Abstract
The objective of this study is to explore the challenges and changing needs of companies in the age of the metaverse and its implications for business. It used a qualitative research methodology and is based on a review of the emerging academic discourse on metaverse and also on semi-structured interviews with corporate experts. The study found the various aspects of the metaverse that may affect business organizations, namely strategic aspects, technological aspects, human resource-related aspects, legal aspects, and ethical aspects. The study highlights the need for organizations to be flexible and adapt quickly to future unpredictable developments in the age of the metaverse. It accentuates the fact that the companies would be required to devise new marketing, e-commerce, and human resource strategies for taking advantage of the business opportunities presented by the metaverse. It also has important implications for policymakers as it highlights the legal and ethical aspects of the metaverse that may affect business and society in the future. The current study has laid the foundation for further research on the metaverse as a new paradigm of business.
References
Anderson J., Rainie L. (2022) The Metaverse in 2040, Washington, D.C.: Pew Research Centre.
Arksey H., Knight P.T. (1999) Interviewing for social scientists: An introductory resource with examples, Thousand Oaks, CA: Sage.
Baig A., Hall B., Jenkins P., Lamarre E., McCarthy B. (2020) The COVID-19 recovery will be digital: A plan for the first 90 days, Chicago: McKinsey & Company.
Bale A.S., Ghorpade N., Hashim M.F., Vaishnav J., Almaspoor Z. (2022) A Comprehensive Study on Metaverse and Its Impacts on Humans. Advances in Human-Computer Interaction, 2022, 3247060. DOI: https://doi.org/10.1155/2022/3247060
Belk R., Humayun M., Brouard M. (2022) Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets. Journal of Business Research, 153, 198-205. DOI: https://doi.org/10.1016/j.jbusres.2022.08.031
Bourlakis M., Papagiannidis S., Li F. (2009) Retail spatial evolution: Paving the way from traditional to metaverse retailing. Electronic Commerce Research, 9(1), 135-148. DOI: https://doi.org/10.1007/s10660-009-9030-8
Braun V., Clarke V. (2006) Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101. DOI: https://doi.org/10.1191/1478088706qp063oa
Castronova E. (2005) Real products in imaginary worlds. Harvard Business Review, May, 20-22. https://hbr.org/2005/05/real-products-in-imaginary-worlds, дата обращения 16.03.2023.
Chaudhri S., Roomi U., Antony A. (2022) Future of Indian IP Rights in the Metaverse. Asia Business Law Journal, 04.03.2022. https://law.asia/future-india-ip-rights-metaverse/, дата обращения 12.03.2023.
Cheong B.C. (2022) Avatars in the metaverse: Potential legal issues and remedies. International Cybersecurity Law Review, 3, 467-494. DOI: https://doi.org/10.1365/s43439-022-00056-9
Close K., Grebe M., Andersen P., Khurana V., Franke M., Kalthof R. (2020) The digital path to business resilience, Boston, MA: Boston Consulting Group.
Davis A., Murphy J., Owens D., Khazanchi D., Zigurs I. (2009) Avatars, people, and virtual worlds: Foundations for research in metaverses. Journal of the Association for Information Systems, 10(2), 90-117. DOI: https://doi.org/10.17705/1jais.00183
Duwe D., Busch M., Weissenberger-Eibl M.A. (2022) Enabling the Metaverse. Whitepaper on international user preferences, business models and innovation processes in the Metaverse, Karlsruhe: Fraunhofer ISI. https://www.isi.fraunhofer.de/content/dam/isi/dokumente/jih/Metaverse_Whitepaper_english.pdf, дата обращения 16.03.2023.
Dwivedi Y.K., Hughes L., Baabdullah A.M., Samuel Ribeiro-Navarrete S., Giannakis M., Al-Debei M.M., Dennehy D., Metri B., Buhalis D., Cheung C., Conboy K., Doyle R.(2022) Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 66, 102542. DOI: https://doi.org/10.1016/j.ijinfomgt.2022.102542
Elgazzar Y., El-Shahawy R., Senousy Y. (2022) The Role of Digital Transformation in Enhancing Business Resilience with Pandemic of COVID-19. Paper presented at the 2nd World Conference on Internet of Things: Applications and Future, ITAF 2020.
Fereday J., Muir-Cochrane E. (2006) Demonstrating rigor using thematic analysis: A hybrid approach of inductive and deductive coding and theme development. International Journal of Qualitative Methods, 5(1), 80-92. DOI: https://doi.org/10.1177/160940690600500107
Ferreira L.S., Infante-Moro J.C., Infante-Moro A., Gallardo-Pérez J. (2020) Continuous Training in Digital Skills, saving gaps between the needs and the training offer in the field of non-formal education for European Active Citizenship. Paper presented at the 2020 X IEEE International Conference on Virtual Campus (JICV), 3-5 December 2020.
Gadalla E., Keeling K., Abosag I. (2013) Metaverse-retail service quality: A future framework for retail service quality in the 3D internet. Journal of Marketing Management, 29(13-14), 1493-1517. DOI: https://doi.org/10.1080/0267257X.2013.835742
Golf-Papez M., Heller J., Hilken T., Chylinski M., de Ruyter K., Keeling D.I., Mahr D. (2022) Embracing falsity through the metaverse: The case of synthetic customer experiences. Business Horizons, 65(6), 739-749. DOI: https://doi.org/10.1016/j.bushor.2022.07.007
Goossens S., Morgan C., Kuru C., Ji F., Cespedes, D.J. (2021) Protecting Intellectual Property in the Metaverse. Intellectual Property and Technology Law Journal, 33(9), 11-17.
Hemp P. (2006) Avatar-based marketing. Harvard Business Review, 84(6), 48-57.
Hollensen S., Kotler P., Opresnik, M.O. (2023) Metaverse - the new marketing universe. Journal of Business Strategy, 44(3), 119-125. DOI: https://doi.org/10.1108/JBS-01-2022-0014
Hwang I., Shim H., Lee W.J. (2022) Do an Organization's Digital Transformation and Employees' Digital Competence Catalyze the Use of Telepresence? Sustainability, 14(14), 8604. DOI: https://doi.org/10.3390/su14148604
Iivari N., Sharma S., Ventä-Olkkonen L. (2020) Digital transformation of everyday life - How COVID-19 pandemic transformed the basic education of the young generation and why information management research should care?. International Journal of Information Management, 55, 102183. DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102183
Jamison M., Glavish M. (2022) The Dark Side of the Metaverse, Part I. https://www.aei.org/technology-and-innovation/the-dark-side-of-the-metaverse-part-i/, дата обращения 11.04.2023.
Javornik A., Marder B., Pizzetti M., Warlop L. (2021) Augmented self - The effects of virtual face augmentation on consumers' self-concept. Journal of Business Research, 130, 170-187. DOI: https://doi.org/10.1016/j.jbusres.2021.03.026
Keshky E., El Sayed M., Basyouni S.S., Al Sabban A.M. (2020) Getting through COVID-19: The pandemic's impact on the psychology of sustainability, quality of life, and the global economy - A systematic review. Frontiers in Psychology, 11, 3188. DOI: https://doi.org/10.3389/fpsyg.2020.585897
Kevins J. (2022) Metaverse as a New Emerging Technology: An Interrogation of Opportunities and Legal Issues: Some Introspection (SSRN paper 4050898). DOI: https://doi.org/10.2139/ssrn.4050898
Kim G., Jeon J.H. (2021) A Study on the Copyright Survey for Design Protection in Metaverse Period. International Journal of Advanced Smart Convergence, 10(3), 181-186.
Kim J. (2021) Advertising in the Metaverse: Research agenda. Journal of Interactive Advertising, 21(3), 141-144. DOI: https://doi.org/10.1080/15252019.2021.2001273
Kumar S.U., Kumar D.T., Christopher B.P., Doss C.G.P. (2020) The rise and impact of COVID-19 in India. Frontiers in Medicine, 7, 250. DOI: https://doi.org/10.3389/fmed.2020.00250
Laue C. (2011) Crime potential of metaverses. In: Virtual Worlds and Criminality (eds. K. Cornelius, D. Hermann), Berlin, Heidelberg: Springer, pp. 19-29.
Lee L.H., Braud T., Zhou P., Wang L., Xu D., Lin Z., Bermejo C., Hui P. (2021) All one needs to know about metaverse: A complete survey on technological singularity, virtual ecosystem, and research agenda. DOI: https://doi.org/10.48550/arXiv.2110.05352
Lee U.-K., Kim H. (2022) UTAUT in metaverse: An Ifland case. Journal of Theoretical and Applied Electronic Commerce Research, 17(2), 613-635. DOI: https://doi.org/10.3390/jtaer17020032
Lukose L.P. (2015) Non-Traditional Trademarks: A critique. Journal of the Indian Law Institute, 57(2), 197-215. https://www.jstor.org/stable/44782501.
Mackenzie S. (2022) Criminology towards the metaverse: Cryptocurrency scams, grey economy and the technosocial. The British Journal of Criminology, 62(6), 1537-1552. DOI: https://doi.org/10.1093/bjc/azab118
Marr B. (2022) The Most In-Demand Metaverse Skills Every Company Will Be Looking For. Forbes, 24.06.2022. https://www.forbes.com/sites/bernardmarr/2022/06/24/the-most-in-demand-metaverse-skills-every-company-will-be-looking-for/?sh=623d5dfb7ccd, дата обращения 16.04.2024.
Nagel L. (2020) The influence of the COVID-19 pandemic on the digital transformation of work. International Journal of Sociology and Social Policy, 40(9-10), 861-875. DOI: https://doi.org/10.1108/IJSSP-07-2020-0323
Narin N.G. (2021) A content analysis of the metaverse articles. Journal of Metaverse, 1(1), 17-24.
Osterwalder A., Pigneur Y. (2010) Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers (vol. 1),. New York: John Wiley & Sons.
Ozcan P., Eisenhardt K.M. (2009) Origin of alliance portfolios: Entrepreneurs, network strategies, and firm performance. Academy of Management Journal, 52(2), 246-279. https://www.jstor.org/stable/40390287.
Pellegrini M., Uskov V., Casalino N. (2020) Reimagining and re-designing the post-COVID-19 higher education organizations to address new challenges and responses for safe and effective teaching activities. Law and Economics Yearly Review Journal - LEYR, 9(1), 219-248.
Peterson D. (2022) Why remote work will fully embody the metaverse. https://www.metaverselearning.space/tag/work/, дата обращения 09.05.2023.
Peukert C., Weinhardt C., Hinz O., van der Aalst W.M. (2022) Metaverse: How to Approach Its Challenges from a BISE Perspective. Business & Information Systems Engineering, 64(4), 401-406.
Pramanik H.S., Kirtania M., Pani A.K. (2019) Essence of digital transformation - Manifestations at large financial institutions from North America. Future Generation Computer Systems, 95, 323-343.
Rillig M.C., Gould K.A., Maeder M., Kim S.W., Dueñas J.F., Pinek L., Lehmann A., Bielcik M. (2022) Opportunities and Risks of the Metaverse For Biodiversity and the Environment. Environmental Science & Technology, 56(8), 4721-4723. DOI: https://doi.org/10.1021/acs.est.2c01562
Ryan-Mosley T. (2021) Beauty filters are changing the way young girls see themselves. MIT Technology Review, 02.04.2021. https://www.technologyreview.com/2021/04/02/1021635/beauty-filters-young-girls-augmented-reality-social-media/, дата обращения 06.05.2023.
Schwirn M. (2022a) Information in the Metaverse is A Tale of Two Cities. Computer Weekly, 25.02.2022. https://www.computerweekly.com/feature/Information-in-the-metaverse-is-a-Tale-of-Two-Cities, дата обращения 06.05.2023.
Schwirn M. (2022b) Extended reality can be empathic reality. Computer Weekly, 29.11.2022. https://www.computerweekly.com/feature/Extended-reality-can-be-empathic-reality, дата обращения 06.05.2023.
Secundo G., Shams S.R., Nucci F. (2021) Digital technologies and collective intelligence for healthcare ecosystem: Optimizing Internet of Things adoption for pandemic management. Journal of Business Research, 131, 563-572. DOI: https://doi.org/10.1016/j.jbusres.2021.01.034
Seok W. (2021) Metaverse business model and ecosystem analysis. Electronics and Telecommunications Trends, 36(4), 81-91.
Silverman D., Marvasti A. (2008) Doing qualitative research: A comprehensive guide, Thousand Oaks, CA: Sage.
Smaili N., de Rancourt-Raymond A. (2022) Metaverse: Welcome to the new fraud marketplace. Journal of Financial Crime, (ahead-of-print). DOI: https://doi.org/10.1108/JFC-06-2022-0124
Spurk D., Straub C. (2020) Flexible employment relationships and careers in times of the COVID-19 pandemic. Journal of Vocational Behavior, 119(2-4). DOI: https://doi.org/10.1016/j.jvb.2020.103435
Stephenson N. (1992) Snow Crash: A Novel, New York: Bantam Books.
Terry G., Hayfield N., Clarke V., Braun V. (2017). Thematic analysis. In: The SAGE Handbook of Qualitative Research in Psychology (eds. C. Willig, W.S. Rogers)(vol. 2), Thousand Oaks, CA: Sage, pp. 17-37.
Upadhyay A.K., Khandelwal K. (2022) Metaverse: The future of immersive training. Strategic HR Review, 21(3), 83-86. DOI: https://doi.org/10.1108/SHR-02-2022-0009
Vig S. (2022) Intellectual property rights and the metaverse: An Indian perspective. The Journal of World Intellectual Property, 25(3), 753-766. DOI: https://doi.org/10.1111/jwip.12249
Vig S., Agarwal R.N. (2021) Repercussions of COVID-19 on small restaurant entrepreneurs: The Indian context. Strategic Change, 30(2), 145-152. DOI: https://doi.org/10.1002/jsc.2398
Zhang X., Chen Y., Hu L., Wang Y. (2022) The metaverse in education: Definition, framework, features, potential applications, challenges, and future research topics. Frontiers in Psychology, 13. DOI: https://doi.org/10.3389/fpsyg.2022.1016300
This work is licensed under a Creative Commons Attribution 4.0 International License.