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Preparing for the New Paradigm of Business: The Metaverse

Author

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  • Shinu Vig

    (Symbiosis International (Deemed) University)

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.

Suggested Citation

  • Shinu Vig, 2023. "Preparing for the New Paradigm of Business: The Metaverse," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 17(3), pages 6-18.
    • Handle: RePEc:hig:fsight:v:17:y:2023:i:3:p:6-18
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    References listed on IDEAS

    as
    1. Christian Peukert & Christof Weinhardt & Oliver Hinz & Wil M. P. Aalst, 2022. "Metaverse: How to Approach Its Challenges from a BISE Perspective," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 64(4), pages 401-406, August.
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    More about this item

    Keywords

    metaverse; augmented reality; virtual reality; legal aspects; learning; new technology; ethics;
    All these keywords.

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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