Firm and Consumer Interactions in the Metaverse

Abstract

Businesses are gradually shifting from the traditional models to newer business models with the adoption of metaverse. Consumers are expected to benefit immensely as a result of higher usage of metaverse technology in the different sectors such as healthcare, IT, travel and tourism, real estate, fashion brands and education, etc. India has a high potential of adopting the metaverse technology in the online gaming sector. However, numerous challenges such as dearth of investments, lack of infrastructure, dearth of rules and regulations, online fraud and harassment are part of the daily lives in today's world. Against this backdrop, the study examines the potential benefits and disadvantages of adopting the metaverse technology by business and brands and its interaction with consumers. Lastly, the study discusses the future of metaverse technology with emphasis on the gaming sector, its notable challenges associated with metaverse and the remedial measures and solutions which can be used for better integration of metaverse technology for business efficiency and consumer usage.