Impact of the digital economy and innovation on the businesses of small and medium enterprises

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Abstract

The COVID-19 outbreak posed a significant economic threat to small and medium enterprises (SMEs). Despite its negative impact on the economy and SMEs, the pandemic also presented opportunities for reform to help the economy recover quickly. Moreover, the pandemic accelerated digitalization, which brought fundamental changes in competitiveness drivers, such as business models, business processes, and required skills and competencies for employability (Shafi et al., 2020; Ssenyonga, 2021). This study aimed to explore post-COVID-19 pandemic opportunities for SMEs in Krabi, Thailand, through digitization. In-depth interviews were conducted, and a purposive sampling of eight Thai SME business owners in Krabi, Thailand, was selected for the qualitative study. The data were analyzed using content analysis and NVivo software. The results indicated that there are opportunities for SMEs to benefit from the deployment of digital technologies and innovation in the post-pandemic era. Additionally, SMEs have incorporated digital technologies and innovation into their services and operations to achieve long-term development, as these advancements also provide substantial advantages to SMEs.

Keywords: SMEs, Innovation, Digitization, Post-COVID-19 Pandemic, Opportunity

Authors’ individual contribution: Conceptualization — K.J. and C.J.; Methodology — K.J. and C.J.; Investigation — K.J. and C.J.; Visualization — K.J. and C.J.; Validation — K.J. and C.J.; Writing — K.J. and C.J.; Resources — K.J.; Supervision — C.J.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: M10, M30, O14, O33

Received: 26.01.2023
Accepted: 07.08.2023
Published online: 09.08.2023

How to cite this paper: Jangjarat, K., & Jewjinda, C. (2023). Impact of the digital economy and innovation on the businesses of small and medium enterprises. Corporate & Business Strategy Review, 4(3), 102–110. https://doi.org/10.22495/cbsrv4i3art10