How Is Metaverse Impacting Consumers' Behaviour?

Abstract

There has been huge industry buzz and excitement for the metaverse. Metaverse is considered as a hyper-connected digital universe fundamentally changing business practices, including how consumers, brands, and firms will transact and interact in a space of virtual realities. Metaverse is beyond gaming, and now it is a 3D virtual world with rich and immersive experiences. It involves a digital economy where people can create, buy, and sell goods and services. Industry can also use the metaverse for educational purposes, collaboration, and social interactions. It's reasonable to assume that most consumers will eventually move to the metaverse, given that more than 75% of consumers worldwide rely on technology in their daily lives. Additionally, as new forms of content, consumption, and commerce become available, consumer behaviors will also change. While there is already some overlap between digital commerce and video games, the metaverse introduces virtual goods and services that elevate purchasing beyond the ordinary, opening up new revenue streams for companies and providing a means of reaching out to younger customer demographics. According to earlier research, most younger customers desire the ability to purchase their preferred brands online wherever they go, including on metaverse platforms. This research presents a multidisciplinary analysis of the metaverse, with an emphasis on how it can affect consumer behavior. The authors are putting forth a conceptualization model of the metaverse in this study, which includes the following essential components: it is digitally mediated, spatial, immersive, shared, and functions in real-time. They also discuss how these components affect consumer behavior. The knowledge of the metaverse marketplace and how it affects customer behavior has expanded as a result of this study. This research aids in determining how consumers' shopping habits are altered by the metaverse, a virtual environment, and how businesses might benefit from it.