Research On The Effectiveness Of Business Models Innovation From The Perspective Of Value Co-Creation

Along with the continuous advancement and widespread application of mobile Internet technology,it has accelerated Internet-industry integration,promoted the continuous and rapid growth of the Internet economy,fully stimulated enterprise innovation and entrepreneurial vitality,and created a favorable development environment for Internet enterprises.In a favorable environment,the Internet industry has attracted many participants as an emerging field.Because of the high degree of homogeneity in the products and services of major market players,competition in the industry is becoming increasingly intense.The operation and development of businesses are greatly impacted by the increased market competition.Based on the value co-creation theory,this paper examines the value creation ability of users and partners,as well as the innovation motives,elements,and effects of business models by studying the business model innovation path of Internet enterprises.This paper examines the motives,paths,and characteristics of Xiaomi’s business model innovation from the perspective of value co-creation using a literature research method and a case study method,and it investigates the effect of business model innovation conducted by Internet enterprises.First,this paper develops the theories of value co-creation and business model innovation,as well as the mechanism and path of business model innovation from the standpoint of value co-creation.The motivation for Xiaomi’s business model innovation is then examined.The characteristics of Xiaomi’s business model innovation are then summarized,and the specific path of Xiaomi’s business model innovation from the perspective of value co-creation is examined.Again,the financial and market impact of Xiaomi’s business model innovation is assessed.Finally,the study concludes that,first and foremost,Xiaomi’s business model innovation is the result of multiple factors working in concert.Second,Xiaomi’s business model innovation is distinct from other types of innovation because it extends the value creation subject and realizes the role transformation of users and partners based on the pain points of users,partners,and the company itself.Xiaomi’s business model innovation begins with the needs of each value-creating subject and is a collaborative process;third,Xiaomi’s business model is innovative on four levels: value co-assertion,co-creation,co-delivery,and co-acquisition.Fourth,the impact of Xiaomi’s business model innovation is positive.Xiaomi’s profitability,R&D capability,user effect,supply chain synergy,and market share can all be improved through business model innovation.Finally,insights are provided on how the Internet industry can innovate business models through value co-creation: To deal with the effects of various environmental changes,internet companies must actively engage in business model innovation.Companies must strengthen their connections with users,focus on the development and management of new retail sales channels,and fully realize the enormous value creation potential provided by value networks during the business model innovation process.The significance of this paper is to investigate the case of Xiaomi as a representative Internet company’s innovative business model through value co-creation,to provide a reference for other Internet companies and traditional enterprises in business model transformation,and to enrich the application of value co-creation theory in business model innovation.