The Evolution of the E-Business Value Cycle Through Value Co-Creation during the COVID-19 Pandemic: An Empirical Study from Iran - Korea Science
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Masoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028 19
Print ISSN: 2288-4637 / Online ISSN 2288-4645
doi:10.13106/jafeb.2021.vol8.no10.0019
The Evolution of the E-Business Value Cycle Through
Value Co-Creation during the COVID-19 Pandemic:
An Empirical Study from Iran
Masoud TAHERINIA1, Khaled NAWASER2, Ali SHARIATNEJAD3,
Abdullah SAEDI4, Mojtaba MOSHTAGHI5
Received: June 15, 2021 Revised: August 29, 2021 Accepted: September 06, 2021
Abstract
The present study aims to evolve the value cycle of e-business through value co-creation during the Coronavirus pandemic. The population
of the study is experts consisting of university professors in the fields of marketing management, e-commerce, and managers of organizations
and companies in Iran. Using the snowball sampling method, 50 of them were selected as the sample. This study employs the factor analysis
method and structural equation modeling (SEM) approach for identification of the factors. The findings of this study reveal that 10 factors
affect the evolution of the value chain into the value cycle, including customer relationship management, e-literacy, value co-creation,
e-readiness, and integrated value creation, the logic of service dominance, shared value creation, virtual culture, e-trust, and network
economics. Despite the difficulties that COVID-19 has created for businesses worldwide, the evolution of the e-business value cycle
through value co-creation in the Coronavirus pandemic can be considered as a positive aspect of the pandemic. In fact, with more pandemics
and more customers turning to e-businesses due to the co-creation of customer value, e-businesses can cover their weaknesses and improve
their strengths by engaging customers and receiving their feedback, thus transforming their value chain into the value cycle.
Keywords: Value Chain, E-Commerce, COVID-19, E-business
JEL Classification Code: M15, M 31, O30
1. Introduction and electronic data interchange will be excluded from the
global business environment (Treiblmaier & Sillaber, 2021)
The business world is changing dramatically and As a result, e-commerce has become a vital tool in doing
countries that are not equipped with e-commerce technology business today. E-commerce is the process of buying,
selling, and transferring or exchanging goods, services, or
information through computer networks such as telephone,
First Author and Corresponding Author. Assistant Professor,
1
mobile, and the Internet (Zhao et al., 2019). In other words,
Department of Accounting, Lorestan University, Khorramabad,
Iran [Postal Address: No. 12, Khorramabad, Lorestan, 61991, Iran] e-commerce has many benefits for all countries in terms of
Email: taherinia.m@lu.ac.ir trade and employment (He & Wang, 2019). E-commerce
Institute of Scientific Research and Graduate School, Universidad
2
has brought many benefits to businesses, including small
de Lima, Lima, Peru. Email: khalednawaser56@gmail.com and medium-sized enterprises (Afshar Jahanshahi & Brem,
Assistant Professor, Department of Management, Lorestan
3
University, Khorramabad, Iran. Email: shariat.al@lu.ac.ir 2017; Nawaser, 2015). Access to more markets, reducing
Department of Management, Lorestan University, Khorramabad,
4
transaction costs, improving productivity, increasing the
Iran. Email: saediabd115@gmail.com speed and accuracy of transactions, presence in diverse
Ph.D. Scholar, Department of Accounting, Islamic Azad University,
5
Khomein Branch, Iran. Email: moshtaghi.mjtaba@yahoo.com
markets, etc., are some of the benefits listed for e-commerce
(Gungor & Cadirci, 2021). Information and communication
© Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution technology is a tool and platform for development in the
Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits
unrestricted non-commercial use, distribution, and reproduction in any medium, provided the
field of global competition, with numerous benefits for
original work is properly cited. organizations (Yu et al., 2017).Masoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
20 Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028
Today, all manufacturing and service industries are in the face of goods and services to create value (Muller et al.,
somehow exposed to the developments of this technology 2013). Hence, given the value co-creation and feedback that
and the effects of the use of ICT in the value chain customers constantly give to businesses, it seems that the
in all areas, from the initial relationship with suppliers value chain has become a value cycle. Given what has been
to production, service, and customer relations are obvious said, the present study aims to analyze how the value chain is
(Simatupang et al., 2017). One way to understand the transformed into a value cycle.
importance of e-commerce and its role in global commerce
is to pay attention to it through value chain analysis (Peng 2. Theoretical Framework
et al., 2016). The value chain is a set of activities to meet
the needs of the business by adding value (or price) at 2.1. Evolution of the Value Chain
each stage of the process (Seebacher & Winkler, 2015). into Value Cycles
Value chain refers to a sequence of connected factors and
markets that transform inputs and services into products A value chain is a business model that describes the full
with features that consumers are willing to buy (Cheung range of activities needed to create a product or service.
et al., 2020). Improving productivity, innovation, local The value chain is the scope of all those activities that
processing, compliance with standards and certifications of include the presentation of a product or service from the
the chain and consumption and the use of the latest post- stage of idea and concept to different stages of production,
harvest technologies are the recommendations for value delivery to the final customer, and recycling (Frederiksen
chain improvement (Babu et al., 2019). Alignment between & Brem, 2016). This process includes activities such as
information technology and business is the key to achieving design, production, marketing, distribution, and support
improved performance, especially in terms of internal services for end consumers (Potluri et al., 2017). Value
processes. In order to make the most of the opportunities chain activities can be achieved independently from one
that ICT has created in various fields, it seems necessary to company or between different companies. The term value
design and formulate an optimal and practical value chain. chain refers to the fact that value is added to primary products
Therefore, it seems that in the context of the COVID-19 through a combination of different sources (Hernandez &
pandemic, and because of the importance and prosperity of Pedersen, 2017). The value chain approach in the analysis
e-businesses, these businesses pay more attention to their of internal organizational activities is an effective tool in
customers and their ideas for improving their services. identifying strengths and weaknesses and making decisions
This returns to businesses in the form of feedback from about each of these activities (Suong, 2017). This chain
the customer (Peng et al., 2016), to create a new property is related to the most effective environmental factors,
called value co-creation and the value chain becomes a namely suppliers and customers (Alsagheer & Ahli, 2011).
value cycle. The value chain model is the basic tool for recognizing
In the current situation, the lack of demand due to the competitive advantage and finding ways to promote the
policy of social restrictions such as quarantine during the firm and help it achieve common solutions. In fact, the
outbreak of coronavirus is one of the things that has affected idea of a value chain is based on having a process view of
the business environment (Shi et al., 2020; Andre et al., the firm (Sargey et al., 2008; Gholamzadeh Chofreh et al.,
2018) and online sales in this period can have favorable 2019). In his value chain model, Michael Porter divides
results to deal with declining demand (Dirgantari et al., 2020; company activities into core activities and support (Porter,
Jahanshahi et al., 2018; Hashemzadeh et al., 2011). The 1998). The main activities begin with the arrival of raw
existence of cyberspace and its major changes in businesses, materials in the organization and end with the provision
as well as the feedback generated to provide a service or of customer service. These activities are supported by
product (tangible and intangible) between customers and support activities. The main activities of the value chain
suppliers to improve production and the evolution of research include in-house logistics, production operations, out-of-
and development, make the value chain inefficient and turn organization logistics, sales and marketing, and after-sales
it into a value (He & Wang, 2019). Therefore, interactions service. Support activities also include organizational
and communication with different groups of customers can infrastructure, human resource management, technology
increase the speed of the organization’s adaptability to changes development, and procurement (Reimann et al., 2017).
in the competitive environment. This is why increasing the Value chain indicators are 1. Innovation, 2. Quality, 3. Customer
focus on these intangible assets of organizations leads to the Relations, 4. Management Capabilities, 5. Promises,
concept of value creation because of its strategic application 6. Technology, 7. Brand Value, 8. Employee Relations,
in both attitude and practice (Frow et al., 2015). Customer co- 9. Community and Environmental Issues (Findlay &
creation value behavior is the relationship that the customer Hoekman, 2020). The following figure shows the value
makes through partnerships and cooperation with businesses chain developed by Porter (Figure 1).Masoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028 21
Infrastructure
Profit Margin Human Resources Management
Technology Development
Supply
Services Marketing and Sales External Logistics Operation Internal Logistics
Figure 1: Value Chain
goals (Caic et al., 2018). In fact, value co-creation behavior
Internal
operational
can be the high level of customer participation in product
logistics
activities
creation and customization, which helps the evolution of the
value cycle in the organization (Kristensson et al., 2008).
Value co-creation behavior is known as the interaction
between customers and the organization, which will result
in the provision of appropriate customer feedback to the
External
business
logistics
organization. Customers can be effective in improving the
management
value cycle by informing the organization about strengths
and weaknesses (Akin Ates et al., 2021; Qudrat-ullah &
Kane, 2010; Gharleghi et al., 2018). In a study, a value
cycle is an important approach in providing a valuable
Customers Marketing product or service to customers, and the purpose of its
and
and analysis is to provide maximum value at the lowest possible
feedback to
businesses sales cost. In other words, the value co-creation approach speaks
of engaging customers in the organization’s activities. In this
Figure 2: Value Cycle way, this participatory activity can lead the organization to
implement long-term plans, including quality improvement
plans (Oyner & Korelina, 2016). Environmental crisis
As can be seen, the customer value chain does not provide and changes such as COVID-19 have highlighted the role
feedback to the company and this chain is without feedback. of value cycle evolution, as creating value cycles helps
While in the value cycle, based on the value co-creation increase productivity and long-term business growth. Value
of customer and company, and based on the feedback that is created equally during the process of interaction between
customers give to businesses, this chain is transformed the organization and the customer, and this suggests that
into a cycle (Jason et al., 2010). In fact, customers and value co-creation is created by both parties. Customers play
businesses work together to create value cycles for mutual an active role in value cycle evolution by providing feedback
benefit, which is based on providing customer feedback to (Shi et al., 2020).
the business (Sturgeon et al., 2011). This both eliminates
the weaknesses of businesses and better meets the needs of 2.3. The Effects of COVID-19 on Electronic
customers (Fonseca et al., 2019). Hence the value cycle can Businesses
be plotted as follows (Figure 2).
The COVID-19 epidemic has strongly influenced the
2.2. Value Co-Creation and Value business environment and has made a new challenge, so
Cycle Evolution decision-makers should be careful about such sudden
changes (AL-Mansour & AL-Ajmi, 2020; Zhang et al.,
Value co-creation is a deliberate attempt to create value 2020; Kuijpers, 2020). Due to industrial closures, supply
by using products and services in an ecosystem (Cheung chain disruptions, a rapid drop in demand for their goods
et al., 2020; Ro et al., 2018). Value co-creation refers to the and services, and a decrease in GDP during the COVID-19
amount of knowledge, capabilities, and information that outbreak, some jobs have been unable to cover their debts.
the customer uses to create value (Keeling et al., 2021). Dinesh and MuniRaju (2021) conducted research showing
In other words, the process of value co-creation can be that the number of online consumer purchases has increased
considered as a set of activities and actions performed by significantly since the outbreak of the Coronavirus. Therefore,
the customer to help achieve individual and organizational this has created great opportunities for the development andMasoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
22 Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028
expansion of e-commerce activities. Looking at the English- Guo et al. (2020) also found in their study that
language newspapers of the world, it can be said that many e-commerce plays an important role in the time of the
businesses in all countries have lost their previous market COVID-19 epidemic. In fact, by relying on the right
due to the spread, or the fear of the spread of Coronavirus. infrastructure, the growth and scope of electronic activities
However, some experts around the world believe that can be developed and a major step can be taken in the
online businesses and e-commerce have experienced the prevalence of COVID-19. Existence of interactions and
least negative impact compared to other industries. Online feedback between customers, organizations, industries,
shopping is a response to people’s concerns in the days of and various economic sectors to improve production has
the Coronavirus outbreak and providing a web platform caused the value chain (as a concept or tool) to lack the
provides a direct basis for the supply of goods via the necessary efficiency to analyze many economic aspects
Internet (Jilkova & Kralova, 2021). of cyberspace (Moeller et al., 2013). Thus, by repeating
Online businesses were welcomed by businesses and feedback, the value chain becomes a value cycle (Shi et al.,
startups even before the global outbreak of Coronavirus 2020; Giones & Brem, 2017). Value is created equally and
but took a more serious form after the outbreak of the jointly between the organization and customers during the
COVID-19 virus (Yu et al., 2017). Many of the world’s interaction process. One party alone cannot create value for
leading business experts and consultants have recommended the other, but value co-creation is formed by both parties
e-commerce and online businesses in various fields, and it (Vargo & Lusch, 2004).
is not a new phenomenon, but with the global outbreak of
the Coronavirus and the loss of traditional businesses, many 3. Methodology
businesses around the world are focusing on selling and
providing their services online. (Villa & Monzon, 2021). This research is a mixed-method based on qualitative
A study of the negative and positive impact of Coronavirus and quantitative research. It is applied in terms of purpose
on IT businesses shows that this epidemic has had the most and is exploratory research in terms of data collection. Data
negative impact on tourism startups and a positive impact collection tools in the qualitative part were interviews and
on online shopping startups. Evidence shows that some in the quantitative part was a questionnaire, the validity,
businesses, especially in the field of communications and and reliability of which were confirmed using the CVR
information technology, have continued to flourish and even index, Kappa Cohen test, content validity, and reliability of
expanded throughout the coronavirus quarantine. Changing the retest, respectively. It is necessary to explain that since
the lifestyle and consumption of users and combining the the present study is mixed research with an exploratory
demand for services, and disruption of the value chain of approach, first a qualitative study, and then a quantitative
services and manpower in the supply sector, are among the study should be done. Therefore, qualitative data was
factors that play an effective role in the sustainability of reviewed using the opinions of 30 experts and to the
businesses in the field of communication and information extent of information saturation and achieving theoretical
technology. adequacy. Then, a quantitative study was conducted using
Hussain et al. (2021) also showed that the prevalence the opinions of the same 30 people who constitute the expert
of COVID-19 has driven the desire of companies to sample of the research. Qualitative data was analyzed with
e-commerce day by day. The infrastructure of an online ATLAS.ti software and coding method and quantitative
sale includes more than just a store, a product, and a data were analyzed with PLS software. In a way that, first
buyer; it also includes systems that allow people to receive using qualitative data obtained from exploratory interviews,
their rights in the event that they are lost, as well as high- the types of factors that affect the evolution of the value
speed Internet infrastructure and good websites. Given the chain to the value cycle are identified, then by extracting
increasing advances in technology and the intensification of the factors, through quantitative research and factor analysis
competition in global markets, the main challenge facing method, the importance and the priority of these factors is
any organization is to establish timely and constructive determined.
communication with the customer. In the shadow of the
customer value co-creation system, maintaining a steady 3.1. Sample
relationship with consumers can aid the organization’s
ability to provide better and creative services (Caic et al., The qualitative part of the statistical population of the
2018; Ndiritu, 2020; Bazgosha et al., 2012; Moezzi et al., research includes experts consisting of university professors
2012). A study showed that digital technologies and the in the fields of marketing management, e-commerce,
digital revolution that increase the role of the value chain accounting, human resource management, and managers
can be an important factor in improving the activities of the of organizations and companies active in the field of
organization after the COVID-19 epidemic. e-commerce in Iran. Using the snowball sampling methodMasoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028 23
and based on the principle of theoretical adequacy, 50 of them constructs has been provided as an index for predicting the
were selected as sample members. The reason for choosing power of the recommended model.
this statistical community is that experts, as people familiar
with the labor market and its changes and developments, can 4.2.2. Model Test
analyze and evaluate the factors influencing the evolution
of the value chain as a value cycle. In addition, customers In this research, the AMOS software and confirmatory
are the quantitative part of the statistical population and factor analysis test were used in the model test and
are considered as a sample of the quantitative part of the assessment. The complete details of this test are as follows
research (Table 1). (Table 4).
The characteristics of the quantitative sample are as According to Figure 3, as all factors have reasonable
follows (Table 2). amounts in terms of path coefficients, T statics, and level
of significance, it can be said that the identified factors are
4. Results and Findings absolutely effective in promoting a value chain into a value
cycle. (Table 4).
4.1. Findings of the Qualitative Section
5. Discussion and Conclusion
Using interviews with experts, a set of factors were
identified that influence the evolution of the value chain E-business generally involves the application of new
into the value cycle. In explaining the method of extracting technologies to establish chain relationships between
the factors, it is necessary to explain that this was done suppliers and customers, resulting in better decisions,
by reviewing the texts of the interviews with the help of lower costs, and the opening of new channels. The value
ATLAS.ti software and coding method. After interviewing chain model is the basic tool for recognizing competitive
the experts, the factors that affect the evolution of the value
chain to the value cycle were identified, the full description Table 3: Identified Variables
of which is presented in Table 3.
Variables Variables
4.2. Findings of the Quantitative Section
Customer Relationship The logic of service
Management (CRM) dominance
4.2.1. The Structural Model
Electronic literacy Creating shared value
SEM method was used in this research to assess the Value co-creation Virtual culture
proposed model. The result is shown in Figure 3. Variance,
Electronic readiness Electronic trust
statistical significance, and path coefficient have been
determined. In addition, the amount of R2 for endogenous Integrated Value Creation (IVC) Network Economy
Table 1: Demographic Characteristics of Qualitative Samples
Degree of
Characteristics Frequency Frequency Work Experience Frequency
Education
University Professors 25 Bachelors 5 Less than 10 Years 9
Managers 10 Masters 17 11 to 20 Years 31
Experts 15 PhD 28 Over 20 Years 10
Table 2: Demographic Characteristics of the Quantitative Sample
Level of Store Contact
Characteristics Frequency Frequency Frequency
Education History
Direct Purchase 182 Bachelors 146 Less than 5 Years 169
Intermediary Purchase 202 Masters 140 6 to 15 Years 184
– – PhD 98 Over 15 Years 31Masoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
24 Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028
Figure 3: Model Output
Table 4: Confirmatory Factor Analysis Test Conclusions
Variables Path coefficient C.R Level of Significance Results
Customer relationship 0.77 6.64 0.000 Accepted
management (CRM)
Electronic skills 0.70 6.14 0.000 Accepted
Co-creation of value 0.62 5.68 0.000 Accepted
E-Readiness 0.64 5.67 0.000 Accepted
Integrated Value Creation (IVC) 0.72 6.08 0.000 Accepted
Service dominant logic 0.79 6.52 0.000 Accepted
Creating common value 0.70 6.06 0.000 Accepted
Virtual culture 0.79 6.88 0.000 Accepted
E-trust 0.79 6.96 0.000 Accepted
Network Economy 0.67 6.63 0.000 Accepted
advantage and finding ways to promote the firm and help cycle. The main purpose of this study is to investigate the
it achieve common solutions. The increasing development evolution of the e-business value cycle based on the co-
of information technology in businesses and the importance creation of customer and company values.
of interaction between suppliers and buyers and paying The results show that in customer relationship
attention to customer feedback helps value creation, and management (CRM), accurate identification of customer
repeating this process turns the value chain into a value needs at the right time and place and meeting their wants andMasoud TAHERINIA, Khaled NAWASER, Ali SHARIATNEJAD, Abdullah SAEDI, Mojtaba MOSHTAGHI /
Journal of Asian Finance, Economics and Business Vol 8 No 10 (2021) 0019–0028 25
needs are of the most important issues of organizations, and interactions and feedback between organizations, industries
paying attention to customer feedback creates interaction. and customers and various economic sectors increased
As this process continues, the value chain evolves into a to create value. The value chain now lacks the efficiency
value cycle. According to this research, e-literacy (the needed to analyze many economic aspects of cyberspace,
ability to understand information through electronic media), so due to the existence of value chain networks, it becomes
can cause communication and interaction and ultimately a value cycle. According to a review of relevant research,
feedback from customers to organizations and therefore it was found that no research has so far directly examined
leads to the transformation of the value chain into a value how the value chain is transformed into a value cycle.
cycle. In the value co-creation approach, the organization Therefore, the study of value chain conversion into the
must create value for success through communication value cycle can be considered as an innovative aspect of
and interaction with other elements of the industry. When this research. Given what has been said, the organization
business customers participate in the creation of products can turn the value chain into a value cycle by paying
and services, the organization acquires new possibilities attention to customer feedback, applying them to improve
and opportunities, and because of interactions and feedback, production, the evolution of R&D, and repeating this cycle.
another factor that transforms the value chain into a value The results of the present study and similar research
cycle is value co-creation. Electronic readiness is the ability show that customers are the most important and effective
to accept, use and apply information and communication assets of any organization. Due to the importance and
technology in different societies. Therefore, due to prosperity of e-businesses, organizations have focused more
the existence of connections and interactions between on this intangible asset, which is in the form of feedback
organizations and customers, the value chain becomes from customers to businesses, and the continuation of this
a value cycle. Another factor is the creation of integrated cycle turns the value chain into a value cycle. Policymakers
value, which is achieved by integrating management for e-commerce development in small and medium-sized
systems and value chain links with an emphasis on customer enterprises are encouraged to focus on e-commerce skills
life cycle thinking to respond to stakeholder expectations. at the level of managers and employees and inform them of
Due to valuing customer expectations and feedback and the usefulness of this phenomenon, establish and facilitate
continuing this trend, the value chain loses its efficiency e-commerce legislation, work on the e-supply chain of
and evolves into a cycle. According to the logic of service small and medium-sized enterprises, and provide a more
dominance, e-business models, which are based on the general platform for the use of information technology and
needs of customers’ life cycle and also meet the demands e-commerce. This study also advises small and medium-
of customers and vendors in a timely manner, turn the value sized enterprises to focus more on developing e-commerce
chain into a value cycle. Based on the creation of shared strategies and coordinating them with enterprise strategies
value, customers can interact with suppliers at any stage of while gaining e-commerce skills. According to the results
production, from design to supply. This type of interaction of this study, to prevent and deal with violations and
should lead to a two-way learning process. In other words, promote trust in this space, the existing laws in the field of
based on new approaches, customers and suppliers will be e-commerce should be reviewed and the existing weaknesses
able to work together to create shared value. As a result of and shortcomings and redundant and cumbersome laws in
communication and feedback from customers and suppliers, this area should be addressed. Then, necessary corrections
the value chain no longer has the necessary efficiency and should be made.
the value chain becomes a value cycle.
Virtual culture is an emerging culture of using tech-
nology in business. The change in business culture due to
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