Business model transformation: what is known and what is to be further developed?

International Journal of Emerging Markets. 2025. Vol. 20. No. 4. P. 1373–1392.

Selezneva A., Veselova A., Anand A.

Purpose

The paper presents a systematic literature review on business model transformation (BMT). The aim of the study is to determine the main research streams in BMT literature, develop a conceptual model on BMT research, and identify potential directions for future research.

Design/methodology/approach

WeThe authors use systematic literature review approach and provide a detailed protocol to meet reliability requirements. The study is based on the multi-layer in-depth analysis of 92 articles published in leading international journal in general management, international business, strategy, innovation, and organization studies.

Findings

The paper identifies a crucial importance of further research on BMT with regards to the context specificity of a company's country of origin, transformation of value delivery and value capture blocks of BMs, entrepreneurial techniques of BMT management, and international aspects of BMT.

Originality/value

By a means of systematic literature review, the paper envisages the current state of knowledge about BMT, traces the development of BMT research, classifies it, and identifies potential directions for future inquiries.

Keywords: value creation, business model innovation, Literature review, business model, business model transformation