In the past, the value was what companies created for their customers. It was the companies that dictated the terms in the business world, and a customer was simply the recipient of value. Nowadays, much has changed and value is co-created by both customers and businesses. The modern market demands innovative and diversified products that meet the expectations and needs of customers.
Today, value is created by the entire network of suppliers, including raw material suppliers, manufacturers, distributors and customers. Each of these participants in the value creation process contributes to the final product or service. Customers have many expectations regarding products and services, therefore, their opinions are crucial for providers. Suppliers must consider customers' needs and opinions in the process of creating products and services to deliver the value they expect.
Value is also created through innovation. Brands must keep up with new technologies and trends to provide innovative products and services that meet customers' expectations. Innovation is one of the key aspects in value creation as it allows companies to meet new customer needs and develop their offering in the market.
As long as companies want to survive, they will have to allow their customers to co-create value and engage them in interactive experiences because nowadays, the co-creation experience has become the foundation of value . In today's world, millions of customers seek various interactions, and that is why the process of co-creating value is becoming the basis of B2C interaction.
In this aspect, many challenges and questions arise, namely:
how to create an environment in which both business and customers can interact with each other,
to what extent we shall allow customers to co-create value,
how to encourage and train employees to make use of this opportunity for business development,
how to reconcile the needs of the business and the customer.
Each company needs to consider answers to these and many other questions in terms of its own needs, capabilities and goals. However, at some point, every company that wants to not only survive but also be competitive will have to address these aspects and implement solutions that promote the co-creation value.
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