Business Model Innovation Post-COVID-19 Growth Opportunities

Product Experience, Interactive Engagement, and Personalization to Shape Unified Experiences in Customer-based Models

As the post-COVID-19 scenario looms, traditional business models are undergoing rapid changes, and the need to innovate and expand the business model portfolio becomes essential to enable enterprise survival and growth. Multiple trends are driving the need for business model innovation, such as supply chains undergoing pandemic-induced transformation, increasing environment-consciousness brought on by climate change, the role of data across functions, and the shift from a product to a service model.

Rapid innovation in business models featuring technological convergence will be the norm to sustain growth in a hypercompetitive world, while a lack of innovation can make businesses obsolete. Value will shift from today’s product-centric model to consumer-centric data, systems, and services in the new competitive ecosystem.

Companies have begun serving customers to ensure stickiness and longevity instead of focusing mostly on product-based transactions. The emergence of the as-a-service model for critical elements of a business, such as Data-as-a-Service (DaaS), simplifies product access with flexible payment options.

Post COVID-19, consumers will expect more tech-convergent experiences with single interfaces and platforms that unify their journey. Product experience, interactive engagement, and personalization will shape unified experiences end users in customer-based models.

Crowd-based business models that leverage the potential of crowd thinking, crowd capability, and crowd behaviors will create markets and uncover needs in a changing environment. Crowd-based models utilize the power of the collective, making this an essential category.

Socially aware and environmentally responsible companies have taken the initiative in the adoption of circular-centric models. A growing consciousness of the environment and sustainability among end consumers has driven mainstream companies to explore circular economy-based models.

Organizations must strategize to capture growth opportunities by adopting suitable business models to achieve measurable impacts, such as revenue growth, valuation growth, new markets growth, and new customer segment growth. Adjacent and new business models will outpace traditional businesses over time. Tomorrow’s successful companies must build a portfolio of initiatives across core, adjacent, and new opportunities that supports revenue growth.