Business Model Innovation as a Structural Framework for Business Sustainability Growth: A Systematic Review

Abstract

Business model serves as an essential structural foundation for companies amid the constant upheavals of the modern business world, guiding them through the intricacies of markets, competition, and shifting consumer preferences. A total of 213 papers published between 2010 and 2023 were examined from WOS and Scopus database as part of a comprehensive review of business model and business model innovation. The goal of this review study is to explore the methods of business model innovation, the impact of technology on the creation of novel models for business growth, and the development of business models in the context of global phenomena such as pandemics and climate change. In addition, the significant impact of customer expectations, ethical issues, and sustainability requirements on the dynamics of business model development are considered. These components enable companies to actively reshape its models and to take advantage of new opportunities and mitigate threats. This research provides companies and researchers alike with the knowledge and gaps they need to address the challenges and seize the opportunities that arise from the dynamic nature of contemporary business models by real-world case studies, providing practical strategies, and keeping a keen focus on emerging trends.