Business models for the now economy

Abstract

Purpose

Business models are a key to success. This paper aims to identify the characteristics of the Now Economy, discuss the components of an effective business model, examine numerous e-commerce business models and provide an application of online learning.

Design/methodology/approach

The literature on business models is reviewed. E-commerce models are explored as a means for building competitive advantage in the Now Economy. An in-depth case study of remote learning in universities illustrates the development of a sound digital business model.

Findings

Business models explain where and how an organization competes and the financial feasibility of its strategy. Digital business models create market differentiation or disruption. This paper explains 20 e-commerce business models and offers an in-depth view of the opportunities and challenges in the online learning sector.

Research limitations/implications

Building on the literature, this work is conceptual and presents a case study. It is not an empirical study. A three-point agenda for scholars includes research on speed and service in business models, assessing the impact of customer value and examining the market power of Big Tech.

Practical implications

The digital component of the economy is growing annually. Business practitioners must respond by developing winning business models. The remote learning application is particularly relevant given today’s changing educational market.

Originality/value

While there has been considerable research on business models, there has been limited work on digital business models, which is the focus of this article.

Citation

Weinstein, A.T. (2021), "Business models for the now economy", Journal of Business Strategy, Vol. 42 No. 6, pp. 382-391. https://doi.org/10.1108/JBS-05-2020-0112