Morphology for circular economy business models in the electrical and electronic equipment sector of Singapore and South Korea: findings, implications, and future agenda
Kim, Chang H., Kuah, Adrian T.H., and Thirumaran, K. (2022) Morphology for circular economy business models in the electrical and electronic equipment sector of Singapore and South Korea: findings, implications, and future agenda. Sustainable Production and Consumption, 30. pp. 829-850.
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Abstract
Moving to a circular economy requires manufacturers and producers to rethink their business model for a stronger value proposition and delivery. Many businesses have implemented circular economy business models (CEBMs) with different design options to accomplish sustainable business goals and economic prosperity. However, the unexplored options in the design of CEBMs can be a significant obstacle in the transition to a circular society. This paper seeks to investigate the CEBM design options currently reported in the Electrical and Electronic Equipment (EEE) sector of Singapore and South Korea, proposing a research agenda to advance circular economy research in both countries. In this systematic review, we follow four basic dimensions in a business model, value proposition, value delivery, value creation, and value capture, in a morphological analysis of 119 publications to identify business model design options in the Electrical and Electronic Equipment sector of Singapore and South Korea. Our findings showed that producers in both countries were similar in their intentions yet adopted different approaches regarding the four dimensions. In Singapore, result-oriented CEBMs and cooperation with the local government and community emerged as major design options. On the other hand, in the South Korean context, rental or leasing business models using the membership system with personalized home visiting service and the use of digital capabilities were rampant. These findings are expected to help producers and practitioners understand and adopt better design options to drive their business models, highlighting the agenda to further investigate digital servitization and consumer acceptance in CEBMs.
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