Author(s): Phayaphrom, B., Wong, A., & Bhandar, M.
This study investigates the relationship between customer knowledge management, digital crowdsourcing, social media practice, competitive advantage, and business performance (survival) in Thai Small and Medium-sized Enterprises (SMEs).
Three million Thai SMEs make up the population of this research. The data has been collected from 397 Thai SME owners in various businesses using the questionnaire survey method. In addition, partial Lease Square Structural Equation Modelling (PLS-SEM) has been used for data analysis and added with the qualitative triangulation method.
The study found that the proposed SME survival model identifies the influence of customer knowledge management, digital crowdsourcing, and social media adoption on business performance (survival). In contrast, only digital crowdsourcing directly impacts competitive advantage. Eventually, the data analysis carried out the tests of the postulated hypothesis.
This study introduces a new insight into how Thai SMEs can improve their competitive advantage and business (survival) in presenting the findings. The study also gives recommendations to SMEs and policymakers on how to support Thai SMEs to survive in the economic uncertainty and digital disruption era. There have been very few studies on customer knowledge management and digital crowdsourcing regarding Thai SMEs.