METAVERSE RETAILING: OPPORTUNITIES AND CHALLENGES

Abstract

Purpose- The retail industry is changing towards metaverse retailing. The metaverse concept, which emerged about 20 years ago, began to attract the attention of retailers with the investments made by technology companies in metaverse. Nowadays, the number of retailers opening stores in the metaverse is rapidly increasing. The aim of this study is to reveal the importance of metaverse retailing and examine possible opportunities and challenges for retailers. There is a limited number of studies examining the effects of the metaverse on the retail industry. The current study aims to close this gap in the literature and help retailers develop sustainable competitive strategies. Methodology- The study employs literature review using secondary data analysis. The study is based on a careful analysis of the relevant scientific literature in the field of metaverse retailing. It provides an understanding of metaverse retailing and the opportunities and challenges for retailers. Findings- The literature review on metaverse retailing shows that the metaverse is still in its infancy. Many brands are opening stores in the metaverse to gain a competitive advantage, but to be successful in the meta-world, retailers need to understand the opportunities and challenges that the metaverse presents. Conclusion- Nowadays, most of the brands open stores in the metaverse. However, creating a unique customer experience in metaverse is quite different from traditional and online retailing. Having a presence in the metaverse should not just be about opening stores. For retailers to sustain their operations in the metaverse, they must first understand the opportunities and challenges of this virtual world and shape their business plan accordingly. It is important to analyze the opportunities and challenges posed by the metaverse correctly and to develop strategies that address customer wants and needs. However, while the metaverse has great opportunities for the retail industry, it should be kept in mind that this new technology is still in its very early stages.

Keywords

• Metaverse
• metaverse retailing
• e-retailing

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