An investigation of business model innovation in competitive markets: A study of e-commerce firms in Nasarawa State
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Background of the Study
Business model innovation (BMI) has become a key driver of growth and competitiveness, especially in industries facing intense competition and technological disruptions. It refers to the process of designing, refining, and implementing new business models that create value for customers, capture revenue, and sustain long-term profitability (Teece, 2023). For e-commerce firms, which operate in dynamic and competitive markets, BMI can be the differentiating factor that ensures sustainability and success. The digital transformation of business practices has led to a shift in how e-commerce companies approach their business models, with a focus on enhancing customer experience, expanding market reach, and improving operational efficiency (Ojo et al., 2024).
In Nasarawa State, e-commerce has witnessed substantial growth in recent years, driven by increased internet penetration, mobile phone usage, and growing consumer confidence in online transactions. However, e-commerce firms in the region face challenges such as logistical inefficiencies, high competition from larger firms, and limited access to capital (Ibrahim et al., 2024). For these businesses to thrive, they must innovate their business models to overcome these challenges and meet the evolving needs of their customers. Business model innovation is essential for enabling these firms to stay ahead of competition, capture new opportunities, and optimize their value propositions in a rapidly changing market environment.
The study of business model innovation in the context of e-commerce firms in Nasarawa State is important because it will provide insights into how these companies can leverage innovation to improve their competitive positioning and performance. With limited research in this specific region, the study will contribute to the growing body of knowledge on business model innovation, especially in emerging markets and within the e-commerce sector (Ojo et al., 2024).
Statement of the Problem
E-commerce firms in Nasarawa State are operating in a highly competitive and rapidly evolving market. While some companies have adopted innovative business models, many others continue to rely on traditional models that may not be sustainable in the face of digital transformation and global competition. There is a lack of empirical research focusing on the role of business model innovation in enhancing the competitiveness and performance of e-commerce firms in Nasarawa State. This gap in knowledge limits the ability of these businesses to effectively adapt their models to current market demands, which may hinder their growth and market penetration.
Despite the significant role of business model innovation in driving competitive advantage, there is a lack of understanding regarding which elements of innovation—such as pricing strategies, service delivery models, or technology integration—are most impactful for e-commerce firms in Nasarawa State. This study seeks to address this gap by exploring how e-commerce companies in the region can innovate their business models to thrive in a competitive market environment.
Objectives of the Study
1. To explore the role of business model innovation in enhancing the competitiveness of e-commerce firms in Nasarawa State.
2. To identify the key drivers of business model innovation in the e-commerce sector in Nasarawa State.
3. To provide recommendations for e-commerce firms on how to adopt and implement innovative business models to improve performance and competitiveness.
Research Questions
1. How does business model innovation impact the competitiveness of e-commerce firms in Nasarawa State?
2. What are the key drivers of business model innovation in e-commerce firms in Nasarawa State?
3. What innovative business models can e-commerce firms in Nasarawa State adopt to improve their market position and operational efficiency?
Research Hypotheses
1. Business model innovation significantly improves the competitiveness of e-commerce firms in Nasarawa State.
2. Technological integration, customer service, and pricing strategies are key drivers of business model innovation in the e-commerce sector in Nasarawa State.
3. E-commerce firms in Nasarawa State that adopt innovative business models will experience improved performance and greater market share.
Scope and Limitations of the Study
This study will focus on e-commerce firms operating within Nasarawa State, Nigeria, over a period of two years, from 2023 to 2025. The scope is limited to examining the impact of business model innovation on the competitiveness and performance of these firms. Limitations include potential biases in self-reported data, as well as a limited sample size due to the emerging nature of e-commerce in the region.
Definitions of Terms
• Business Model Innovation: The process of creating, implementing, and adapting business models that offer novel solutions to meet customer needs, create value, and capture market opportunities (Teece, 2023).
• E-commerce: The buying and selling of goods and services via the internet, including various forms of online retail, digital marketplaces, and services (Ibrahim et al., 2024).
• Competitiveness: The ability of a company to perform better than its competitors in terms of market share, profit margins, and customer loyalty (Ojo et al., 2024).
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