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From E-commerce to V-commerce: Understanding the impact of virtual reality and metaverse on economic activities

Author

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  • Robertas Damaševičius

    (Department of Applied Informatics, Vytautas Magnus University, Kaunas, Lithuania)

Abstract

This paper explores the transformative journey from traditional e-commerce to the emerging realm of virtual commerce (v-commerce) within the metaverse, a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual reality. The metaverse, with its immersive and interactive capabilities, is reshaping the landscape of economic activities, creating a paradigm shift in the way consumers shop, sell, and buy goods and services. The study delves into the impact of virtual reality (VR) technologies on consumer behavior, business models, and the overall economy. It investigates how VR is revolutionizing the shopping experience by offering immersive, personalized, and interactive platforms, thereby influencing con-sumer decision-making processes. The paper further examines the implications of these changes for businesses, particularly in terms of strategy, operations, and customer engagement. Moreover, the paper discusses the challenges and opportunities presented by the metaverse economy, including issues related to privacy, security, digital divide, and regulatory frameworks. It also highlights the potential of v-commerce to drive economic growth, innovation, and sustainability in the digital age. The paper concludes with a discussion on the future directions of v-commerce and the potential strategies for businesses to thrive in this new economic landscape.

Suggested Citation

  • Robertas Damaševičius, 2023. "From E-commerce to V-commerce: Understanding the impact of virtual reality and metaverse on economic activities," Journal of Information Economics, Anser Press, vol. 1(3), pages 55-79, October.
    • Handle: RePEc:bba:j00008:v:1:y:2023:i:3:p:55-79:d:241
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    References listed on IDEAS

    as
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    2. Weking, Jörg & Desouza, Kevin C. & Fielt, Erwin & Kowalkiewicz, Marek, 2023. "Metaverse-enabled entrepreneurship," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    3. Sadia Idrees & Gianpaolo Vignali & Simeon Gill, 2023. "Interactive Marketing with Virtual Commerce Tools: Purchasing Right Size and Fitted Garment in Fashion Metaverse," Springer Books, in: Cheng Lu Wang (ed.), The Palgrave Handbook of Interactive Marketing, chapter 0, pages 329-351, Springer.
    4. Zaheer Allam & Ayyoob Sharifi & Simon Elias Bibri & David Sydney Jones & John Krogstie, 2022. "The Metaverse as a Virtual Form of Smart Cities: Opportunities and Challenges for Environmental, Economic, and Social Sustainability in Urban Futures," Post-Print hal-03997438, HAL.
    5. Vidal-Tomás, David, 2023. "The illusion of the metaverse and meta-economy," International Review of Financial Analysis, Elsevier, vol. 86(C).
    6. Emmanuel Okewu & Sanjay Misra & Rytis Maskeliūnas & Robertas Damaševičius & Luis Fernandez-Sanz, 2017. "Optimizing Green Computing Awareness for Environmental Sustainability and Economic Security as a Stochastic Optimization Problem," Sustainability, MDPI, vol. 9(10), pages 1-17, October.
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