What is Co-Creation of Value

The rise of tech-savvy consumers and their new demands pushes firms to transform their business strategies in order to respond to this changing consumer market. Digital transformation, in this regard, enhances the customer experience and satisfies digitally powered consumers by the integration of digital technology into all areas of a business that alters how a firm operates and delivers value to customers. Creation of value is replaced with co-creation that includes consumers as well as companies in the value creation process. Together with the emergence of digitalization, value creation is influenced again in terms of the uses of the digital tools by its participants. The first objective of this chapter is to give detailed information about the co-creation of value concept by explaining the drivers and the outcomes as well as the disadvantages and the benefits offered to consumers and to companies. The second objective is to examine the impact of digital transformation on the value co-creation process and to pay attention to the role of digital agility in this context.