................................................................ 53 
5.1 Coding .................................................................................................... 54 
5.2 Cross-Case Analysis ............................................................................... 55 
5.3 Challenges & Solutions: ......................................................................... 56 
Case study analysis ................................................................................................ 57 
1 Volvo ............................................................................................................ 57 


 
2 PLUS A/S ..................................................................................................... 60 
3 Schneider Electric: B2B to Retail ................................................................ 63 
4 KLARNA ..................................................................................................... 65 
5 Comparative Analysis ...................................................................................... 70 
Within-Case Analysis .......................................................................................... 70 
Cross-Case Analysis ............................................................................................ 72 
6 Findings........................................................................................................ 74 
Discussion .............................................................................................................. 76 
1 Empirical Model .......................................................................................... 76 
1.1 Empirical Model Mapping ..................................................................... 79 
Conclusion ............................................................................................................. 82 
1 Answering the research questions ................................................................ 82 
2 Practical Implications................................................................................... 84 
3 Limitations and Future Research ................................................................. 84 
4 Contributions to Theory and Practice .......................................................... 85 
List of Figures and Tables ...................................................................................... 86 
Bibliography ........................................................................................................... 88 
Appendix: ............................................................................................................... 99 
Internal Orientation - Unstructured Interview Questionnaire ............................. 99 
 
 
 
 
 

Acknowledgement

I extend my deepest gratitude to Professor Tiziano Vescovi, whose guidance and

academic insight have been the cornerstone of this research journey. It was his unique vision

that encouraged me to explore a topic far beyond my initial scope, and I am immensely

thankful for his mentorship and immense patience.

I am also profoundly grateful to Dr. Alessandra Violet Vianello, Education

Coordinator & Internal Coach at Acquera, who generously allowed me to delve into the

workings of the company and provided invaluable insights that greatly enriched this thesis.

Her willingness to contribute her time and knowledge despite a demanding schedule is much

appreciated.

My heartfelt thanks go to my parents, whose unwavering support has been my

constant source of strength. I also owe a debt of gratitude to my friends specially Rasmita,

who have been my cheerleaders, providing motivation and encouragement at every turn,

especially during moments of doubt.

This thesis would not have been possible without the collective support and

encouragement of each of these remarkable individuals. Thank you for believing in me,

guiding me, and making this academic journey an enlightening experience.

1. INTRODUCTION

This chapter introduces the research field, defines the problem, outlines the objectives and

limitations, and provides a brief overview of Acquera, the central case company for this

exploratory study.

The business-to-business-to-customer (B2B2C) business model is a relatively new

approach gaining traction due to several significant trends in both business and academia

(Bashir et al. 2021). One critical development is the increasing focus on business model

innovation. According to Amit and Zott (2012), business model innovation involves a system

of interconnected and interdependent activities that determines how a company ‘conducts

business’ with its partners, customers and vendors. This type of business innovation strategy

is driven by the growing customer-centricity.

In recent years, pure B2B models have been fast becoming obsolete due to the rapid

emergence of digital technologies and well-informed customers (Transforming Customer

Engagement from B2B to B2B2C | Infosys 2024). Traditional B2B or B2C models face

limitations in information construction, delivery and utilization methods. However, the hybrid

category termed B2B2C (business to business to customer) combines major features of both

models of B2B and B2C, offering multiple benefits such as profitability and scalability (Suh

and Chow 2021). Despite these benefits, there is a lack of concrete frameworks or examples

showcasing the transition journey from B2B to B2B2C, necessitating further exploration.

This research explores the integration of a B2C client segment into the business

model of Acquera, a luxury superyacht agency, which aims to transition from its current B2B

to a B2B2C model. This study aims to develop a comprehensive understanding of the

strategies, challenges, and opportunities associated with this transition through multiple case

studies of businesses that have successfully incorporated B2C or D2C segments.

A B2B2C model involves a company indirectly targeting the consumer market

through another business. Over time, by targeting marketing activities at both the end

consumer and intermediary, the company may gain direct access to consumers (Suh and

Chow 2021). This employs a multiple case study approach, underpinning one single company

Acquera and incorporating primary internal and external secondary data exploration to

understand this business process. The methodology facilitates an in-depth analysis of

transition strategies, highlighting relational elements, overall B2B2C strategies, and

outcomes. By exploring the journeys of other companies, an empirical model and theoretical

foundation are developed for Acquera, contributing to the understanding of business model

innovation.

1.1 Business Research Case

1.1.1 Company Overview:

The case company, Acquera Yachting is a subsidiary of Acquera Group that launched

in February 2018. It operates within the luxury yachting industry, offering full agency services

to superyachts. An Italian luxury superyacht agency, Acquera Yachting specializes in

providing comprehensive support to captains and their crew, catering to yacht owners and

charter guests across various superyacht operations. With a robust presence across the

Mediterranean and the Middle East, the company operates through 23 strategic offices in 11

countries, ensuring top-tier service delivery.

Source (Acquera Yachting 2024)

Mission and Vision: Acquera Yachting's mission, "Making every yachting day unique," is

embodied through their year-round diverse range of services, enhancing the yachting

experience for owners and guests. These services are categorized into several specialized

offerings contributing to its overall value proposition:

Acquera Yachting: Offers a multitude of yachting agency services such as berthing,

provisioning, customs & clearance, support & logistics, bunkering, deck & engineering spares

and onboard services, projects & contractors, interior, local luxury and tailor-made

Figure 1. Acquera’s reach & operation across the Mediterranean and the Middle East

experiences alongside exclusive local experiences tailored to elevate the yachting experience

for owners and guests.

Squisito: Provides high-quality provisioning services, offering fresh local products,

ingredients and flowers with punctual deliveries and global reach.

Acquera Club: An exclusive annual membership club, this provides unique year-round

experiences and conciergerie services with a dedicated personal manager worldwide.

Acquera Pro: A digital application that offers professional services tailored to yachting needs,

including technical support, administrative services, budgetary and even itineraries planning.

Furthermore, Acquera developed an industry-first education program to attract new

talent and develop top-level yachting skills through their Acquera Education Academy.

Acquera is committed to sustainability and thus, participates sustainable projects and practices

to protect the marine environment.

Acquera Yachting positions itself as a distinctive luxury concierge provider and an integrated

organizer of local experiences, ensuring that each yachting day is unique (Tindale 2018).

Through its specialized services and commitment to excellence, Acquera Yachting aims to

transform the luxury yachting industry and offer unparalleled experiences to its elite clientele.

1.1.2 Situation Analysis:

Currently, Acquera operates primarily as a B2B entity (depicted in the figure 2),

engaging mainly with yacht captains and crew members rather than directly with yacht

owners. This reflects the fragmented ecosystem of the yachting market, consisting of

numerous local small entities. Acquera’s growth strategy has involved mergers and

acquisitions (M&A) to increase its global presence. Within its first year, Acquera acquired

G&K Yachting, integrating their strengths to form a united and successful team (Tindale

2018).

Figure 2. Current B2B model of Acquera

When Acquera was founded in 2015, it started with a five-year business plan that

combined B2B services through Acquera Yachting and B2C luxury lifestyle services with

Acquera Experience. Initially, Acquera Experience aimed to provide an exclusive membership

club for yacht owners, offering well-planned luxury experiences primarily targeting the US

market. Acquera Experience, based in London with a New York office, operates as an

exclusive membership club by invitation only. It aimed to offer unique, well-planned luxury

experiences, primarily targeting US owners interested in European and Mediterranean

destinations. Currently, Acquera Experience, operate as Acquera Club from Venice and focus

mainly on B2B services, providing concierge services and other activities as demanded by

their clients, rather than directly engaging in B2C luxury lifestyle services.

The company enhances its service offerings through sub-brands that provide

specialized services, contributing to its overall value proposition. While the company engages

with clients primarily through direct contact and personal referrals, supported by a social

media presence, it has yet to establish direct interactions with yacht owners.

1.1.3 Strategic Transition to B2B2C:

Acquera is contemplating a strategic transition from a B2B to a B2B2C model to

establish itself as the market leader by expanding its services. This strategy involves

introducing highly customized and unique experiences for yacht owners and charterers,

transforming the company’s revenue model by increasing bespoke concierge services. The

aim is to enhance visibility and recognition among yacht owners and guests, thus bridging the

gap in direct brand engagement.

Figure 3. Post transition B2B2C model of Acquera

Currently, Acquera provides service to captains and crew, helping plan itineraries and

arrange special arrangements. The company views captains and their crew as the other “B” in

the B2B setting. By forging meaningful connections with the ultimate beneficiaries of its

services, Acquera aims to broaden its market presence through direct customer relationships.

The planned new luxury services include privatizing traditionally inaccessible locations,

organizing exclusive interactions with local artisans, and creating tailored culinary

experiences. These services are designed to ensure personal connections with destinations and

provide unique experiences.

The motivation for this transitioning is to elevate visibility and recognition among

yacht owners and guests, bridging the gap in direct brand engagement. Although, as

mentioned earlier Acquera set out to provide B2C services through Acquera Experiences in its

inception, it abandoned its B2C engagements as it didn’t directly reach the ultimate user of

these services, the UNHWIs yacht owners or charterers. Acquera desires to be recognized by

either the superyacht owners or the service personnel representing them.

1.2 Purpose and Objectives

The purpose of this study is to explore the nuanced pathways companies take to

successfully transition to a B2B2C model, identify the catalysts for such expansions, and

examining the unique challenges and benefits encountered. As there is limited research on this

business model category, learning from the best practices is the chosen methodology. In

addition, Acquera wants to examine the strategic and operational adjustments, and marketing

strategies for B2C expansion.

By examining best practices, Acquera aims to transform its brand perception from an

exclusive B2B entity to a widely recognized brand that directly engages with luxury clientele,

all while acknowledging the added complexities and nuances of the luxury business sphere.

1.2.1 Research Questions

The purpose is further divided into two research questions and their sub-questions:

1. How do companies effectively manage the transition to a B2B2C model to ensure brand

consistency and achieve market penetration?

a. How do companies communicate their B2C initiatives to ensure brand

consistency?

b. What innovative strategies are employed to engage directly with end consumers?

2. What factors and strategic considerations drive companies to transition from a pure B2B

model to a B2B2C approach?

a. At what point does extending to a B2C model become a strategic priority?

b. What challenges and opportunities do companies encounter during their transition

from B2B to B2B2C, and how are these navigated?

1.3 Delimitations

This research is limited to examining the B2B2C business model from the company’s

perspective, especially focusing on Acquera’s transition from a B2B to a B2B2C model. This

study does not encompass the perspectives of intermediaries or end customers (yacht owners

and charter guests) directly. The delimitations are outlined as follows:

▪ The research will not delve into the perspectives of the intermediaries or the end

customers. While their experiences may be referenced as secondary data, the primary

analysis remains within the company’s internal viewpoint.

▪ Primary data will be gathered from internal company documents, interviews with key

personnel at Acquera, and industry reports. Secondary data will include case studies

of other companies that have successfully transitioned to a B2B2C model.

By clearly defining these boundaries, the research aims to provide a focused and

detailed examination of Acquera’s transition to a B2B2C model, offering insights that are

specific to the company’s strategic and operational context.

2. LITERATURE REVIEW AND THEORETICAL FRAMEWORK

2.1 Business Model

The concept of a business model (BM) is of fundamental importance in modern

corporate strategy and serves as a key instrument for gaining a competitive advantage over

new market entrants and established competitors. The role of a business model is to

implement strategic and organizational solutions that enable companies to succeed in a highly

competitive and dynamic environment that is constantly disrupted by new technologies and

changing customer preferences.

The term “business model” first appeared in the academic literature in 1957 in an

article by Bellman et al. (Osterwalder et al. 2005) and is therefore a relatively young concept.

Etymologically, a model is defined as a description or synthetic representation of a complex

entity or process. In a business context, it encompasses the activities associated with the

provision of goods and services, including financial, commercial and industrial aspects.

Despite the conceptual understanding of business models, views on their definition and

application differ widely among scholars (Teece 2010; Amit and Zott 2012; Bocken et al.

2014). This divergence highlights the multifaceted nature of business models and their crucial

role in corporate strategy.

(Osterwalder et al. 2005)

Over time, research on business models has matured. Although researchers do not

build extensively on the work of others, a certain progression is discernible. Based on a

comprehensive literature review, five phases in the development of the business model

literature were identified. Initially, the concept was often used in the context of information

technology and business modeling. (Osterwalder et al. 2005) emphasized the belief in

Figure 4. Evolution of Business model concept

strategic functional integration that exists at the interface of business and information

systems.

Osterwalder and Pigneur (2010) and Bocken et al. (2014) elaborated that a business model

comprises the following elements:

- Customer segments and value propositions across different channels and customer

relationships.

- Value creation through key resources, activities and partnerships.

- Value creation as the sum of revenue streams and cost structure.

Value creation encompasses activities along the supply chain that aim to create net

value, while value extraction is about capturing some of that value for the organization

(Chesbrough 2002). These concepts align with Teece's (2010) definition of what a business

model is. It is essentially a representation of management's assumptions about what customers

want, how they want it and what they are willing to pay, and how a company can organize

itself to best meet customers’ needs and their willingness to pay for it.

The business model outlines the operational strategies required to deliver value to

customers, the areas in which the company should invest to ensure its continued profitability,

and how the organization should be managed to achieve these goals. However, there is a

tendency to confuse the business model with a strategy. However, there is a crucial difference

between a business model and a strategy. While both aim to achieve a competitive advantage,

the strategy specifically considers the competition (Magretta 2002). Strategy encompasses the

company’s actions to achieve superior, inimitable performance. In contrast, a business model

is about the operational logic of how a company fits together, including structures and

systems (Osterwalder et al. 2005).

Casadesus-Masanell and Ricart (2010) describe the business model as reflecting a

firms’ strategy, highlighting the operational logic that defines how a firm creates value for

shareholders. Teece (2010) further, describes the essence of a business model as crystallizing

customer needs and converting them into profit through strategic design and operation. Porter

(1991) emphasizes that initial conditions and managerial choices determine a firm’s

competitive advantages. These choices, affecting activities and strategic positions, are

essential for success.

(Zott and Amit 2010) present the business model from the perspective of an activity

system and view it as a network-centric approach rather than a company- centric one. This

provides a comprehensive framework for understanding its components. A BM consists of a

bundle of interconnected and interdependent activities. Companies are not limited to specific

target markets, but can apply their business models to target segments such as the end

customer (B2C), businesses (B2B) or intermediaries (B2B2C).

As this study aims to investigate the extension of simple business models to

intermediaries, three of the most well-known BMs are described below.

2.1.1 B2B and B2C Business Models

B2B (Business-to-Business) business models involves transactions and interactions

between businesses rather than between a business and individual consumers. According to

Kumar and Reinartz (2016), B2B transactions may be defined as those that involve two

companies as buyers and sellers. They are known for their high volumes, large financial

values, and a more rapid decision-making process than B2C. The B2B business model has its

roots in traditional commerce, where businesses transacted with each other through direct

sales and intermediaries (Wirtz 2019). Traditionally, the B2B model is characterized by

transactions between businesses, such as manufacturing companies, wholesales, and

investment banks, engaging in transactions without directly interacting with the end

consumer. For instance, CV Italia Srl selling industrial machineries to other businesses or AP

Italian luxury (b2bmap.com, 2024), an Italian B2B wholesales and trading company

specialized in fashion and luxury (AP Italian Luxury 2024) and so on.

With the advent of the internet in the late 20th century, B2B commerce began to

transform significantly. This shift was driven by advancements in information technology,

which enabled better data communication and integration across business networks

(Kauffman and Dai 2002). There is a growing trend towards service-oriented business models,

where companies offer comprehensive solutions rather than just products. This approach

focuses on delivering value through services such as maintenance, training, and consulting,

creating long-term customer relationships and recurring revenue streams (Timmers 2003).

The globalization of markets has intensified competition, compelling B2B companies to

innovate continuously and adopt new business models to stay competitive. This includes

expanding into new markets, forming strategic alliances, and utilizing digital platforms to

reach a global audience (Nguyen 2004).

In recent times, the B2B business model has continued to evolve with the integration

of digital technologies and the internet of thigs (IOT) which have enabled real-time data

sharing, automated processes, and improved supply chain management, leading to increased

efficiency and reduced costs (Timmers 2003). Moreover, the rise of social media and digital

marketing has further transformed B2B interactions, making it easier for businesses to engage

with their clients and build stronger relationships (Iankova et al. 2019). In spite of these

digital platforms, a major trait of B2B markets is the complexity of the decision-making

process that often involves multiple members and their diverse needs and interests (Webster &

Wind, 1972). Therefore, B2B marketing is primarily about relationship building and

management, with little focus on a single transaction but rather on the evolution of

cooperation (Lilien, 2016).

Conversely, the B2C model features transactions between businesses and end

consumers. B2C transactions involve organizations directly selling to consumers, exemplified

by companies like Walmart, Coca-Cola, Nike, lidl.com and so on which target individual

consumers through their physical store or e-commerce platforms. According to Kotler and

Armstrong (2010), the principal factors that drive B2C purchases include immediacy and

personal emotions. Indeed, consumers rely on personal experiences, personal affinity with a

brand in a specific discourse, and brand reputation.

B2B companies typically rely on a smaller number of clients for a significant portion

of their revenue. This advertently makes them vulnerable to change in those client’s business

conditions or decisions (Nguyen 2004). Likewise, the B2B market can be highly competitive,

requiring significant investment in marketing, sales and customer relationship management to

stand out (Lilien 2016). The transaction in this BM often involve customized pricing and

negotiation, which can complicate pricing strategies and require significant effort to manage

(Shu 2013). B2B products and services often require integration with existing systems and

processes, which can be complex and resource-intensive (Lin et al. 2007). The main

challenges of B2B marketing are multiple decision members, overt and covert purchase

criteria, and the orientation towards the companies’ long-term goals (Hutt & Speh, 2013).

These difficulties are generally addressed with detailed knowledge about the customer,

personalized marketing, and enhanced post-purchase support (Kotler & Keller, 2015).

B2C business models are not free from limitations or challenges either. B2C markets

function through low-value transactions that have short sales cycles. The marketing objective

is broad market reach, whereas the principal sales objective is consumer engagement (Smith

& Chaffey, 2012). According to Chaffey & Ellis-Chadwick (2019), B2C markets face stiff

competition from distinct shops and brands, making it a challenge for companies to

understand the dynamics of the target market. The revolution of online and information

technology technologies has made it possible for businesses to identify buyer behavior and

buying patterns (Edelman & Singer, 2015).

Although both the B2B and B2C functions attempt to create value, the strategists

must distinguish the intermediary features. In this sense, B2B markets are driven by large-

scale transactions, long-term sales cycles, and personal and professional conduct. On the other

hand, B2C marketers experience greater consumer attention problems. Hence, it has greater

concentrations of one-on-one meetings. B2C companies bear more information on buyers and

their engagement preferences. Such companies take advantage of databases and use data

mining to implement “good” marketing strategies (Gummesson, 2008). Furthermore, B2C

companies install “good-buyer” marketing software to improve their sales (Rangaswamy &

Van Bruggen, 2005).

To address these limitations, many businesses are shifting towards B2B2C model. This BM

represents an emerging paradigm that continues B2B and B2C elements to provide a

comprehensive service or product transaction. This model expands market reach and potential

base which means consumer insights can be integrated into the supply chain to streamline

operations, reduce costs and efficiency (Nguyen 2004; Lilien 2016). This model involves

collaboration between businesses, offering mutual benefits. Feedback from end consumers

can drive innovation and improve product development, ensuring that offerings remain

competitive and relevant (Suominen et al. 2015)By including the end consumer in the value

chain, businesses can better understand and meet consumer needs, leading to enhanced

customer satisfaction and loyalty (Muzellec et al. 2015). The subsequent sections will explore

how the B2B2C can effectively address the shortcomings of traditional B2B and B2C models.

2.2 B2B2C: Business-to-business-to-consumer

The evolving business landscape suggest that B2B and B2C companies are

increasingly adopting B2B2C models. As Marc Benioff of Salesforce, stated in 2019, “We

really see every B2B company and every B2C company”. Current literature indicates that the

B2B2C model has only gained attention in the last few years, highlighting its relative novelty.

The transition from B2B to B2B2C models can be attributed to the digital

transformation and the changing expectations of end consumers, including demand for direct

consumer contact and the democratization of information. The perpetuity of business depends

on forward integration, and only companies that satisfy the end consumer have been able to

stay competitive (Magnus Penker 2016). The world’s leading B2B brands are not B2B only

as they have and are gradually moving into the B2B2C model. They pursue forward and

backward integration by cooperating even while competing with their partners to better serve

consumers (Magnus Penker 2016).

The traditional B2B model is linear in nature and channel-driven, leading to inherent

inefficiencies and a lack of direct customer engagement (Transforming Customer Engagement

from B2B to B2B2C | Infosys 2024). This model stops with intermediaries, missing crucial

customer engagement with. In contrast, the B2B2C model overcomes these barriers

integrating direct customer engagement. As the business becomes more complex and rapidly

advancing, conventional B2B and B2C are evolving into B2B2C (Kiel et al. 2017), (Javaid et

al. 2021). The literature on B2B2C primarily focuses on three areas: e-commerce, ingredient

branding and B2B. These subjects will be briefly discussed in the following sections.

E-commerce: The terms B2B2C originated in the context of electronic commerce (e-

commerce), which encompasses all transactions handled digitally. E-commerce became

widely recognized with the rise of online shopping. It not only the purchase of products in

webstores but also supporting activities such as distribution, online marketing, and online

payments (Munoz et al. 2023). B2B2C e-commerce arises from the combinations of B2B and

B2C e-commerce, where the first ‘B’ refers to product or service suppliers and the second ‘B’

to intermediaries (network sellers or platforms) providing value through operations

management (Shao et al. 2015; Gulik 2018). This model connects suppliers, intermediaries,

and consumers (Li and Xiaolong 2013). Popular examples include Amazon, Uber, Airbnb and

so on.

Figure 5. B2B2C e-commerce model (Sergey 2022)

Ingredient Branding: It involves creating a brand for a component of a product to highlight

its high performance or quality. Manufacturers often choose ingredients with strong brand

awareness and promote their inclusion in the end product to attract customers (Kotler and

Pföertsch 2010). For instance, Intel sells its processors to laptop manufacturers like Dell. Intel

has a B2B relationship with Dell, and Dell has a B2C relationship with the final users.

Through ingredient branding, Intel communicates the advantages of its processors directly to

consumers with the “Intel Inside” campaign, which enhances the perceived value of Dell’s

laptops.

In the given perspective, businesses are interrelated because they all participate in

bundling ingredients into a final product or service. These sets of firms are often referred to as

supply chain, value chain or just networks (Kotler and Pförtsch 2010).

Business-to-Business: B2B2C is often viewed as an extension of B2B, particularly in the

context of e-commerce and ingredient branding. The B2B2C channel is described as a

substantial multibillion-dollar global supply chain (Hunter 2014) and warrants scholarly

attention due to its focus on enhancing the customer experience. In the B2B world of

commerce, customer experience has become a critical factor, surpassing price in importance

for buying decisions (Admirand 2015; Goulet 2015). Consequently, B2B companies are

increasingly focused on creating ongoing relationships with direct customers and considering

the end consumer’s experience. This shift to B2B2C aims to enhance the end-customer

experience, benefitting both B2B companies and their channel partners (Admirand 2015). A

positive end-user experience helps retain current customers, attract new ones, and increase

revenues, making B2B2C increasingly significant in the B2B sector (Admirand 2015).

2.2.1 Definition and models

Although there is no single definition for B2B2C, several recurring elements are

evident in the literature. The B2B2C business model, as conceptualized by scholars extends

Figure 6. InBranding framework (Kotler and Pförtsch 2010)

the value chain to include both intermediary businesses and final consumers, allowing for

direct engagement and value creation at multiple levels. Thus, this model requires a multi-

tiered transactional process involving multiple entities, where businesses collaborate to

deliver products or services to end consumers. In this business model, a business develops

products or services and associates with another business to use it (for instance, an e-

commerce website) for selling their products or services to end customers (Brotspies and

Weinstein 2019). This model enables a strategic framework that facilitates transactions,

distribution, and value creation between the firms.

Accordingly, in B2B2C arrangements, a business entity (primary business partner in

B2B) allows the involvement of another business entity (secondary business partner in B2B)

to simplify its operations and fulfill its responsibilities to customers (G. and Asokan-Ajitha

2022). That group of customers becomes untethered from the middle business B, and at some

point, they recognize that the first B, is the product or service they use (Faizan M. Syed

2022). This model emphasizes the importance of a seamless end-user experience and

leverages data sharing for enhanced market intelligence.

Despite the diversity in the literature, there is no comprehensive framework

recognizing and describing the different forms of B2B2C. However, based on previous

discussions, the following distinctions can be made:

Basic Model: Here, a B2B business extends its strategic marketing focus to end consumers,

such as patients, consumers, or employees. As depicted in the following figure, the

organization collaborates with its supply chain partner to serve the end consumer. Ingredient

branding often falls into this category. Ownership of the end-consumer relationship can rest

with either the first “B” or the second “B” in B2B2C, depending on the collaboration process.

Platform Model: In this model, a business acts as a platform between other businesses and

consumers, typically in an e-commerce context where supply and demand converge. For

instance, booking.com or amazon.com and so on. The platform business (the second “B”)

usually holds the relationship with the end consumer, charging commissions for transactions

Figure 7. Basic Model

on their platform. However, if the platform’s dominance is excessive, the collaborative nature

of the relationship may be compromised.

Intermediary Model: Here, a B2C business uses other large businesses as intermediaries to

expand its customer base. The organizations add an intermediary to reach more end

customers, with ownership of the relationship varying case by case. For instance, a travel

guide providing firm collaborating with a hotel to provide services to guests.

Figure 9. Intermediary Model

The understanding of the variations of B2B2C models contributes to the literature by

clarifying the concept and framing the research, useful for both this study and future

investigations.

Some of the advantages has already been mentioned. However, the following benefits explain

how the B2B2C can help business further.

2.2.2 Benefits of B2B2C Models

Expanded Market Reach: Businesses can tap into the customer bases of their partners,

significantly expanding their market reach without the need of extensive marketing or

distribution efforts. This can lead to increased sales and brand exposure, as businesses can

leverage established market presence of their partners (Team 2023).

Enhanced Customer Experience: Businesses can offer a seamless and integrated customer

experience when they collaborate with right intermediaries. For instance, if intermediaries are

providing added services such as logistics, customer support, and user-friendly platforms, this

can enhance overall customer satisfaction and loyalty (Adriana 2023).

Figure 8. Platform Model

Cost Efficiency: Likewise, the easy market expansion can lead to cost savings in marketing,

customer acquisition, and logistics. The original business can focus on core competencies and

product development while intermediaries handle much of the operational burden. This

specialization can result in more efficient operations and better resource allocation (admin

2024; B2B2C Ecommerce 2024).

Credibility and Brand Trust: When businesses partner with well-known intermediaries can

enhance a business’s credibility, trust and confidence among consumers especially for SMEs

or new market entrants aiming (Team 2023).

While there are some advantages to B2B2C model, these same benefits can impose

following challenges if unregulated and preventive or diagnostic measures are not kept.

2.2.3 Challenges of B2B2C Models

Complex Partnerships: Managing relationships with multiple stakeholders can increase

operational complexity. Thus, businesses must ensure seamless collaboration between

partners to maintain service quality and efficiency by clear communication of mutual goals,

and coordinated strategies to be successful (Adriana 2023; Rao 2023).

Control Over Customer Experience (CX): The intermediary in between often controls the

customer interface, which can lead to challenges in maintaining consistent customer

experience because the end customers’ perception of the product or service is heavily

influenced by the intermediary. Therefore, it is crucial for the original business to ensure that

quality and brand standards are upheld across the entire supply chain or value chain (admin

2024).

Brand Visibility and Ownership: One of the key challenges in B2B2C models is maintaining

brand visibility and control over customer relationships. The intermediary’s dominant

branding can outperform the original brand which can lead to reduced brand recognition

among end consumers. Additionally, sharing customer data with intermediaries can

complicate direct marketing efforts and customer relationship management (B2B2C

Ecommerce 2024).

Profitability Concerns: While B2B2C models can offer expanded market reach, they also

involve additional costs related to partnerships and revenue-sharing agreements which can

reduce overall profitability. So, businesses need to carefully evaluate and negotiate terms with

their partners to ensure sustainable financial performance (Rao 2023; Transforming Customer

Engagement from B2B to B2B2C | Infosys 2024).

The overall assessment of the challenges associated with B2B2C in the literature, suggests

that the benefits outweigh the challenges and there can be solutions tailored to overcome these

shortcomings.

2.3 Luxury

The concept of luxury is intricate and has evolved significantly over time. Luxury

has a long and evolving history, dating back to ancient civilizations such as Egypt, Rome and

China. Historically, luxury was not always associated with elite consumption. Instead, it was

often used to criticize the consumption practices of the newly wealthy classes. Mortelmans

(2005) and Kovesi (2015) emphasize the social and historical aspects of luxury. While

Mortelmans focuses on its roles as a sign value, Kovesi traces its transformation from a term

of defamation to one associated with exclusivity. (Kovesi 2015)The negative connotation

associated with luxury finally began to change during the Renaissance and early modern

period, particularly in Italy, where luxury started to be seen as a positive force associated with

refinement and sophistication (Kovesi 2015). The evolution of luxury continued through the

eighteenth century, with debates about its role in society. By the late twentieth century, luxury

had transformed into a significant global industry, driving consumer culture and influencing

fashion, trends, and lifestyle (Roberts 1998; Berry 2022).

Luxury still remains a multifaceted concept within scholarly discourse, with no

universally accepted definition, thereby the debate is still open (Atwal and Williams 2017).

Typically, luxury is characterized by its rarity, uniqueness, and association with pleasure and

aspiration (Hoffmann and Hoffmann 2012). It encapsulates a blend of subjective perception

and material attributes. Object-related approaches, emphasizes luxurious characteristics such

as beauty, uniqueness, creativity, sensuality, exclusiveness (Kapferer 2008), scarcity and

exclusivity (Mortelmans 2005), high quality and premium price (Vigneron and Johnson 2004;

Mortelmans 2005) and craftsmanship (Amatulli and Guido 2011). The key in determining

luxury is intrinsically personal and situational (Vigneron and Johnson 2004) thus, symbolic-

to-self motivations for consuming luxury underscore intrinsic hedonistic desires for

enrichment and self-fulfillment (Yeoman 2010).

2.3.1.1 Modern Perspectives on Luxury Consumption

Luxury consumption manifests through various dimensions, including object-related

attributes, symbolic representations, and immersive experiences (Vigneron and Johnson

2004). Notably, the realm of luxury experiences is escalating, reflecting shifting consumer

preferences towards experiential indulgence (Hwang et al. 2023). Luxury is perceived

differently by “new” and “traditional” consumers, with the former valuing everyday

experiences and the latter emphasizing uniqueness and exclusivity (Atwal and Williams

2017). It is now viewed as an opportunity for an individual to experience something

extraordinary in ordinary life, offering a chance to escape reality and explore different version

of oneself (Bauer et al. 2011).

This trend underscores a departure from conspicuous consumption towards

inconspicuous forms, wherein experiences offer greater authenticity and uniqueness (Berthon

et al. 2009). This new luxury perception is influenced by personal motives and contextual

factors (Wiedmann et al. 2007).

2.3.1.2 Luxury Services

While much of the literature on luxury focuses on goods, luxury services have

distinct characteristics that differentiate them from both luxury goods and ordinary services.

Luxury services emphasize non-ownership, psychological ownership, and the importance of

exclusive experiences. These services are intangible, heterogeneous, inseparable, and

perishable, which influences how they are marketed and consumed (Wirtz 2019). The luxury

service sector includes a wide range of offerings, from luxury tourism to high-end hospitality

and personalized experiences. The growth of luxury services reflects a broader shift in

consumer preferences towards experiences over possessions. This trend is particularly evident

in the rise of luxury tourism, where unique, personalized, and exclusive travel experiences are

highly valued (Iloranta 2019).

The digital revolution has significantly impacted the luxury service industry. The

integration of luxury on the online environment, balancing the exclusivity and personalized

luxury experience presents challenges and opportunities to engage with a broader audience

while maintaining their distinctiveness (Okonkwo 2009).

2.3.2 Ultra-High-Net-Worth Individuals, Luxury Consumer Experience (CX) and

Ultra-Luxury Customer Experience (ULCX)

Ultra-High-Net-Worth Individuals (UNHWIs) are defined as individuals with a net

worth exceeding $30 million (Williams 2023). This exclusive group represents a significant

market segment within the luxury industry, characterized by unique consumption patterns and

preferences. Understanding the motivations and experiences of UNHWIs is crucial for luxury

brands aiming to cater to this elite clientele (Klaus 2022).

Traditional branding literature focused on the object and social context, but recent

studies emphasize the importance of the luxury experience over the object itself (Vickers and

Renand 2003). This evolution from an object-centric to an experience-centric perspective

reflects the increasing importance of immersive, emotionally engaging experiences over mere

possession of luxury objects.

Luxury Consumer Experience (CX) encompasses a multifaceted construct

comprising internal factors, such as consumer’s emotion and cognition, and external factors,

including human interactions with the physical environment (Walls et al. 2011), thereby

creating a holistic “experiencescape” (Experiencescapes 2005). Experiencescape is the place

of consumer interaction with the environment, experience, and experience activities (Mei et

al. 2020).

A study conducted by Klaus (2022) explored the customer experiences of UNHWIs I

three luxury setting: custom-made clothing services, chartering a yacht, and art collection.

Through 13 in-depth interviews, the study identified several critical drivers of purchasing and

repurchasing behavior among UNHWIs. These drivers include managing expectations, the

importance of personal relationships with service personnel, and achieving convenience-

driven time savings. The study concluded that UNHWIs value brands that manage their

expectations effectively. Over-promising and under-delivering can lead to dissatisfaction.

Clear communication and realistic promises are essential in maintain trust and satisfaction.

Personal relationships with brand personnel are highly valued by UNHWIs. The long-term

view of relationships, availability, and trust are crucial components of their overall

experience. Likewise, time is a critical factor for UNHWIs. They highly value services that

save them time, allowing them to enjoy quality experiences with their family and close

friends. Convenience-driven services are highly appreciated, as they minimize hassle and

maximize enjoyment.

Pine and Gilmore (2002) categorized luxury consumer experiences into 4Es

framework: Education, Entertainment, Escapism, and Aesthetics. This framework exemplifies

the range of experiences luxury brand aim to offer, particularly in leisure and tourism, such as

heritage trails, cruising, wine tourism, and luxury yacht charters, all enhancing consumer

engagement and satisfaction.

Furthermore, authenticity emerges as a critical component of luxury experiences,

directly influencing perceived values and consumer satisfaction (Chen and Chen 2010). In the

context of super-yachting, the authenticity of the yacht itself can enhance the luxury

experience, highlighting the significance of genuine, unique attributes in creating value.

2.4 Superyacht and Superyacht Agencies

2.4.1 Superyacht

Superyacht, although lacking an official definition, typically refers to large, luxurious

and often custom-built vessels professionally crewed for motor or sailing purposes. Their

length varies from 24 meters (79 feet) to over 180 meters (590 feet), often customized for

comfort, adventure, or exploration (Bees 2016).

Apart from being the symbols of wealth and status, superyachts are often designed to

emphasize comfort, adventure, exploration or expedition capability (Discover the World’s

Largest Superyachts 2023), (What is a Superyacht? 2023). These vessels epitomize wealth

and status and are equipped with advanced technology such as submarines, helicopters, jet

skis, diving equipment and so on. Superyachts are constantly evolving and pushing the

boundaries of design and engineering.

Figure 10. Okto Superyacht pictured in Venice, (Italy 2017)

The popularity of superyachts varies globally, with countries like the United States,

Italy, Spain, France, and Greece hosting significant number of these vessels. These regions are

also preferred destinations for superyacht charters due to their natural beauty and cultural

attractions (Business 2023). In conjunction with the construction and refurbishment of

superyachts, the superyacht industry involves general yacht management, brokerage services

– for chartering as well as for sale and purchase – and ancillary services. Yacht management

firms typically provide administrative services and crewing services as well as technical and

operation support. Regarding charter brokerage, companies either help owners charter out

their superyachts or identify suitable superyachts on behalf of a charter client.

2.4.2 Superyacht Agency

Yacht management has become an important issue, as it is considered an exciting

niche product (Casasnovas 2015). The term ‘Yacht Agency” is often confused with ‘Yacht

Crew Agency’ or ‘Yacht Broker’ however, they mean different things. It is necessary to first

understand what each of these entities do before understanding what superyacht agency refer

to and what tasks they perform. Yacht Broker handles the sale, charter or rent of superyachts

and yachts whereas the Yacht Crew Agency is a recruitment agency responsible crew to these

vessels. Both roles fall under the umbrella of the Yacht Agency (The Role of the Yacht

Agency n.d.). The other types agency under the superyacht agency is later discussed below.

So, a yacht agency handles all tasks requested by Yacht Owners, Captains, and Crew

either at shore, berth or anchor (The Role of the Yacht Agency n.d.). These agents offer

assistance, insight and advice to all queries requested by the superyacht and yacht clients.

Within the ancillary services sector, port and marinas play crucial roles, alongside

entities known as superyacht agents, offering port-related services such port agent services.

Distinct from management and brokerage services. Port agents assume significance upon the

arrival of a superyacht at a port handling berth reservations and arrangement, crew changes,

freight forwarding, arrival and departure clearance, duty free bunkering, itinerary planning,

provisioning for spare parts and supplies/ yacht chandlery, bunkering services, customs

clearance and formalities, onboard entertainment, event planning, travel reservations, security

services, maintenance and repairs, concierge services and other port-related facilitations

(Sevinc and Güzel 2018).

Superyacht Agencies serve as specialized service providers within the superyacht

industry, offering indispensable support to yacht owners, charter guests, charter guests, and

crews across various aspects of superyacht operations (Superyacht Agents 2023). Categorized

into distinct types based on specialization, these agencies encompass recruitment, yacht

management, concierge and lifestyle management, charter brokerage, and yacht sales and

purchase services. These agencies ensure that yachts stand out in the market, find suitable

candidates for onboard positions, and streamlining processes for owners and crew (Group

2022)

There are different types of superyacht agencies depending on their scope of

specialization and affiliation. Some examples are:

▪ Recruitment agencies: Source qualified personnel for onboard positions (Bluewater 2023).

▪ Yacht management agencies: Oversee comprehensive operation aspects including

budgeting, compliance, and technical support (The Yacht Company 2023).

▪ Yacht concierge and lifestyle management agencies: Curate personalized concierge

services for yacht owners and guest, managing various aspects of their luxury lifestyle

(Luxury Travel Concierge Services 2023).

▪ Charter brokerage agencies: Facilitate charter arrangements from helping the clients find

the best yacht, destinations to itinerary, crew and activities planning and so on (Johnson

2023).

▪ Yacht sales and purchase agencies: Specialize in the buying and selling of luxury yachts,

providing expert guidance and support throughout the transaction process.

Superyacht agencies ensure that yachts stand out in the market, find suitable

candidates for onboard positions, and streamline processes for owners and crew (The

Superyacht Agency 2023). They are integral to the luxury travel sector, providing unique and

personalized experiences for UNHWIs.

2.4.2.1 Superyacht Agency Growth Projection

The superyacht industry is a prominent sector within the luxury market, reserved for

the ultra-high net worth individuals (UNHWI). This sector is experiencing significant growth,

supported by increasing affluence and the rising number of UNHWIs. The demand for

superyachts and mega yachts is illustrated by the 1,024 superyacht projects under construction

or on order in the Global Order Book (GOB), an increase of 24 from 821 GOB (Global Order

Book 2023). Furthermore, the superyacht charter market is experiencing dynamic growth,

forecast at a compound annual growth rate (CAGR) of 12.20% from 2023 to 2028, indicating

the sector’s potential for further growth (Luxury Yacht Global Market Report 2023).

These statistics highlight expanding opportunities for yacht management companies.

Superyachts require a range of services provided by these companies, particularly as their

cruising itineraries become more varied and adventurous (Muslu 2021). With superyachts

traveling extensively, crafting exciting itineraries for both familiar and new destinations, and

organizing compliance documents for different countries, is increasingly challenging. This

complexity enhances the value of superyacht agents and crew (Hart 2021). Super yachting

cruising routes are diversifying, requiring captains and crew to remain vigilant about varying

entry procedures across different countries. Agents play a crucial role in supporting these

efforts by sharing the burden of compliance and documentation (Muslu 2021).

A conceptual paper examined the dimensions and evolution of the superyacht

market, highlighting the evolving focus on experiential luxury, reflecting broader trends in the

luxury market and focusing on holistic, health-oriented experiences. It also finds that the core

appeal of luxury increasingly lies in experiences that contribute to both hedonic pleasure and

hedonic wellbeing. Furthermore, the crucial role of crew in enriching luxury experiences is

highlighted through their engagement with guests and their ability to utilize the yacht’s

amenities. As such, they play a key role in creating shared value and enhancing guest

satisfaction in the luxury superyacht sector (The Luxury Charter Group 2019). This shift,

which puts personalized wellness experiences at the forefront, could be crucial for superyacht

management agencies looking to cater to the changing preferences of their clientele (Williams

2023).

The modern luxury landscape continues to adapt to changing consumer preferences

and technological advancements, presenting luxury brands with both challenges and

opportunities to innovate and redefine their value proposition. The superyacht industry is an

example of this evolution. Superyacht agencies play a crucial role in ensuring seamless and

luxurious experiences for yacht owners and guests.

2.5 Theoretical Framework

The following frameworks are built on the insights gained from the literature review.

It integrates key concepts that guide the research questions, and analysis to provide a

structured approach to analyze Acquera’s aim to transition to a B2B2C model.

2.5.1 Theory on Business Model Transformation

Companies often innovate their business models to grow revenue and increase profit

margins as this approach is less resource-intensive compared to product or process

innovations (Zott and Amit 2010). Key streams in business model transformation research

include defining and conceptualizing business models, exploring new business model’s

impact on organizational change, assessing performance outcomes, and identifying necessary

organizational capabilities (Marlena 2022). Notable frameworks like the Business Model

Canvas (Osterwalder and Pigneur 2010) , Teece’s customer-centric approach (Teece 2010)

and Business Model Innovation Framework (Zott and Amit 2010) are notable in this field.

Research highlights capabilities like experimental orientation, balanced resource use, and

coherent leadership as critical for successful business model innovation (Marlena 2022).

2.5.2 Business Model Innovation

Chesbrough and Rosenbloom emphasize that “a better business model often will beat

a better idea or technology (Chesbrough 2007).” They propose parameters for identifying

where innovation in each industry might generate value (Chesbrough 2007):

i) Articulation of the value proposition

ii) Targeting of market segments

iii) Definition of the value chain structure and determination of complementary

assets

iv) Specification of revenue growth mechanisms

v) Description of the firm’s position in the value ecosystem

vi) Formulation of competitive strategy maintain an advantage over rivals

The business model articulates the architecture of a company’s process for

converting resources and capabilities into economic value (Teece 2010). Chesbrough and

Rosenbloom (Chesbrough 2002) describe the business model framework that transforms

technological characteristics and potentials into economic outputs through customers and

markets. This framework acts a mediatory between technology development and economic

value creation.

Business model innovation is a process through which firms explore new mediums

and ways to define value proposition, create and capture value for customers, suppliers, and

partners (Ramdani et al. 2019). The majority of literature asserts that innovation in business

models is of vital importance to a firm’s survival, and business performance and as a source

of competitive advantage (Zott and Amit 2010; Ramdani et al. 2019).

Zott and Amit (2010) identify three approaches to business model innovation

concerning content, structure, and governance:

i) Integrating new activities or selecting which to perform

ii) Reorganizing the connection of existing activities

iii) Changing the parties responsible for specific activities

They further describe design themes for business model innovation:

Novelty: Adopting new design elements

Lock-in: Attracting third-party power through switching costs and network externalities

Complementarities: Capturing more value by bundling activities in a system rather than

running them separately

Efficiency: Reducing transaction costs

An activity system perspective on business model design encourages holistic and system

thinking, focusing on the overall system rather than isolated choices (Amit and Zott 2012).

This approach emphasizes innovating how business is done rather than specifically what

business is done.

Triggers of Business Model Innovation: The triggers of BMI are critical for enhancing a

firms’ competitiveness and ensuring sustainable advantage. Market environment changes,

clietn needs, new technologies, digitization, and future projects are primary triggers (Bashir et

al. 2021). Knowledge management and organizational learning are pivotal, where effective

knowledge sharing and management can trigger BMI by fostering better learning and resource

utilization (Bashir et al. 2021). External stakeholders like partnerships and venture capital also

play a significant role in driving BMI (Bashir et al. 2021). Technological advancements, both

external and internal, are crucial triggers, with firms needing to align their resources and

competencies to perceive and respond to these triggers effectively.

In essence, triggers for BMI are multifaceted, encompassing interal factors like client needs

and organizational characteristics, and external factors like market pressures and

technological advancements. Understanding and preparing for these triggers are essential for

firms to adapt and innovate their business models successfully.

Enablers of Business Model Innovation: The BMI enablers facilitate the transformation of

business models and enhance a firm’s competitive edge. These are organizational structure,

culture, leadership, and technology. A more complex and hierarchical organization structure

can impede BMI, while strategic agility is crucial for fostering innovation (Ramdani et al.

2019; Bashir et al. 2020). Simplified structures and a supportive culture promote BMI by

reducing bureaucratic barriers and encouraging innovative thinking. Effective leadership is

essential in driving and sustaining BMI initiatives (Bashir et al. 2020). Advances in

technology like cloud computing and social networking, play a pivotal role in enabling BMI

by providing new tools and platforms for innovation (Ramdani et al. 2019). Strategic agility

and dynamic capabilities allow firms to effectively manage and reconfigure their resources to

explore and exploit new opportunities, thereby facilitating BMI (Marlena 2022). Furthermore,

marketing activities, including market sensing and selecting appropriate channels, support

BMI by aligning the business model with market demands and customer preferences (Daspit

2017).

Barriers to Business Model Innovation: Implementing a new business model often require

systems, processes, and assets that are hard to replicate (Teece 2010). Risk of cannibalizing

existing sales or disrupting essential business relationships can lead to reluctance to change

and adopt new models. Likewise, cognitive and organizational barriers, including biases

towards current models, lack of managerial know-how, and complexity could lead to barriers

for BMI (Foss and Saebi 2017). Lack of technological know-how, technology costs, and

support capabilities including lack of information can also impose barriers. Chesbrough

(2007) suggest that overcoming these barriers involves experimentation, effectuation, and

effective leadership to create new information and reveal latent possiblilities. In summary,

addressing these barriers requires a strategic approach involving experimentation and strong

leadership to foster and environment conducive to innovation.

Business model innovation extends beyond traditional product and process

innovation, providing a powerful competitive tool. According to several pieces of literature on

business model innovation, firms don’t need to choose between continuously adapting their

current business model or completely replacing it. Instead, they can experiment with new

models through open and disruptive innovations (Ramdani et al. 2019). This could mean

changing one or multiple elements fof therir business model or altering how these elements

interact in four key areas: value proposition, operational value, human capital and financial

value.

Similarly, divergence in business model innovation could be attributed to differing

disciplinary perspectives such as entrepreneurship, information systems, innovation

management, marketing and strategy and other different industry focuses (Zott and Amit

2010). Currently, changing customer expectations, technological advances and deregulations

are creating opportunities for new business models (Ramdani et al. 2019).

As mentioned earlier, the internet’s growth has profoundly impacted the adoption of

platform business models over the past decade. Platform models create value by facilitating

exchanges between interdependent groups, such as consumers and producers through scalable

networks of users and resources (Suh and Chow 2021). This digital shift has transformed

competitive dynamics, in return introducing new ways to generate wealth and establish

competitive advantages. (Zott and Amit 2010) highlight that moving to online business

avenues allows firms to leverage internet-enabled opportunities, enhancing their competitive

positions. In essence, digital platforms illustrate how technological advancements drive

business model innovation enabling firms to effectively create and capture value from

interconnected user networks.

In summary, the evolution of business model literature reveals its increasing

significance in strategic business planning. The distinction between business models and

strategy, along with their integration, highlights the comprehensive approach required to

create and capture value. Successful business models articulate revenues, costs, and profit

potential, ultimately measuring success by the firms’s ability to deliver value to customers and

achieve competitive advantage (Teece 2010; Zott and Amit 2010).

2.5.3 Business Model Innovation Framework

Built on the foundational work of (Johnson et al. 2008) and (Zott and Amit 2010) the

business model innovation framework is designed as a “navigation map” to aid practitioners

in determining where and how to change their current business models while emphasizing

continuous refinement and interaction of business model elements to adapt and thrive in

changing environments.

The framework consists of four areas of innovation and sixteen elements which

collectively provide a comprehensive view of where and how business model innovation can

occur. It is designed to show the continuous interaction of business model elements, indicated

by arrows within the framework. Arrows in the framework indicate the continuous interaction

of the elements.

Key Areas of Innovation in the framework:

1. Value proposition: Focuses on “Why” questions – why customers should choose a

company’s offerings. It involves reevaluating what is sold, exploring new customer

needs, and understanding how the market perceives the value provided. Innovations in

value proposition help firms attract and retain customers by aligning offering more

closely with customer demands and expectations.

2. Operational Value: Addresses the “What” questions related to the operational aspects

of the business. It includes key assets, processes, and partnerships essential for

Figure 11. Business Model Innovation Framework (Ramdani et al. 2019)

delivering the proposed value to customers. Operational innovations ensures that the

business model is efficient and capable of sustaining the propose value.

3. Financial Value: Deals with the “How” questions, how the business generates revenue

and manages costs to ensure profitability and sustainability. This area focuses on pricing

strategies, cost management, and optimizing revenue streams.

4. Human Capital: Looks at “Who” questions about who will execute the business model

and how they will be supported, trained and motivated. It involves aligning

organizational structure, talent management and culture with the new business model to

ensure effective implementation and scalability.

Areas of

Innovation

Elements

Relevant Questions

Value Proposition

(Why?)

Core offering

Why our products/ services?

Customer needs

Why customers purchase our products/

services?

Target customers

Why target the current segment(s)?

Customer perceived value

Why customers choose us?

Operational Value

(What?)

Key assets

What assets do we need?

Key process

What processes do we require?

Partners network

What relationships should we consider?

Distribution channels

What channels can deliver our products/

services?

Human Capital

(Who?)

Organizational learning

Who should be engaged in knowledge

transfer activities?

Skills & competencies

Who should execute specific activities?

Incentives

Who should be rewarded?

Training

Who requires development to carry out

specific activities?

Financial Value

(How?)

Cost structure

How do we cost our products/ services?

Cash flow

How should we manage cash-flow?

Margins

How much surplus can we make?

Table 1. Business Model Innovation Areas and Elements (Ramdani et al. 2019)

This framework as noted before was developed as a blueprint for managers and researchers

interested in how to change business models (Ramdani et al. 2019). Researches interested in

this area can explore and examine the different paths to change their business models.

However, the limitation of this framework is that mechanisms by which firms can change

their business models and the external factors associated with such change remain

unexplored.

2.5.4 Business Model Canvas

Where the business model is being discussed extensively, how to evaluate a business

model must also be considered. Business model canvas is a strategic management template

developed by Alexander Osterwalder and Yves Pigneur used for developing new business

model and documenting existing ones (Osterwalder and Pigneur 2010). It is a toolkit that

drew on Michael Porter’s value chain maps and Peter Drucker’s theories of the firm

(Thomson 2013). Their definition of the canvas is widely accepted in academia. They started

business model canvas as a conceptual map that helps companies identify and evaluate the

various components of their business which helps to improve processes and structures within

the company. Thus, a business model canvas is a tool to “summarize the corresponding

strategies and activities”, each block of the canvas makes it easier to determine where

improvements are needed (Muhtaroglu et al. 2013). It is also useful for the business model

innovation (Joyce and Paquin 2016).

The nine “building blocks” are interconnected and work together with a business

model to create, capture and deliver value. These blocks are meant to address a business’s

customers, infrastructure, value proposition, and financial aspects. It is up to companies to

decide which components needs to be valued and emphasized, thereby investing more

resources to generate more value and reduce costs, and which components to pay less

Figure 12. Business Model Canvas (Osterwalder and Pigneur 2010)

attention to. At the centre of the Business Model Canvas, one finds the Value Proposition. It is

described as “the bundle of products and services that create value for a specific Customer

Segment”, carried out by solving and satisfying customer needs and problems (Osterwalder

and Pigneur 2010).

The right hand side implies value creation and the left-hand side implies cost

(Osterwalder and Pigneur 2010) (Muhtaroglu et al. 2013). The right side is about the

customer-oriented building blocks. These customer segments are groups of customers that

have been clustered according to “common needs, common behaviours, or other attributes”.

Businesses must intentionally choose which customer segment to focus on and only then, rest

of the business model can be designed. The customer segments are reached through channels

which affects the “communication, distribution and sales” (Osterwalder and Pigneur 2010).

Channels are a crucial part of the customer experience. The revenue streams describe how a

firm earns money from each customer segment that can be one-type or recurring payments.

On the left side of the value proposition, a firms’ key resources are to be illustrated.

This side’s blocks entail “the most important assets required to make a business model work”.

Key activities represent the essential actions that a firm must do to achieve success. However,

both key resources and key activities differ per business model type. Key partners are the

“suppliers and partners that make the business model work”. The cost structure stands for the

costs required to manage the business model. Collectively, these building blocks represent the

three “key” aspects of the Business Model Canvas with right side signifying the value of a

business model whereas the left side showing the efficiency (Osterwalder and Pigneur 2010).

Figure 13. Business Model Canvas (Muhtaroglu et al. 2013)

F. Canan Pembe Muhtaroglu Seniz Demir Murat Obali Canan Grigin (Muhtaroglu et al. 2013)

explain it in some detail in the figure (see Figure 13).

The brief explanation of what each of the components entail (Muhtaroglu et al. 2013):

Value Propositions: are the value-added products/ services delivered by companies to meet

customer’s needs.

Customer Segment: means the “type of customers that a company wants to address and

attract by offering value propositions”

Channels: describes how companies get in touch with their customers and deliver value

propositions to them.

Key resources: refers to the company’s capabilities for delivering value to its customers. The

resources required for creating value propositions include intangibles, tangibles, and people-

based skills.

Key Activities: refers to the actions performed by a company to create, market, and deliver

value propositions to its customers and make a profit out of them.

Key Partners: refers to the cooperation agreement of a company with other companies so that

they can carry out activities related to value propositions.

Cost Structure: is the costs incurred by a company for delivering value to its customers and

carrying out all business activities such as building customer/ partner relationships and

marketing.

However, the business model canvas has its limitations as it does not consider strategy. It

defines how to create and capture values but not define and describe the goals and vision of a

company. Furthermore, it does not incorporate potential profits and only illustrates costs and

revenues. Additionally, it doesn’t show any apparent interconnections. Finally, it doesn’t

identify the company’s role in the ecosystem and only includes economic factors ignoring

environmental and social factors.

2.5.5 Value Proposition Canvas (VPC)

VPC is a strategic management tool to ensure a product or service is positioned

around what the customer values and needs. Developed by Alex Osterwalder and team, the

VPC helps businesses systematically understand the value their products or service offer to

customers and how they alleviate pains and create gains (Osterwalder et al. 2014).

Before describing the canvas, it is crucial to understand what “value proposition”

refer to. According to Osterwalder, Pigneur, Bernarda, and Smith (Osterwalder et al. 2014) a

value proposition “describes the bundle of products and services that create value for a

specific customer segment.” It addresses the customer’s problems and needs, offering a

solution that stands out in the marketplace. Basically, it is a clear statement that explains how

a product or service solves a customer’s problem, delivers specific benefits, and tells the

customer why they should choose this product or service over competitors. It articulates the

unique value a company offers to its customers and is central to a company’s business model

and strategic marketing.

The VPC is an extension of the Business Model Canvas, focusing specifically on the

value proposition element. As shown in the figure (Figure 14), it comprises two parts: the

Customer Profile on the right and the Value Map on the left. The customer profile includes

customer jobs, pains and gains while the Value map details products and services, pain

relievers, and gain creators. This structure seemed to be crucial to fostering innovation.

Figure 14. Value Proposition Canvas (Thomson 2013)

A brief breakdown of each component of two main section are follows:

1. Customer Profile:

▪ Customer Jobs: Tasks or problems the customer is trying to solve

▪ Pains: Negative experiences or risks the customer wants to avoid

▪ Gains: Positive outcomes the customer wants to achieve

2. Value Map:

▪ Products and Services: The business’s offerings

▪ Pain Relievers: How the offerings alleviate customer pains

▪ Gain Creators: How the offerings create customer gains

By systematically identifying customers jobs, woes and gains, business can develop

products and service that meet specific needs and exceed expectations. This alignment is

essential for creating differentiated value propositions that stand out in the competitive

environment. This structured approach allows businesses to align their offerings with

customer expectations systematically (Osterwalder et al. 2014).

The VPC been widely adopted in business development and innovation processes.

Osterwalder and Pigneur (Osterwalder et al. 2014) emphasize its utility in designing new

business models and refining existing ones. The canvas aids in making the value creating

process visible and tangible, facilitating better strategic planning and execution.

However, critiques have pointed out certain limitations. For instance, the product

proposition side is not grounded enough marketing, branding and persuasion techniques. It

doesn’t guide the user towards creative thinking and honest self-evaluation or neither does it

consider consumer behavior (Thomson 2013).

2.5.6 Lean Canvas

The Lean Canvas, developed by Ash Maurya in 2012 (Maurya 2012), is an

adaptation of the Business Model Canvas and optimized for the Lean Startup methodology

(Lean Canvas-1-Page Business Model 2024). The motivation behind this model was to

facilitate startups with a more founder-focused business modelling tool better suited for early-

stage products. Here, these three boxes key partners, key resources, key activities, and

customer relationships are replaced with problem, solution, key metrics (KPIs), and unfair

advantage.

This model is designed to facilitate brainstorming potential business models,

prioritizing initial steps, and tracking ongoing learning. As presented in Figure 15, it is a one-

page tool that helps you deconstruct your business idea into twelve building blocks (Lean

Canvas - 1-Page Business Model 2024). On the extreme left and right sides of the canvas are

the “Problem” and “Customer Segment” building blocks, which are considered a pair. The

rest of the canvas is structured around these elements. For each customer segment, users

should identify up to three key problems that need solutions. Additionally, it is important to

consider existing solutions and potential “user roles” in the market (Maurya 2012).

Central to the Lean Canvas is the “Unique Value Proposition,” which addresses why

a business stands out and deserves attention (Maurya 2012). Between the Problem and Unique

Value Proposition is the “Solution” block, where initial solution ideas are noted, even though

they may be revised as more information is gathered. Positioned between the Unique Value

Proposition and the Customer Segments are the “Channels,” which are crucial for building a

significant path to customers. Channels should be scalable and considered from the startup’s

inception.

At the bottom of the canvas are the “Revenue Streams” and “Cost Structure.”

Figure 15. Lean Canvas (Maurya 2012)

Revenue Streams address the pricing strategy, emphasizing the need to validate pricing from

the start rather than offering products or services for free. The Cost structure outlines the

operational costs involved in launching the product outlines the operational costs involved in

launching the product. “Key Metrics,” below the solutions measure the performance. Lastly,

the “Unfair Advantage,” situated above the Channels, represents the unique elements of the

business model that competitors cannot easily replicate. This is considered as the most

challenging block to define (Maurya 2012).

In a brief description, the Lean Canvas model entails the following:

i) Problem: Identify the problem that the business is trying to solve

ii) Solution: Describe the solution that the business offers.

iii) Key Metrics (KPIs): Define the key performance indicators that will measure

the success of business.

iv) Unfair Advantage: This is a defensible competitive advantage that sets

business apart from others.

v) Customer Segments: Identify target customers or users.

vi) Value Proposition: This is the unique value that business offers to its

customers.

vii) Channels: These are the paths through which you reach customers.

viii) Cost Structure: Identify the costs involved in running business.

ix) Revenue Streams: Identify how your business will make money.

This model is a dynamic model, not a static plan. It is designed to be updated

frequently and read by many people (Lean Canvas - 1-Page Business Model 2024).

2.5.7 Pier Framework of Luxury Innovation

In their book “Luxury Strategy in Action”, Jonas Hoffmann and Betina Hoffman posits the

“PIER Framework of Luxury Innovation”. This framework offers a comprehensive model for

comprehensive examination of the processes and dynamics that underpin innovation in luxury

goods and services (Hoffmann and Hoffmann 2012). The framework presents a nuanced

blueprint for innovation in the realm of luxury, identifying four key pillars: Path, Insight,

Excellence in Execution, and Rareness of Experience. This review delves into each

component, illustrating their pivotal role in sculpting the essence and trajectory of luxury

brands.

Path: This component talks about the narrative of a brand's historical and contextual setting

into the fabric of its identity. How the creator’s history or their serendipitous contexts

facilitate the emergence of groundbreaking ideas within the luxury innovation domain is

discussed. The origins of iconic brands like Chanel and Louis Vuitton exemplify how a

brand's heritage and the socio-economic canvas of its time are instrumental in shaping its

innovation journey. For instance, Chanel's designs influenced by her modest upbringing and

the demands of wartime France, while Vuitton's travel-inspired luggage solutions demonstrate

how luxury brands anchor their innovations in their distinct histories and settings, thereby

enriching their brand identity with depth and resonance.

Insight: This component is at the core of luxury innovation. Insight signifies the ‘AHA’

moments of clarity that propel brands beyond conventional boundaries. Richard Mille’s

pioneering use of high-tech materials and inspirations from different domains such as

aeronautics, space in watchmaking serves as a prime example of how insightful thinking can

redefine industry standards. The insights stemming from visionary outlook and deep

understanding enables luxury brands to challenge the status quo and chart new territories in

luxury, infusing their offerings with innovation and relevance.

Excellence in Execution: The transition from concept to creation in the luxury domain is

marked by 'Excellence in its Execution.' This principle emphasizes the meticulous

craftsmanship and unwavering commitment to quality that luxury brands command. For

instance, the rigorous creation process behind each Richard Mille watch illustrates the high

standards of execution that distinguish luxury goods. This kind of dedication not only ensures

the exceptional quality of luxury products but also reinforces the brand's reputation for

superior craftsmanship and reliability reinforcing the brand identity associated with

uncompromised craftsmanship and high-caliber performance.

Rareness of Experience: A principle that elevates a luxury offering from merely being

owned to being experienced, the creation of unique and memorable moments. Luxury in this

context, according to the PIER Framework is not just about ownership but the embodiment of

unique and unforgettable experiences. Whether through the enduring appeal of a timeless

Patek Philippe watch or the immersive beauty of a stay at ‘Oberoi Amarvilas’, luxury brands

craft these rare experiences to resonate deeply with their clientele, fostering moments of

lasting significance.

By integrating these elements, the PIER Framework illuminates the multifaceted process of

luxury innovation, from its historical underpinnings and moments of insight to the excellence

of its execution and the creation of rare experiences.

When these insights are synthesized, it can be ascertained that Luxury Consumer Experience

and the PIER Framework share complementary aspects of the luxury domain. While the PIER

Framework offers a foundation for innovation and creation with luxury brands, the literature

on Luxury CX provides a deeper understanding of how these innovation manifest in

consumer interactions ultimately shaping the consumer’s perception, satisfaction, loyalty to

the brand. This necessitates luxury brands to innovate continuously while ensuring that every

consumer touchpoint reflects the brand’s ethos, thereby creating memorable, authentic

experiences that resonate on a personal level with consumers.

2.6 Research Gaps

The superyacht industry is relatively discreet and complex, making it challenging to

understand and explore its intricacies (Subadmin 2017). Research and data specifically

focused on the superyacht agency sector is notably scarce, thus the literature relied on

professional publications for insights into this industry. Current literature on BMI and B2B2C

transitions primarily focuses on tangible products and manufacturing sectors (Foss and Saebi

2017). There is a noticeable absence of comprehensive frameworks or empirical studies

addressing the unique challenges and strategies for B2B2C transitions in service industries,

especially luxury services and superyacht agencies.

Despite extensive research, more conceptual and empirical studies are needed to

fully understand the phenomenon of BMI, particularly in terms of value proposition, creation,

delivery, and capture (Marlena 2022). While the literature highlights the growing importance

of integrating customer-centric approaches, there is limited guidance on how service

companies can effectively transition from B2B to B2B2C models. This gap indicates a need

for research that develops and tests frameworks tailored to the service industry’s specific

context.

The existing research tends to adopt a firm-centric view, neglecting the broader

ecosystem necessary for successful business model transformations (Foss and Saebi 2017).

Understanding the interactions between firms, intermediaries, and end consumers is crucial

for B2B2C transitions. The luxury service sector, including superyacht agencies, operates

within a complex ecosystem involving multiple stakeholders. Research needs to address how

these relationships can be managed and optimized during the transition to a B2B2C model.

While there is significant attention on the importance of BMI for firm performance,

the literature often lacks practical, actionable insights. The need for empirical studies that

explore the specific triggers, enablers, and barriers to BMI in the context of luxury services is

evident. The unique attributes of luxury services, such as personalization, exclusivity, and

high customer expectations, require tailored strategies for BMI that are not adequately

covered in the current literature.

There is a notable scarcity of research focused specifically on the superyacht agency

sector. This sector’s unique operational challenges, market dynamics, and customer

interactions are underexplored in academic literature. Studies that delve into the specific

needs, preferences, and behaviors of UNHWIs in the context of superyacht services are

essential for understanding how to cater to this niche market effectively.

While there is considerable literature on luxury consumer behavior, there is limited

research on how luxury service providers can enhance customer experiences through

innovative business models. The insights from studies on luxury CX and UCLX highlight the

importance of managing expectations, personal relationships, and time savings for UNHWIs.

However, more research is needed to translate these findings into actionable business model

innovations for luxury service providers.

Current literature inadequately considers differences in firm size, age, and industry.

Furthermore, adopting an “ecosystem perspective” rather than a “firm-centric view” is

essential to comprehend the necessary changes in a firm’s network during business model

transformation. The current literature is criticized for offering “suggestive but often ill-defined

concepts” due to the nascent nature and the stage of the field (Foss and Saebi 2017). There is

a lack of consensus on defining the concept of a new business model, indicating a need for a

more comprehensive business model innovation theory (Bashir et al. 2021). Additionally,

research linking business model innovation to firm performance offers limited actionable

insights.

Given the novel nature of the business research problem and the numerous literature

gaps, a multi-case investigative study has been employed. Acquera aims to explore business

model transition strategies and the requirements of such a transition, making a multi-case

study the preferred methodology in this case.

3. METHODOLOGY

This chapter outlines the research methodology employed in this study to explore the

strategic transition of Acquera from a B2B to B2B2C model. The methodology encompasses

the research design and approach, research strategy, and specific research methods used to

gather and analyse data. By detailing the methodological framework, this chapter aims to

provide a clear and comprehensive understanding of the steps taken to achieve the research

objectives.

3.1 Research Design and Approach

This study adopts a qualitative, exploratory multiple-case study design to investigate

the transition of businesses from a B2B model to B2B2C model. The qualitative approach is

chosen due to its suitability for exploring complex phenomena and understanding the “what”,

“how”, and “why” aspects of business model transformations. This approach allows for an in-

depth examination of the strategies, challenges, and outcomes associated with the transition to

a B2B2C model.

3.2 Research Strategy

To bridge the rigor-relevance gap in existing literature, this study combines the

“Problem-Solving Cycle” developed by Van Aken and Berends (2018) with the multiple-case

study method by Robert K. Yin (2017). The problem-solving cycle is guided by a specific

business problem presented by a company stakeholder in our case, the executive from the

Acquera.

Figure 16. The Problem-Solving Case (Van Aken and Berends 2018)

The figure provides an overview of the different phases of the problem-solving cycle.

This research followed some of the prescribed techniques that is most relevant and applicable

to the unique business problem defined by the company. The first two phases: problem

definition, and analysis & diagnosis, were applied to gather and analyze data. The subsequent

phases of solution design and intervention exceed the scope of this research. However,

evaluation and learning from the multiple cases is the goal of this research, thus has been

incorporated.

Research Strategy Flowchart

The following research design flowchart was created to provide an overview of the

different phases of the problem-solving cycle. This figure illustrates the flow and interaction

of the various components within the research design.

First Phase:

▪ Internal Orientation: Conducted interviews with the company executive to gain

insights into the internal context and challenge faced by Acquera.

▪ External Exploration: Analysed trends and developments in the industry to

understand the external factors influencing the transition.

▪ Problem Definition/ Identification: Structured the problem mess through a

combination of internal and external insights to clearly define the business problem.

Figure 17. Research Design Flowchart

Second Phase:

▪ Theory Development: Developed theoretical frameworks based on literature review

and initial findings from the internal and external explorations.

▪ Empirical Exploration: Conducted multiple case studies to gather empirical data and

validate the theoretical frameworks.

▪ Analysis: Analysed and diagnosed the collected data to identify patterns, challenges,

and strategies related to the B2B to B2B2C transition.

Third Phase:

▪ Evaluation & Learning: Evaluated the findings from the multiple case studies and

integrated the learning to draw actionable insights and recommendations for

Acquera.

3.3 Research Methods:

3.3.1 Inductive Approach

Out of three kinds of research approaches: deductive, inductive and abductive

approach when analysing qualitative data, the inductive reasoning approach which is

explorative and begins with observations or data collection without preconceived theories

has been adopted(Perry 2000). A theory or conceptual framework is then developed based

on the patterns and themes identified during the exploration (Baxter and Jack 2015). Since,

the study aims to explore actionable strategies while transitioning from B2B to B2B2C

models, an area with limited direct literature and a multiple case studies approach has been

adopted, inductive approach is suitable.

3.3.2 Qualitative Approach

A qualitative approach is adopted based on the specific research questions and the

objective of the study. As the study demands to explore and uncovering reasons for observed

patterns, the qualitative approach is needed since some research questions cannot be answered

only using quantitative methods. The research questions involve exploring the process of

business model transformation and “what”, “how”, and “why” the process of the business

model works, and the qualitative approach is suited to this rather than quantitative method.

3.3.3 Exploratory Research and Case Studies

The research design in this study adopts exploratory research and case study.

According to Business Research Methodology (BRM), exploratory research is defined as

exploring the research questions with a purpose to have a better understanding of the problem

rather than draw a final solution. This type of research is appropriate for studying poorly

defined problems with limited theoretical research. Exploratory research helps address

literature gaps and novel business problems posed by Acquera.

Subsequently, according to Ebneyamini and Sadeghi Moghadam (2018) a case study

is an empirical investigation that investigates contemporary phenomena in their real-life

context, especially when the line between research object and context is not clear. Robert K.

Yin in his book “Case Study Research and Applications: Design and Methods” has stated that

a case study research method is an empirical study that investigates a contemporary

phenomenon within its real-life context, especially when we cannot identify clearly the

boundary between the phenomenon and context (Yin K. 2017). Furthermore, he posits that

case study is to be adopted when: a) the focus of the study is to answer questions “how” and

“why” related to contemporary events where the investigator has little or no control b) you

cannot manipulate the behaviour of those involved in the study; c) you want to cover

contextual conditions because you believe they are relevant to the phenomenon under study;

or d) the boundaries are not clear between the phenomenon and context (Kim et al. 2018).

This type of research follows a systematic process for data collection, data analysis and

outcome generation (Asfour et al. 2018).

Case studies are used for exploratory purposes as well as descriptive purposes (Yin

K. 2017). Using case study research, thus is the most appropriate fit to the study’s objectives.

This approach is particularly suitable for investigating the transition of business models in the

niche market like superyacht industry and agencies, an area without direct studies. Precisely,

qualitative case study methodology provides tools for researchers to study complex

phenomena within their contexts (Baxter and Jack 2015). In addition, it is recommended that

case studies should be based on several sources of data and evidence (Yin K. 2017). Case

studies allow for in-depth analysis within real-life contexts, providing rich qualitative data

through various sources such as interviews, observations, document analysis and so on.

3.3.4 Multiple Case Study Design

Driven by the objective of the study and the nature of the research questions, this study adopts

the multiple case study methodology. In multiple case study approach, multiple cases are

selected so that “individual case studies either (a) predict similar results (a literal replication)

or (b) predict contrasting results but for anticipatable reasons (a theoretical replication) (Yin

K. 2017). A multiple or collective case study will allow the researcher to analyze within each

setting and across setting (Baxter and Jack 2015). When the objective of the study is to

compare and replicate the findings, the multiple-case study produces more compelling

evidence so that study is considered more robust than the single case study (Yin K. 2017).

To conduct a multiple-case study, a summary of individual cases should be reported,

and researchers need to draw cross-case conclusions and form a cross-case report (Yin K.

2017). With evidence from multiple cases, researchers may have generalizable findings and

develop theories (Gonthier 2015).

The goal is to replicate findings across cases with cross-sectional analysis. However,

it is important the cases are chosen carefully so that the researcher can predict similar results

across cases or predict contrasting results based on theory to enable comparisons (Yin K.

2017).

Likewise, the study requires an infused approach with the multiple case study tactic

and i.e. exploratory method. This type of case study is used to explore those situations where

the intervention being evaluated has no clear, single set of outcomes (Baxter and Jack 2015;

Figure 18. Case Study Method (Yin K. 2017)

Yin K. 2017). Although, it is established that when exploratory case study research is being

applied, it is important to include industry-based cases because the context can play an

important role in defining an emerging theme or theory (Asfour et al. 2018), since no

literature or past research on superyacht agencies or service management industry in the

luxury sector were discovered during the rigorous research, this study had to incorporate cases

from business industry but from diverse sectors to explore how the business model

transformation is or has been carried out.

Subsequently, results and insights from the individual case studies are analysed and

integrated to identify common themes, patterns and insights. This synthesis helped to draw

conclusions that go beyond the specific details of a single case.

3.3.5 Case selection and Context

In order to enhance the depth, richness and generalizability of the findings, four

number of case studies has been selected. The number of cases has been determined by

considering several methodological rigors in the field of case study research.

(Eisenhardt 1989) recommends that cases should be added until theoretical saturations are

reached, which is the point where no new information or insights are being generated.

Typically, this occurs within the range of four to ten cases. Using between four and ten cases

allows for generating theory with adequate complexity and empirical grounding (Eisenhardt

1989). She further added that fewer than four cases may fail to capture the complexity and

breadth required to generate robust theories.

Likewise, considering practical constraints of time, funding and the complexity of

qualitative data analysis is a balanced approach (Patton 1990). Additionally, (Miles and

Huberman 1994) suggest a range that typically falls between two and ten cases.

Therefore, considering these theoretical guidelines and given limitations, four cases provide a

robust framework for exploring the transition of BMs and ensures not only that the research

remains focused and feasible but also that the data collected is comprehensive and robust,

allowing for meaningful cross-case analysis.

3.4 Data Collection

3.4.1 Internal exploration phase

To thoroughly understand the business problem and context of Acquera, a series of

unstructured interviews were conducted with a key executive. Unstructured interviews are a

qualitative data collection method that allows for flexibility and depth, enabling a natural

conversation flow and the exploration of complex issues without predefined questions (Zhang

and Wildermuth 2009). This approach was particularly effective for this study, where the goal

is to uncover detailed, nuanced understanding of the subject matter. Multiple rounds of

unstructured interviews were chosen due to their exploratory nature, aiding in developing a

comprehensive understanding of broad issues (Patton 1990; Zhang and Wildermuth 2009).

These methods allowed for an iterative process of data collection and refinement as the

defining of the business problem proceeded. Detailed notes and audio recording were taken

during these interactions to capture key points and themes. Structured forms and guidance

documents facilitated background information gathering, situation analysis, and alignment of

research goals.

3.4.2 External Exploration Phase

In parallel with the internal exploration, extensive external exploration was

conducted. Literature on BMs, particularly B2B2C transition were reviewed to identify gaps.

Various publicly available documents, such as websites, articles, videos, podcasts, and

industry reports were analysed. Document analysis, a systematic procedure for evaluating

printed and electronic documents (Bowen 2009), provided operational insights and detailed

accounts of transition strategies.

The combination of these methods ensured a comprehensive understanding of both

the internal and external factors influencing the B2B2C transition. By synthesizing the data

from several primary and secondary data sources, the research was able to triangulate findings

and provide robust, actionable insights for Acquera.

3.5 Data Analysis Procedures

The transcription of tape recordings and email interviews with the key executive of

Acquera helped to draft a structure for extracting relevant and specific information and

insights of the case studies. This structured documentation of case studies led to a simple and

comprehensive case stories that enables readers to easily understand them and extract relevant

information.

3.5.1 Coding

In qualitative research coding is critical step to organize and comprehend the

collected textual data (Strauss and Corbin 1990). Thus, it is important to reduce data into

categories (Miles and Huberman 1994). Due to the inductive nature of this thesis the coding

scheme was not developed beforehand, but emerged from the data.

Strauss and Corbin (1990) provide a robust framework for coding in their grounded

theory methodology, which includes three main steps:

i) Open Coding: This first stage involves breaking down the data into discrete parts,

closely examining these parts, and labelling them with codes that describe their

content. The goal is to identify and label concepts found in the data, leading to the

development of categories. The process involves reading through the data, assigning

codes to segments of relevant and significant texts and then identifying and grouping

the similar concepts into categories. These categories represent broader themes in the

data (Charmaz 2014). For example: “PLUS A/S new website showed the products in

their environments inspiring the customers during their search for outdoor

furniture.” The codes such as ‘Customer inspiration’, ‘website’ could be identified.

ii) Axial Coding: The focus at this stage is to identify relationships among open codes

and organizing them into a coherent structure. This process involves reassembling

data identified during open coding to develop a deeper understanding of the

categories and their interconnections. ‘Website’ and ‘customer inspiration’ are linked

to understand how the new website design impacts customer purchasing decisions.

Thus, the core phenomenon ‘enhancing customer engagement’ can be established,

while the paradigm model would look something like: causal conditions – loss of

brand value, context – competitive outdoor furniture market, intervening conditions –

distributor relationships and so on.

iii) Selective Coding: At this stage, the central phenomenon that integrates all the data is

identified and refined. The goal is to develop a coherent and grounded theory that

explains the phenomena observed in the data. The core category is identified which

are systematically reviewed and necessary adjustments are made to ensure

consistency and depth. For example: Core categories identified is direct consumer

engagement through digital platforms. While the integration of code categories is e-

commerce, customer inspiration, product display. So, after refining and validating it

would be: the theory that visually appealing and user-friendly e-commerce platforms

can boost consumer engagement and sales was supported by PLUS A/S’s outcomes.

By systematically applying these coding steps, meaningful insights were derived and

robust theories were built grounded in empirical data.

3.5.2 Cross-Case Analysis

Cross-case analysis is a research method used to compare and contrast findings from

multiple case studies to identify patterns, similarities, and differences across cases, enhancing

the understanding of complex phenomena and developing theory (Cruzes et al. 2015). The

qualitative data and pattern from the multiple case studies were then analyzed with cross case

analysis. There are several methods available for conducting cross case analysis. The typical

multiple cases analytic process begins with analyzing each case independently, ensuring data

is well-organized and comparable (Yin K. 2017). This is followed by thematic analysis across

cases (cross-case analysis), providing insights regarding how individual cases are comparable

along important dimensions (DeMarco 2024). This could be performed by developing a cross-

case data matrix to systematically lay out key variables or themes across all cases, facilitating

pattern identification (Miles and Huberman 1994). Through pattern matching and theme

development, recurring themes and broader insights are uncovered. These findings are

synthesized into a coherent narrative, contributing to theory development by abstracting

commonalities and differences to a higher level of generality. The validity of this analysis is

enhanced through triangulation, using multiple data sources to confirm findings and ensure

credibility (Miles and Huberman 1994).

3.5.3 Challenges & Solutions:

The following table presents the challenges faced while executing the rigorous research

strategies and solutions used to mitigate them.

Challenges

Solutions

Conducting a qualitative multiple-case

study poses several challenges, such as

ensuring the comparability of cases and

managing the depth of data collected.

▪ Rigorous case selection criteria and employed

structured coding techniques were adopted

▪ Well-documented cases were selected using a

combination of primary and secondary data

sources.

The inductive approach can be time-

consuming and may leads to challenges

in generalizing findings.

A systematic approach to data coding and thematic

analysis was used to draw robust conclusions from

the qualitative data.

Case study research can be limited by

the availability and quality of data, and

potential researcher bias.

Multiple sources of evidence were used, including

interviews, document analysis, and content analysis

to ensure data triangulation and reliability.

Accessing relevant and up-to-date

external documents can be challenging.

Using multiple data sources and ensuring the use of

the most current and relevant information available.

Table 2. Challenges and Solutions of Methodology

4. CASE STUDY ANALYSIS

Print The findings of the empirical research are presented in this chapter. The

findings of each company are presented in a comprehensive case story format to facilitate

understanding of their transition strategies. Given that the main motive of Acquera is to learn

from the transition journeys of other businesses who have successfully navigated this process,

presenting the case studies in a detailed format is suitable. This format is not only

highlighting the relational elements but also focuses on the overall B2B2C strategy and the

outcomes of their strategies. Additionally, it allows better understanding of each individual

case and provides context-specific insights. The findings from each case are the result of

thorough case analysis.

4.1 Volvo

Company Overview and Market Context

Volvo is a Swedish automaker founded in 1927 and its headquarters are located in

Torslanda, Gothenburg. In the beginning, the company was a subsidiary of the Swedish ball

bearing manufacturer SKF, but later was sold to AB Volvo, a Swedish truck manufacturer.

Now as a renowned multinational corporation, Volvo manufactures a variety of vehicles

including cars, trucks, buses, and construction equipment.

Volvo has built a reputation for its emphasis on safety and innovation. The

company’s USP lies in its innovative safety features which have become standard in the

automotive industry, such as the three-point safety belt. Additionally, Volvo’s marketing

highlights its Swedish heritage and design in all of its vehicle's sleek and minimalist designs

(About Volvo 2024).

The automotive sector is rapidly evolving with digitalization and a push towards

more personalized customer experiences, prompting a shift towards direct sales models.

Pre-transition

Volvo relied on an extensive network of local dealers to sell its cars because dealers

controlled the selling process, and customer knowledge was historically owned by the local

dealers. Even though headquarters manufactured cars and conducted market research about

classes of customers, had little direct knowledge of specific customers. Volvo's sales were

primarily driven through a dealership network, serving as the main customer touchpoints for

sales transactions and after-sales services evident from the key indicators which included

dealership sales volumes and customer service ratings, emphasizing the dealership-centric

business model. The model limited Volvo’s direct knowledge of specific customers, as most

customer interactions were managed by local dealers.

However, during the early 2010s, Volvo started transforming its business model by

leveraging four digital technologies: social media, mobility, analytics, and smart embedded

devices (Volvo Cars Corporation 2013). The transition trigger came from the intent to develop

a more direct relationship with the end customer without disrupting the relationship dealers

have with their customers. There was pressure for change both from customers and the

competition. Volvo identified a shift in consumer behavior toward personalized experiences

which led Volvo to reconsider its traditional sales approach. Recognizing the competitive

advantage that it can gain from direct customer interactions, Volvo's leadership decided to

integrate these insights into its business operations.

Transition Strategy

Volvo began its transformation by undertaking initiatives in two categories:

New digital services: Beyond its traditional after-sales services, Volvo launched a set of new

digital services, such as roadside assistance, stolen vehicle tracking, and remote services such

as door control, heater starting, remote dashboard, and car locator. These services used social

media, mobility, and connectedness to improve customer experience. They also helped to bind

customers to the global brand, rather than solely with the local dealer. Additionally, Volvo

launched a major initiative with a web 2.0 portal engaging in direct conversations with

customers. Volvo was one of the early adopters of public social media with a purpose of

establishing sentiments that “Volvo wants to reinforce proximity with (and loyalty of) existing

customers rather than sell by engaging in two-way discussion to build trust”. Volvo in return,

received several awards for its innovative use of digital media to connect with its customers

such as CorpComms and so on.

In a bid to enhance the digital customer experience and create customer value, Volvo

developed concepts such as the “Connected Cars” which allowed customers to communicate

with the in-car systems and pass on this information to dealers and “Volvo on Call” which

made directly reaching its call center more efficient, the on-call service got automatically

triggered during an accident and so on.

They focused on creating a direct link between the car and the company opening

many new opportunities for customers, local dealers, and the global brand. For instance, their

intelligent booking functions for car service would notify the customers and dealers with

messages and schedule the service depending on the vehicle condition and availability of slots

at the dealers’ repair shop (Transforming Customer Engagement from B2B to B2B2C |

Infosys 2024) .

Building digital capabilities at the global level: To make efficient use of the data by the new

direct-to-customer relationship, Volvo centralized the customer database and implemented a

global CRM solution by unifying repositories in place, integrate existing data from local

dealers, and setting up processes to enrich and constantly update the global data. The analytics

provided them with tools to understand specific customer needs and make precise decisions

such as adopting one-to-one marketing instead of mass marketing.

Volvo’s transition strategy included launching new digital services like roadside

assistance and remote vehicle control, and developing digital capabilities at the global level

by centralizing the customer database and implementing a global CRM solution.

Challenges and Strategic Solutions

Employees had little experience with end-customer services or contact and were not

accustomed to using a global customer database which led to significant cultural and

coordination challenges.

“The key is to have the right people. In service industries, we need that type of

competence within Volvo Cars Corporation,” said Timo Paulson, then Senior Manager of

Ownership Services and Brand Protection for VCC Global.

Coordination across different departments at a global level, such as marketing,

manufacturing, R&D, and sales, proved difficult. To address this, management appointed a

coordinator for all connectivity initiatives across traditional “silos.”

Another challenge was to balance global initiatives with local autonomy. While many

of Volvo’s digital initiatives were driven globally and supported by top management, the

implementation relied on local call centers and regional adaptations. Thus, Volvo hired locals

versed in the language and cultures of the regions they were catering these services to. As a

result, social media efforts were tailored to different cultural, legal, and usage contexts. In

2011, Volvo established a four-person social media team to manage internet marketing and

communication locally being one of the first companies to have a full-fledged social media

presence.

“We need to understand what people say about Volvo and ensure we are engaged

and proactively responding to queries.” - Doug Speck, then CEO of Volvo Cars North

America, 2008

Volvo’s transformation significantly improved its customer engagement and service

delivery. Volvo strengthened its competitive position in the market by taking advantage of

digital technologies and directly meeting its customers where they were and speaking their

language. Volvo has continued to innovate and adapt to changing consumer preferences to

maintain its edge in the automotive industry.

Volvo faced significant cultural and coordination challenges due to employee’s

limited experience with end-customer services. To address this, Volvo appointed a coordinator

for all connectivity initiatives and tailored social media efforts to different cultural contexts.

4.2 PLUS A/S

Company Background and Market Context

PLUS A/S is a Danish company that is considered a prominent player in the

European outdoor furniture market, facing increasing competition and a need to enhance

Their products include outdoor fencing, doors, rocking stands and garden furniture. The

products are sold through Danish construction markets, large retail chains, webshops and their

website (Plus A/S hochwertige 2024). Focused primarily on manufacturing and maintaining

strong relationships with business partners. PLUS A/S initially operated under a B2B model,

distributing its products through a network of retailers and distributors across Europe.

However, there were market shifts with increasing competition and loss of brand value that

pushed PLUS A/S to adopt an agile B2B2C model and directly cater to the end customers

while keeping their distributor relationships intact.

Pre-Transition Analysis

PLUS A/S, operated solely as a B2B brand, relying solely on strong distributor and

retailer relationships and minimal direct consumer interaction. However, PLUS’ faced a

branding challenge as their products tended to lose brand value when they arrived at their

distributor stores as retailers often supplemented packages with off-brand items instead of

upselling additional PLUS products.

PLUS identified an opportunity to directly engage with customers and decided to

transition into the B2B2C model.

Transition Strategy

PLUS A/S’s leadership envisioned a comprehensive strategy that leveraged digital

technologies to complement their existing B2B model. It implemented a dual-channel

approach, building an e-commerce platform with a punch-out solution directing customers to

local partners for completing transactions, thus supporting both direct sales and distributors

relationships. They directed the customer to the distributor of their choice with the wares they

have selected in PLUS’s E-commerce solution.

PLUS effectively shifted its focus from providing technical details to its distributors

to helping the end customers in the right outdoor furniture through its visually appealing

webshop. PLUS’s new website showed the products in their environments inspiring the

customers during their search for outdoor furniture. The e-commerce solution was developed

by Novicell, with an integrated punch-out system that left the customer with two choices

when checking out on the PLUS website: i) print out the cart as a shopping list, ii) to put the

products directly in a local PLUS partner cart and complete the transaction there (Case story

2024). This strategy supported its distributors in the best way possible, by increasing its sales

and directing clients to their warehouse – without losing upselling potential to competing off-

brands.

Challenges and Strategic Solutions

Plus faced challenges in managing direct customer engagement and maintaining

brand consistency. They invested in a digital shopping exhibition and third-party management

of their webshop to provide a seamless customer experience.

PLUS wanted to support customers throughout the shopping experience. They

decided to move beyond the inside-out communication and their strict focus on technical

specifications to directly support the direct needs of the end customer instead through their

revamped eCommerce solution.

Plus was highly dependent on marketing from their partner vendors earlier but they moved to

a digital shopping exhibition where customers could not only find inspiration but combine

their solutions. For instance, scene setting helped the customers imagine how the products

would like in the customers’ homes.

PLUS invested in the third party to help manage their webshops. This third party

helped PLUS with an integrated Product Information Management (PIM) system and a user-

friendly backend of the all-in-one platform that involved maintaining a user-friendly digital

catalog with a clear overview of the products. Additionally, the e-commerce solution was

developed by Novicell, with an integrated punch-out system that left the customer with two

choices when checking out on the PLUS website: i) print out the cart as a shopping list, ii) to

put the products directly in a local PLUS partner cart, the customer completes the transaction

on the partner site and the partner handles everything from transaction to shipping or click

and collect.

PLUS A/S benefits as all the products are PLUS branded. This strategy helped PLUS

to avoid a situation where the customers were sold off-brand accessories as part of a larger

product bundle such as a complete fencing solution in their partner store. Consequently, the

sales were improved and yielded in higher customer satisfaction because the customer bought

the right combination and quality for the entire solution while the partners relationship

remained mutually beneficial. This strategy supported its distributors in the best way possible,

by increasing its sales and directing clients to their warehouse – without losing upselling

potential to competing off-brands.

The company integrated its e-commerce platform with the existing distributor

network, ensuring that distributors benefited from increased visibility and online sales leads.

PLUS A/S also provided training and support to help distributors adapt to the new digital

tools and processes (DynamicWeb, 2018).

Following the transition, PLUS A/S observed several positive performances. The

conversion rate for the punch-out function was 0.6815 and one of their partners reported that

more than 70% of those referrals ended with a completed transaction in the partner shop. The

company gained deeper insights into consumer preferences, which informed product

development and marketing strategies (DynamicWeb, 2018).

Its transformation from a B2B to a B2B2C model significantly enhanced its

consumer engagement and market position. By leveraging digital technologies and

developing direct consumer relationships, PLUS A/S strengthened its competitive edge in the

outdoor furniture market. This case provides valuable insights for other businesses

considering a similar shift, emphasizing the need for a holistic digital strategy that balances

the interests of all stakeholders.

4.3 Schneider Electric: B2B to Retail

Company Overview and Market Context

Schneider Electric is a global leader in energy management founded in 1836. It is a

Fortune Global 500 company headquartered in France and has a presence in over 100

countries. In fiscal year 2023, the company reported revenues of EUR 35.9 billion (Schneider

Electric 2023 Financial Report 2024). Their product range includes power distribution and

management, building automation, electrical grid automation, and critical power and cooling

for data centers, industrial safety and control systems, (Servitization - Schneider Electric

2019). With a “Life is On” global strategy, the company serves a diverse customer base,

including consumers, industrial units, technical companies, healthcare institutions, etc.

Schneider Electric strategically adapts to their clientele’s evolving needs to maintain

e-commerce excellence. Therefore, the company aims to increase its e-commerce share of

transactional business by 2025 through a multi-channel strategy to ease customers.

Pre-Transition Analysis

Schneider Electric initially focused on providing solutions to large enterprises and

industrial clients by providing management and automation solutions. The company primarily

provided integrated solutions, including hardware, software, and services, to optimize energy

usage and improve operational efficiency (Schneider Electric, 2023). Schneider recognized

the need to support digitalization of traditional distribution channels to connect with

customers in their preferred digital environments.

Transition Trigger

In 2022, Schneider set their first strategic priority to support the digitalization of their

traditional distribution channels (Tania Fotiadou 2023). They wanted to connect with its

customers in their preferred digital environments to offer a seamless user experience tailored

to their preferences. They aimed to deliver unrivaled personalization to their customers.

Transition Strategy

Schneider initiated their digitization strategy by equipping its distributors, resellers,

and retailers with the tools and knowledge needed to simplify the e-commerce end-to-end

buying journey of its customers. They provided support to them with digital enablers and

incentives. They also made adjustments to their commercial policies to encourage digitization

among their distributors. They provided certification to their channel partners possessing e-

commerce capabilities under their ‘Best Online Partner’ program to effectively accelerate the

digitization journey.

They secured partnerships and addressed commercial policies that cater to prevailing

e-tailers such as RS Components and established marketplaces like Amazon as they attract

specific traffic that don’t necessarily leverage the established B2B channels. These

collaborations not only extended their reach but gave them innovative growth avenues. For

instance, from their collaboration with Amazon, they developed online shop-in-shops across

several countries to create experiences that could cater to multiple customer persona types.

Besides this, they launched their own Direct-to-Consumer (D2C) e-commerce

platform in 8 countries. This platform broadened Schneider’s market coverage while also

acting as an effective marketing tool for premium products. Furthermore, with this platform,

they were able to directly communicate with consumers with a guarantee for a genuine

Schneider online experience. In 7 countries, where the traditional channels didn’t have

sufficient scale to build their platform, they supported them with a Marketplace platform,

enabling the authorized channel partners to sell Schneider Electric offers with a logged-in

B2B experience.

Challenges and Solutions

Schneider faced challenges in integrating fragmented digital products and aligning

them with user expectations. They employed a user-centered approach, developed a

comprehensive product roadmap, and ensured organizational buy-in through collaborative

ideation sessions. Schneider was structured into distinct software teams working in the back

end for smooth digital operations and managing their various digital products. Schneider

offers multiple digital products aimed at helping their channel partners, and electricians in

different tasks such as selecting, purchasing, installing, and maintaining electrical products.

However, these digital products existed in a fragmented and siloed ecosystem, which

resulted in a disconnected user experience across their B2B to B2B2C spectrum. This

fragmentation posed significant challenges to achieve a seamless and integrated user journey,

thereby hindering both user satisfaction and business efficiency.

To address this issue, a user-centered approach was employed, aligning business

objectives with user expectations to develop a relevant strategy and comprehensive product

roadmap. The initial phase involved engaging with users to collect insights into their current

“AS-IS” journey, which provided a foundation for conceptualizing future services aimed at

enhancing their experience and generating new revenue streams.

Subsequently, a collaborative ideation session was conducted with stakeholders from

Schneider Electric, leading to the development of three viable concepts to be tested with

electricians. To ensure organization buy-in and maintain visibility of the initiative, a Business

Model Canvas was co-created including a detailed roadmap for the implementation of a

Minimum Viable Product (MVP). This methodical approach facilitated the transformation of

the fragmented ecosystem into a cohesive and efficient user experience, aligning the digital

product offerings with both user needs and strategic business goals (Schneider Electric 2024).

4.4 KLARNA

Klarna, founded in 2005 in Stockholm, Sweden, has grown into a leading financial

technology (fintech) company, pioneering the “Buy Now, Play Later” (BNPL) model and

transforming into a fully licensed bank in 2017. With a mission to make payment as smooth

as possible using technology development and digital transformation, it simply aims to make

it easier for people to shop online. Their BNPL scheme offers consumers flexible payment

options such as direct payments, pay-after-delivery options and instalment plans in a smooth

one-click purchase experience (About us | Klarna International 2024).

This transition was accompanied by a complete rebranding, adopting the “Smooth”

identity and transforming its corporate color scheme from blue to pink as a bold move to

resonate with younger and digitally native consumers. Furthermore, Klarna continued to

innovate by launching its app in 2018, providing a seamless shopping experience that includes

payment management, order tracking, and personalized recommendations. Klarna has 150

million active consumers across more than 550,000 merchants in 45 countries. The company

processes approximately 2 million transactions daily, making it a key player in the global

fintech landscape.

Pre-Transition Analysis

Klarna, initially operated as a B2B payment solution provider under the name of

‘Kreditor’ (Jordan Olivas 2023). In the initial phase, Klara primarily worked with businesses,

by facilitating online payments for merchants through the “Buy Now, Pay Later” model. This

service helped its business partners to improve consumer trust in online shopping by

guaranteeing buyer protection.

Transition Trigger

“The ambition for Klarna was to be a B2B payments company. And I think that what

happened in payments is, you know PayPal…………But it evolved. We realized that what

happens after the checkout is just as important. The customer journey, the consumer

experience doesn’t stop when you click into your payment details.” – David Sykes, Chief

Commercial Officer, Klarna (How Klarna Is Transforming the Role of Payment n.d.)

Klarna realized the importance of the consumer journey extending beyond the

payment phase. Initially a B2B payments company, Klarna shifted to improve the entire

shopping experience, influencing what happens post-checkout. With the transition to direct-

to-customer integration, Klarna aimed to be a shopping company focused on making the

entire user experience, from discovery to post-purchase, smoother and more valuable.

The need to engage directly with end consumers and enhance the post-checkout

experience became evident as consumer expectations evolved. Additionally, the success of

early fintech companies like PayPal showcased the potential of integrating more deeply with

consumer experiences (How Klarna Is Transforming the Role of Payment, 2020).

Furthermore, the competitive pressure made Klarna reposition itself from B2B to direct-to-

consumer “D2C”.

Transition Strategy

Klarna’s transition strategy included launching a mobile app, developing a virtual

card, forming strategic partnerships, and acquiring companies to expand its market presence.

Opposed to traditional financial institutions where products are structured first and

then the customers are acquired, Klarna used BNPL as a customer acquisition tool to gain

Figure 19. Klarna’s BM Source: (Nan Wang 2021)

users. It accumulated traffic, cheaper funding and data then provided data analytics and

infrastructure to its B2B partners.

"We now view ourselves not just as a payments company, we view ourselves as a

shopping company. And our ambition is to improve shopping to make shopping easier." –

David Sykes (Dixon et al. 2010).

Klarna bundled additional services to embed deeper into the consumer experience

with the ambition to become the default consumer e-commerce portal. Klarna launched a

mobile app to offer consumers a comprehensive shopping experience, including payment

management, order tracking, wish lists, and price drop notifications. With this app, customers

were offered one-time use credit cards to enable BNPL across any e-commerce site (Nan

Wang 2021). It even launched a virtual card for seamless in-store and online purchases. The

underlying motivation for this app and card was to build a new kind of mobile-native retail

product centered around e-commerce and their internet-native credit card. It even introduced a

loyalty program called “Vibe in Sweden” to strengthen its frequency of use.

Klarna strategically partnered with B2C companies that have their desired customer

bases of millennial and Gen Z, who are tech-savvy. For instance, the H&M X Klarna

partnership let customers of H&M choose Klarna at check-out, customers can choose to pay

on delivery, or even pay only for the items they decided to keep. This allowed the customer to

know that they are buying from H&M but through Klarna. Other examples, involve

partnerships with Shopify, Visa, and so on.

Additionally, Klarna acquired several established companies providing financial

payment services of the countries, it wanted to expand to. For instance, Sofort, A German

online payment provider, Moneymour, an Italian BNPL company, and so on.

Challenges and Solutions:

Klarna faced challenges in building trust among consumers and ensuring widespread

market presence. They addressed these by rebranding, forming high-profile partnerships, and

investing in advanced technologies like ChatGPT. Transitioning from a B2B to a B2B2C

model required a significant shift in brand perception. Klarna had to differentiate itself from

traditional financial institutions.

“We decided a little while ago that we didn’t want to appear as just another

payments company or another bank.” – David Sykes (How Klarna Is Transforming the Role

of Payment n.d.)

Likewise, building trust among consumers who were skeptical of traditional financial

institutions was crucial. For instance, David stated that a lot of research indicates that young

people, particularly in the US market, are very skeptical of traditional financial institutions.

Initially ensuring presence across various retailers was a challenge. “An early

challenge that Klarna had was that a customer would discover us on Sephora and really liked

that experience. And then they’d go on to Amazon or Walmart and we weren't there.” -David

Sykes (How Klarna Is Transforming the Role of Payment n.d.).

Klarna pivoted its primary core user base towards Generation Z and Millennial

brands inclined to buy “experiences” versus “things” and revamped its marketing and

business strategies.

“If you look at every other financial institution in the US, they’re all blue… But what

we’re finding is that for young people that old-stayed traditional sort of financial look and

feel that doesn’t resonate.” – David Sykes (How Klarna Is Transforming the Role of Payment

n.d.)

To ensure its integration of D2C offerings, it invested in rebranding strategies such as

transitioning from traditional banking aesthetics to vibrant, consumer-friendly brand identity,

marked by the color, “Millennial pink” and high-profile partnerships and focused on branding

a strong, relatable brand image catering to younger demography of consumers.

Klarna created extensive engaging virtual events and culturally relevant partnerships

to connect with consumers. For instance, partnering with magazines like Cosmopolitan for a

two-day shopping “Hauliday” which resulted in a 3x increase on its transaction on our

transactions volumes. With a focused approach to being where its customers are, Klarna even

partnered with a game, Animal Crossing.

Furthermore, Klarna focused on consumer-friendly features, ensuring flexibility and

transparency in payments. “Our product gives customers the opportunity to see a $200

product and split it into four interest-free payments of $50 with Klarna…We actually make

our money from the retailer.” David Sykes.

It heavily invested in technological integration and even became the first European

company to collaborate with platforms like OpenAI and the first fintech firm globally to

launch a ChatGPT plugin to leverage advanced technologies in enhancing consumer

engagement (Klarna 2024). For instance, users could ask ChatGPT for shopping advice and

inspiration. They would be responded with curated product recommendations and links to

purchase them from Klarna. This partnership meant Klarna could tap into a pool of 100

million monthly active users (Hermann and Gupta 2023).

Klarna’s agile business strategies, easy-to-use platforms and capturing transaction-

level data both online and offline, helped it to morph into a data powerhouse and one of the

biggest FinTech institutions (Nan Wang 2021). By redefining its brand identity, establishing

trust with a skeptical consumer base, and ensuring widespread market penetration all while

putting customer experience from discovery to post-purchase at its core, defines Klarna’s

successful evolution from B2B to B2B2C.

4.5 Comparative Analysis

Based on the case studies, the key themes identified are digital transformation, customer engagement strategies, maintaining brand

identity, challenges and strategic outcomes.

Within-Case Analysis

The presentation of the case studies focused on identifying and emphasizing the common themes. This approach aimed to improve the

comprehensibility, potency, and efficiency of the case studies.

Case

Studies

Themes

Market Context

Pre-Transition

Transition Trigger

Transition Strategy

Challenges and Solutions

Volvo

Products:

Automobiles, its parts

Reputation: Emphasis

on safety and

innovation

Digitalization: Shift

towards direct sales

models

Sales model: Relied

on local dealers

Customer

knowledge:

Controlled by dealers

Indicators:

Dealership sales

volumes, customer

service ratings

Objective: Develop direct

customer relationships

Pressure: From customers

and competition

Digital technologies:

better customer

knowledge of vehicles

embedded with smart

device, mobility/ analytics

emergence of social

media

CRM Solution:

Centralized customer

database, global CRM

system

Customer engagement:

Web 2.0 portal, social media

Emphasis on promoting

digital services for superior

customer service: remote

services ‘Volvo on Call’ such

as roadside assistance, stolen

vehicle tracking, connected

cars

Cultural and co-ordination issues:

Employees’ inexperience with end-

customer

Local autonomy vs. Global

initiatives: Hiring local staff versed

in regional cultures

Social media management by

forming local social media teams

PLUS A/S

Products: Outdoor

fencing, doors,

garden furniture

Sales model: B2B,

minimal direct

customer interaction

Digital technologies: E-

commerce platform,

digital catalog

E-commerce Platform:

facilitating direct consumer

sales

Customer Experience: Shift from

technical specifications to customer

needs

Sales channels:

Danish construction

markets, large retail

chains, webshops

Branding challenge:

Products losing

brand value at

distributor stores

Webshop rehashed: Visually

appealing, integrated punch-

out system

Product Branding: Ensuring

all products are PLUS

branded

Marketing dependency: Digital

shopping exhibition

Third-part management: Integrated

product information management

system

Schneider

Electric

Products: Power

distribution, building

automation, critical

power and cooling

for data centers of

commercial scale

Sales Model: B2B,

proving solutions to

large enterprises and

industrial clients

Digitalization: Need for

digital customer

engagement

Digitization Strategy: Digital

tools for distributors,

resellers, and retailers

E-commerce platform:

Direct-to-customer platform

Partnerships: Collaborations

with Amazon and RS

components

Fragmented Digital Ecosystem:

User-centered approach for

cohesive user experience

Collaborative Ideation: Business

Model Canvas for Minimum Viable

Product (MVP)

Klarna

Products: Financial

Services, BNPL

Sales Model: B2B

payment solution

provider

Consumer experience:

Extend beyond payment

phase

Digital services: Mobile app,

virtual cards, loyalty program

Partnerships & collaboration

such as H&M, Shopify, Visa

and so on

Brand perception: Differentiating

from traditional financial

institutions

Customer trust: Rebranding to

resonate with younger consumers

Technological integration:

ChatGPT plugin for enhance

engagement

Table 3. Identification of themes in Multiple Case Studies

Cross-Case Analysis

After organizing and condensing the data to focus on the most relevant information related to the transition process for each company, a

cross-case data matrix was developed to systematically compare key themes.

Themes

Volvo

PLUS A/S

Schneider Electric

Klarna

Digital

Transformation

Leveraged digital technologies

to develop direct customer

relationships

Creation of Digital services,

Connected Cars

Developed an e-commerce

platform to facilitate direct

consumer sales

Creation of E-commerce

platform, digital catalog

Digitization strategy to support

e-commerce and direct-to-

consumer sales

Creation of Digital tools for

distributors, D2C platform

Rebranding and launching a

mobile app for a comprehensive

shopping experience

Creation of Mobile app, virtual

cards, loyalty program

Customer

Engagement

Launched new digital services

and a web portal to engage

directly with customers

Web portal, social medial,

booking functions

Integrated a punch-out solution

to maintain distributor

relationships

Visually appealing webshop,

punch-out system

Collaborated with e-tailers and

launched its own e-commerce

platform

Simplified e-commerce journey

Partnered with various brands

and leveraged digital

technologies

Flexible payment options,

partnerships

Brand Identity

Maintaining brand identity

while enhancing direct client

relations

Reinforced global brand loyalty

Ensuring products remained

branded and not supplemented

with off-brand items

Ensured product branding

Seamless user journey

Differentiating from traditional

financial institutions

Rebranded for younger

consumer

Challenges

Cultural and coordination

challenges due to lack of

experience with end-customer

services

Providing training and support

to distributors to adapt to new

digital tools

Ensuring a seamless and

integrated user journey

Fragmented digital ecosystem

Collaborated with e-tailers and

launched its own e-commerce

platform

Building Trust and Brand

Differentiation

Building trust among skeptical

consumers"

Differentiating from traditional

financial institutions

Balancing Global and Local

Needs:

Balancing global initiatives

with local autonomy

Strategic

Outcomes

Enhanced Customer

Engagement:

Significant improvement in

customer engagement and

service delivery

Improved engagement and

service

Enhanced consumer

engagement and market position

Enhanced engagement and

conversion

Shifted focus to customer needs

Improved user experience and

generated new revenue streams

Improved user experience, new

revenue

Redefining brand identity and

establishing trust with a

skeptical consumer base

Redefined brand, market

penetration

Market Adaptation and

Innovation:

Strengthened competitive

position in the market by taking

advantage of digital

technologies

Leveraged digital technologies

and developed direct consumer

relationships

Adapted to changing consumer

preferences to maintain market

edge

Agile business strategies and

capturing transaction-level data

Key learning

Emphasize direct customer

relationships while balancing

dealer relations

Use digital services to enhance

customer experience

Maintain product branding

while leveraging e-commerce

Adapt marketing strategies to

focus on customer needs

Integrate digital tools to

enhance distributor and

customer engagement

Collaborate with e-tailers for

broader reach

Focus on rebranding and trust-

building to differentiate from

traditional competitors

Leverage partnerships and

digital tools.

Table 4. Cross Case Analysis

The cross-case analysis provides a comprehensive understanding of how different companies successfully transition from B2B to

B2B2C. The focused coding and theme development highlight common strategies, challenges, and outcomes, offering valuable insights for

Acquera to apply in its own transition process.

4.6 Findings

The cross-case analysis of the selected companies – Volvo, PLUS A/S, Schneider

Electric, and Klarna – reveals several common themes and strategic insights that might be

useful for superyacht agencies or firms considering a transition from B2B to B2B2C.

Digital Transformation: Digital transformation emerged as a pivotal factor enabling

companies to transition from a B2B to a B2B2C model. Across all four case studies,

leveraging digital technologies played a crucial role in developing direct customer

relationships and enhancing engagement. Each company significantly invested in digital

platforms, mobile applications, and e-commerce solutions to enhance customer experiences

and maintain engagement. These digital tools were instrumental in creating seamless

interactions and fostering stronger relationships with end consumers, thereby bridging the gap

between businesses and their customers.

Example: Volvo’s development of connected car services and a web portal enhanced direct

customer interactions, while Klarna’s mobile app and virtual card offerings redefined its

customer engagement strategy.

Maintaining Strong Intermediary Relationships: Despite focusing on direct customer

interactions, the companies did not abandon their existing intermediary relationships. Instead,

they adopted a hybrid approach that integrated digital tools with their established distribution

networks. This balance allowed them to retain the benefits of intermediary partnerships while

also engaging directly with customers, thus optimizing both channels.

Customizing Strategies for Local Markets: Customizing strategies for local markets proved

essential for successful transitions. The companies tailored their global strategies to fit local

market conditions and cultural nuances, ensuring relevance and effectiveness in diverse

regions. Local adaptations were necessary for successful implementation and customer

acceptance, highlighting the importance of flexibility and cultural sensitivity in strategy

development.

Investing in Data Integration and CRM Solutions: Investing in data integration and CRM

solutions was another key insight. Centralized customer databases and advanced CRM

systems enabled the companies to gather, analyze and leverage customer data effectively. This

data-driven approach facilitated personalized marketing strategies and improved customer

experiences by addressing specific needs and preferences.

Rebranding and Realigning Corporate Identity: Rebranding and realigning corporate identity

also played a vital role in the transition. The companies undertook significant rebranding

efforts to align their corporate identities with the new B2B2C model. Creating a relatable and

engaging brand image, particularly for younger, digitally native consumers, was a common

strategy. These rebranding efforts helped differentiate the companies from traditional

competitors and resonate with modern consumer expectations.

Challenges: One critical challenge in the B2B2C transition is maintaining brand identity and

differentiation. Companies must ensure that their brand remains consistent and recognizable

while engaging directly with customers. Companies face cultural and coordination challenges

during the transition, particularly when employees are not accustomed to end-customer

services. Solutions include providing training, appointing coordinators, and balancing global

initiatives with local needs. Establishing trust with consumers and differentiating from

traditional competitors is vital. This involves rebranding, transparent communication, and

ensuring a seamless and integrated user journey. Successful transitions result in enhanced

customer engagement, improved market positions, and the ability to adapt to changing

consumer preferences through innovative strategies.

Overall, successful transitions resulted in enhanced customer engagement, improved market

positions, and the ability to adapt to changing consumer preferences through innovative

strategies. The companies strengthened their competitive positions by leveraging digital

technologies and competitive positions by leveraging digital technologies and addressing

specific consumer needs.

5. DISCUSSION

5.1 Empirical Model

Drawing on insights from the literature review and multiple case study analyses, an empirical

model has been developed to guide Acquera in its transition from B2B to B2B2C. This model

synthesizes theoretical foundations and practical insights to provide a comprehensive

framework for the transition process.

The case studies revealed several critical components contributing to successful

transitions from B2B to B2B2C models. While the theoretical framework provided concrete

theories to aid the development of the empirical model.

Teece (2010)’s framework emphasizes the importance of dynamic capabilities in

business model innovation, particularly the ability to sense opportunities, seize them and

transform business accordingly. This theory supports the need for continuous adaptation and

innovation in Acquera’s transition process. Zott and Amit (2010) emphasized on the

importance of activity system design where choosing activities and linking them to ensure

their fit was crucial in their business model design. This theory necessitates integrating new

activities, such as digital platforms and client engagement strategies.

Osterwalder and Pigneur’s (2010) Business model canvas encourages a holistic

approach ensuring that all business model aspects are considered and optimized. This includes

understanding of customer needs and preferences to create superior customer experiences

through personalized marketing strategies. Pine II and Gilmore’s Experience Economic theory

(2002) posits that businesses should orchestrate memorable events for their customers, and

that memory itself becomes the products. This supports the introduction of new luxury

services and experiences for Acquera. Vickers and Renand (2003) further emphasize the

importance of the luxury experience over the object itself, reinforcing the need for Acquera to

focus on unique and high-touch services.

Empirical Insights

By consolidating these theoretical insights with practical lessons drawn from the case

studies, the empirical model incorporates several key components.

Component

Practical Insights

Digital Platform and

CRM Integration

Inspired by Volvo’s digital services and CRM system integration,

Schneider Electric’s digitization strategy.

Customer Engagement

Strategies

Based on PLUS A/S’s e-commerce platform, Klarna’s mobile app and

partnerships for enhanced customer experience.

Service Innovation

Introduction of new luxury services inspired by case studies, emphasizing

unique and memorable experiences for UNHWIs clients.

Strategic Partnerships

Drawing from Klarna’s strategic partnerships with brands like H&M to

enhance service offerings and market reach.

Internal Capabilities

Emulating training programs and local staff adaptations seen in Volvo’s

approach to balancing global and local needs, Schneider Electric’s

collaborative ideation and user-centered approach.

Table 5. Empirical Insights

Among the various theoretical frameworks considered, Zott and Amit’s Business

Model Innovation Framework (Zott and Amit 2010) and Osterwalder and Pigneur’s Business

Model Canvas (Osterwalder and Pigneur 2010) are the most appropriate. The BMI framework

supports continuous innovation and adaptation, necessary for Acquera to remain competitive

and responsive to market changes. This dynamic capability is critical for navigating the

evolving luxury services market.

However, given the complexity and context of Acquera’s business research problem,

Business Model Canvas is the most suitable of the two. As it provides a clear, visual

framework that helps in documenting and analyzing the key components of the business

model. This structured approach makes it easier to identify and address specific areas needing

transformation. The nine building blocks cover essential aspects which can ensure that all

critical elements of Acquera’s business model are considered and optimized during the

transition.

In summary, the business model canvas, with its comprehensive and structured

approach, is the most suitable tool for guiding Acquera through this transformation.

The following Business Model Canvas is tailored to reflect the specific insights gained from the insights gained from the discussions. The

purpose of this canvas is to provide an overview of how Acquera might use this tool to develop its new business model. This is not an exhaustive

model because as mentioned earlier, the application falls out of the scope of this thesis given the time and resource constraints.

Figure 20. Business Model Canvas of Acquera’s B2B2C transformation

5.1.1 Empirical Model Mapping

The empirical model for Acquera’s transition from B2B to B2B2C, as depicted in the

diagram, is designed to guide the process through three distinct phases: Initial Assessment and

Planning, Development & Integration, and Monitoring & Evaluation. Each phase incorporates

key components identified from case studies and theoretical frameworks.

The initial Assessment and Planning phase involves conducting thorough internal

and external assessments of the current digital infrastructure and developing a comprehensive

digital transformation plan. This phase ensures that Acquera has a clear understanding of its

starting point and the necessary tools and systems for the transition.

During the Development & Integration phase, Acquera will implement the digital

systems, train staff on new tools and processes, and adjust strategies based on customer

feedback and digital channels. This phase is crucial for establishing the new business model’s

foundation and ensuring all components work harmoniously.

The Monitoring & Evaluation phase involves continuously monitoring platform

performance, gathering CRM data, and adjusting strategies based on customer feedback and

digital insights. This iterative process ensures that the business model remains agile and

responsive to market dynamics.

Figure 21. Acquera’s Empirical model for transitioning from B2B to B2B2C

Incorporating continuous feedback loops between the Development & Integration

and Monitoring & Evaluation phases is essential. This iterative approach allows for the

refinement of strategies and processes, ensuring Acquera can adapt to changing business

needs and market conditions effectively.

The following (Table 6) Empirical Model Solution Table for Acquera provides an

exhaustive summary of possible solutions and tasks for the strategic transition journey of

Acquera. This empirical model is developed based on insights from both theoretical

frameworks and practical case studies, ensuring a comprehensive approach to the transitions.

The structured approach aims to guide Acquera in systematically implementing and refining

its transition strategy to achieve successful integration and sustained growth in the B2B2C

landscape.

Digital Platform and CRM

Integrations

Customer Engagement

Strategies

Service Innovation

Strategic Partnerships

Internal Capabilities

Initial

Assessment

and

Planning

▪ Conduct internal and

external assessments of

current digital

infrastructure

▪ Develop a digital

transformation plan

including the selection of

digital tools and CRM

systems

Development

and

Integration

▪ Implement a digital

system

▪ Train staff on new tools

and processes

▪ Begin engaging with

clients through digital

channels

▪ Create bespoke

experiences tailored

to UNHWI clients

▪ Establish direct

communication

channels

▪ Personalized

marketing strategies

based on customer

data

▪ Incorporate and

highlight new luxury

services in all

marketing materials

and communications

▪ Build partnerships

with luxury travel

platforms, lifestyle

brands, and

exclusive service

providers

▪ Invest in staff training to

ensure high-quality

service delivery and

effective client

interactions.

▪ Hire local staff

knowledgeable about

regional cultures and

preferences to facilitate

local adaptations

Monitoring

and

Evaluation

▪ Continuously monitor

platform performance and

CRM data

▪ Adjust based on data

insights and customer

feedback

▪ Monitor client

feedback and adjust

strategies

▪ Ensure seamless

interactions through

direct channels

▪ Adapt marketing

strategies based on

digital insights

▪ Evaluate the impact

of new services on

customer satisfaction

and engagement

▪ Continuously assess

the value of

partnerships and

seek opportunities

for new ones

▪ Continuously monitor

staff performance and

client satisfaction

Table 6. Empirical Model Solution Table for Acquera

6. CONCLUSION

The study explored the strategic transition from a B2B to a B2B2C business model.

The focus was to learn how companies can successfully navigate this transformation while

maintaining brand consistency and achieving market penetration. The primary objective was

to understand the strategies, challenges, and opportunities associated with integrating B2C

elements into a traditionally B2B business model. By conducting a comprehensive literature

review and multiple case study analyses, this research provides a detailed understanding of

the underlying factors, innovative strategies and challenges involved in this transition.

6.1 Answering the research questions

RQ 1. How do companies effectively manage the transition to a B2B2C model to ensure brand

consistency and achieve market penetration?

a. How do companies communicate their B2C initiatives to ensure brand consistency?

The findings reveal that companies manage the transition by adopting a hybrid

approach that integrates digital tools with established distribution networks, thereby

maintaining strong intermediary relationships while establishing direct customer interactions.

Effective communication of B2C initiatives is achieved through rebranding efforts and the use

of digital marketing strategies.

b. What innovative strategies are employed to engage directly with end consumers?

Innovative strategies such as the development of comprehensive digital platforms

and CRM systems to support direct consumer interactions create seamless interactions and

foster stronger relationships with end consumers. The digital transformation can indeed

enable companies to enhance customer experiences and gather valuable customer data,

facilitating personalized marketing strategies and improved service delivery. Digital tools are

instrumental in creating seamless interactions and fostering stronger relationships with end

consumers, thus bridging the gap between businesses and their customers.

RQ 2. What factors and strategic considerations drive companies to transition from a pure

B2B model to a B2B2C approach?

a. At what point does extending to a B2C model become a strategic priority?

The transition to a B2C model becomes a strategic priority when companies

recognize the limitations of traditional B2B models in meeting evolving consumer

expectations and market dynamics. The case studies showed that factors such as digital

transformation, competitive pressure, and the need for direct customer engagement drive this

shift.

b. What challenges and opportunities do companies encounter during their transition

from B2B to B2B2C, and how are these navigate?

Challenges encountered during the transition could range from cultural shifts,

coordination issues to balancing global and local strategies. These challenges in the case

studies were navigated by investing in staff training, appointing coordinators to manage

initiatives across traditional silos, and hiring local staff knowledgeable about regional

cultures. Opportunities include enhanced customer engagement, improved market position,

and the ability to leverage digital technologies to create personalized customer experiences.

The case studies demonstrated that successful transitions involved tailoring global strategies

to fit local market conditions and cultural nuances, ensuring relevance and effectiveness in

diverse regions.

Apart from the learnings from the case studies and their analysis, several key

revelations were realized during the research. The current literature about B2B2C is notably

limited. In particular, the strategic routes businesses take to transition into this hybrid business

model have not been explored in any literature so far leading to scarce actionable insights for

practitioners. This means there is a rigor-relevance gap. This led to development of a

customized methodology, tailored to Acquera’s unique needs to research. Further, the

reflection on the research process reveals that the problem definition played a crucial role.

The findings highlight several critical themes and strategic insights essential for

superyacht agencies like Acquera contemplating a transition to a B2B2C model.

6.2 Practical Implications

This thesis aims to contribute to both the theoretical understanding and practical

application in the field of business model innovation, particularly in the luxury service

industry. The empirical model developed for Acquera is grounded in the theoretical

frameworks of dynamic capabilities, activity system design, and the experience economy,

integrating practical insights from successful case studies.

For Acquera, the transition to a B2B2C model is not merely about adopting new

technologies but about rethinking how they interact with their ultimate clients: yacht owners

and charter guests. The study provides actionable recommendations, such as developing a

comprehensive digital platform, and CRM system, creating bespoke experiences tailored to

UNHWI clients, and building strategic partnerships with luxury brands and service providers.

Investing in staff training to ensure high-quality service delivery and effective client

interactions, and hiring local staff knowledgeable about regional cultures and preferences to

facilitate local adaptations.

6.3 Limitations and Future Research

Although the study provides valuable insights, there are some limitations. The case

studies were selected from different industries and non-luxury sectors, which may not fully

capture the unique challenges and opportunities within the superyacht industry. Future

research should explore additional examples from the luxury service sector to validate and

refine the proposed model. Additionally, investing in the long-term impacts of B2B2C

transitions in the luxury service industry will provide deeper insights and further contributions

to the field.

Future research should focus on exploring more case studies within the luxury

service industry to validate and refine the empirical model, investigating the long-term

impacts of B2B2C transitions on customer engagement and operational efficiency, and

examining the specific needs and preferences of UNHWIs to develop more targeted

marketing and service strategies. By following these recommendations, future studies can

build on the findings of this thesis to provide even more detailed and actionable insights for

businesses transitioning to a B2B2C model.

6.4 Contributions to Theory and Practice

This thesis aims to contribute to both the theoretical understanding and practical

application of business model innovation, particularly in the luxury service industry. The

empirical model developed for Acquera is grounded in the theoretical frameworks of dynamic

capabilities, activity system design, and the experience economy, integrating practical insights

from successful case studies.

For practitioners, the study offers a roadmap for transitioning to a B2B2C model,

emphasizing the importance of digital transformation, maintaining intermediary relationships,

tailoring strategies to local markets, investing in data integration, and rebranding efforts.

In conclusion, the insights and recommendations from the study aim to guide

Acquera and similar companies in navigating the complex transition to a B2B2C business

model, ultimately enhancing their market position and customer engagement. Future research

and practical applications will build on these findings, providing a richer understanding of the

strategic transformations necessary for success in the luxury service industry.

7. LIST OF FIGURES AND TABLES

List of Figures

Figure 1. Acquera’s reach & operation across the Mediterranean and the Middle East

Figure 2. Current B2B model of Acquera

Figure 3. Post-transition B2B2C model of Acquera

Figure 4. Evolution of Business model concept

Figure 5. B2B2C e-commerce model (Sergey 2022)

Figure 6. InBranding framework (Kotler and Pförtsch 2010)

Figure 7. Basic Model

Figure 8. Platform Model

Figure 9. Intermediary Model

Figure 10. Okto Superyacht pictured in Venice, (Italy 2017)

Figure 11. Business Model Innovation Framework (Ramdani et al. 2019)

Figure 12. Business Model Canvas (Osterwalder and Pigneur 2010)

Figure 13. Business Model Canvas (Muhtaroglu et al. 2013)

Figure 14. Value Proposition Canvas (Thomson 2013)

Figure 15. Lean Canvas (Maurya 2012)

Figure 16. The Problem-Solving Case (Van Aken and Berends 2018)

Figure 17. Research Design Flowchart

Figure 18. Case Study Method (Yin K. 2017)

Figure 19. Klarna’s BM Source: (Nan Wang 2021)

Figure 20. Business Model Canvas of Acquera’s B2B2C transformation

Figure 21. Acquera’s Empirical model for transitioning from B2B to B2B2C

List of Tables

Table 1. Business Model Innovation Areas and Elements (Ramdani et al. 2019)

Table 2. Challenges and Solutions of Methodology

Table 3. Identification of Themes in Multiple Case Studies

Table 4. Cross Case Analysis

Table 5. Empirical Insights

Table 6. Empirical Model Solution Table for Acquera

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9. APPENDIX:

Internal Orientation - Unstructured Interview Questionnaire

General questions: Please describe the central problem that this research is focusing on.

Reasons to approach the B2C market:

A. Why do you want to move into the B2C market also? Why now?

a. What goals are you trying to achieve with a presence in the B2C market?

B. Previous experience in the B2C market, if any.

C. Expectations for the business model transition towards the B2C market:

a. What expectations do you have about going into the B2C market?

b. What changes are you expecting to make to be successful in the B2C market?

c. Who are the main businesses (companies), clients or entities within Acquera's

current B2B ecosystem?

D. In transactions involving yacht owners, does Acquera mainly act as an intermediary

providing crew and supplies, or is there direct interaction with the yacht owners?

E. What strategic benefits does Acquera anticipate from transitioning to a B2B2C model

that includes direct engagements with yacht owners?

F. How is Acquera chosen as a service provider?

G. Who typically initiates these engagements if not the yacht owners directly?

H. Is the Acquera Pro app intended for intermediaries, or do yacht owners and charterers

use it directly?

I. What communication or marketing channels are primarily used to approach captains?

For instance, are engagements initiated through direct sales, social media, cold emails,

calls or other mediums?

J. Who is considered the ideal client for Acquera today, and who are you targeting as

future clients, especially under the B2B2C model?

K. Do you have a specific customer persona in mind for these future engagements?

L. Could you elaborate on the types of luxury services that Acquera plans to offer under

the expanded B2B2C model?

M. What are some examples of these new services?

N. Has Acquera previously attempted direct interactions with luxury clients?

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