Retailing in the Metaverse: Exploring Opportunities and Challenges

The metaverse is rapidly gaining popularity among both customers and retailers alike. There is a growing interest in immersive shopping experiences amongst consumers, and past research indicates a positive impact of immersive shopping experiences on business revenue. This paper explores various retail scenarios in the metaverse and discusses how brands leverage technology to provide unique shopping experiences. The findings are supported by examples from international brands. In this study, six basic building blocks are proposed for setting up a retail store in the metaverse. These building blocks are used for exploring the opportunities and challenges in metaverse retail. A wide range of research gaps is identified and categorized within these blocks, thereby providing pointers for further studies. The six building blocks can also provide retailers with a quick picture of the different facets of setting up a shop in the metaverse.