Abstract

In order to survive and grow in rapidly changing settings, incumbents and established commerce enterprises must adapt their business models. However, changing a business model is a difficult task because there is no best practice provided. In our study, we wanted to learn from the best-performing firms in order to find such an effective solution. We used data from annual reports of enterprises in the Stock Exchange of Thailand’s commerce business sector to perform Latent Semantic Analysis (LSA). Tobin’s Q ratio and CAGR were used to select successful and fast-growing businesses, resulting in a final sample of 14 prominent businesses. Our TF-IDF calculations yielded 5,596 words after the text preparation step. Our analyses indicated that our corpus contained three latent topics. We may conclude, based on the key terms for each topic, that developing online sales channels alongside traditional business forms is an essential business model transformation approach for companies looking to survive and grow in the digital age.