Value co-creation and technological progression: a critical review

Abstract

Purpose

This study aims to identify different approaches to conceptualize value co-creation and analysing firms’ co-creation strategies aided by various advancing technologies. This study further discusses the strengths and weaknesses of these strategies and suggests solutions to overcome the limitations.

Design/methodology/approach

Following a critical literature review, the authors propose a conceptual framework to denote the relations between evolving technologies and co-creation activities.

Findings

On one hand, technology influences the co-creation processes by empowering consumers, offering greater ability to connect, providing greater access to information and furnishing a platform that facilitates co-creation; on the other hand, technological advancements may add complexity, variability and lead to loss of control for service organizations. A role of customers and value definitions are identified and elaborated in the value co-creation process.

Originality/value

Advanced information and communication technologies transcend the traditionally defined service encounters by enabling co-creating actors to exchange resources through virtual interfaces, thus redefining the strategies of value co-creation. Though many studies have discussed value co-creation in diversified standpoints, a perspective from its relationship with technological progression over time remains nascent. The study contributes to a more comprehensive understanding of technology-enabled value co-creation in service ecosystems.

Citation

Zhang, T., Lu, C., Torres, E. and Cobanoglu, C. (2020), "Value co-creation and technological progression: a critical review", European Business Review, Vol. 32 No. 4, pp. 687-707. https://doi.org/10.1108/EBR-08-2019-0149