Value Co-Creation: Transitioning From “Binary Interactions” To “Networked Systems”

Abstract

The study viewpoint on value co-creation has gradually changed over the past few years from one that solely considers value creation between customers and businesses to one that also takes into account the value creation processes of numerous participants in a socio-economic network system. This shift reflects the essence of value co-creation, i.e., all parties' joint participation and collaborative value creation. This paper follows this research trend and explores the bilateral interactions between firm-firm, customer-customer and firm-customer, and the multiple interactions among all participants in the socio-economic network system. This study compiles domestic and international research results related to value co-creation. ln the meantime, it provides an outlook on future research directions. It is anticipated that a thorough examination of these interactions will help better understand the various participants' responsibilities in the value co-creation process and offer insightful advice for future value creation and business model innovation. This research will provide insights for companies and academics to help them achieve continuous innovation and success in the ever-changing business environment.