This study investigates the drive of Chinese consumers to purchase luxury items and the influence of social media on business model innovation via in-depth interviews. Our primary data were collected from 30 interviews. These were our general findings: the reputation of the KOL (key opinion leader) will increase customers’ brand knowledge. The trustworthy UGC (user-generated content) and interactivity of the network community help customers better evaluate and make selections. Acquaintance and word of mouth have positive influence on customer decision making. The findings of this study support the view that social media sites have a relatively positive influence on the process of information search, alternative evaluation, and selection. The implications of this study will help luxury brands implement an effective social media marketing strategy to influence the customers’ purchasing behavior.
Cite as: Hasan, Md Rajibul; Teng, Yulin; Shams, Riad (2021) ‘The Impact of Social Media on Business Model Innovation’ In: Business Model Innovation. United Kingdom: Routledge.
Source: The Impact of Social Media on Business Model Innovation | Taylor & Francis Group