IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v209y2024ics004016252400636x.html
   My bibliography  Save this article

The metaverse, a new frontier for innovative business models

Author

Listed:
  • CRISTACHE, Nicoleta
  • PRICOPOAIA, Oana
  • NĂSTASE, Marian
  • ȘIȘU, Julia-Anamaria
  • TÎRNOVANU, Andrei-Constantin
  • MATIȘ, Cosmin

Abstract

The next revolutionary technology that will have an impact on society in the coming decades is called metaverse, which allows immersive encounters in both virtual and real-world environments. Metaverse, while still in the concept stage, merges the digital and physical realms, allowing users to move easily between them. How does metaverse influence sustainable development, organizational competitiveness and business innovation? This is the question from which this research started. In addition to identifying future obstacles, the paper proposes research options to help organisations fully exploit the opportunities and capabilities of metaverse. Investigating the current limitations and expansion potential of metaverse, including the impact on different industries and economic sectors, is the main focus of this research. The data collection tool was the questionnaire that we distributed to groups in different companies in Romania, being completed by employees from both executive and management departments. In this study, we developed a conceptual model to investigate the factors that could positively influence the evolution of innovative business models in Romania. We opted for structural equation modelling using SmartPLS4 software. The present research also contributes to identifying and addressing the challenges and risks associated with metaversion. The analysis indicates that although the adoption of digital business models and innovative management practices is significant, their immediate impact on the long-term success of companies in the metaverse is somewhat limited. The metaverse represents both a risk and an excellent opportunity for entrepreneurs to leverage digital services for growth. We believe this research is necessary to uncover new innovative business opportunities, as understanding rapid technological change allows companies to remain competitive and adopt new technologies effectively.

Suggested Citation

  • CRISTACHE, Nicoleta & PRICOPOAIA, Oana & NĂSTASE, Marian & ȘIȘU, Julia-Anamaria & TÎRNOVANU, Andrei-Constantin & MATIȘ, Cosmin, 2024. "The metaverse, a new frontier for innovative business models," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    • Handle: RePEc:eee:tefoso:v:209:y:2024:i:c:s004016252400636x
    DOI: 10.1016/j.techfore.2024.123838
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S004016252400636X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2024.123838?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Nigel Roome & Han van Kleef, 2007. "Developing capabilities and competence for sustainable business management as innovation: a research agenda," ULB Institutional Repository 2013/14319, ULB -- Universite Libre de Bruxelles.
    2. Giang Barrera, Kevin & Shah, Denish, 2023. "Marketing in the Metaverse: Conceptual understanding, framework, and research agenda," Journal of Business Research, Elsevier, vol. 155(PA).
    3. Tatyana Boikova & Sandija Zeverte-Rivza & Peteris Rivza & Baiba Rivza, 2021. "The Determinants and Effects of Competitiveness: The Role of Digitalization in the European Economies," Sustainability, MDPI, vol. 13(21), pages 1-22, October.
    4. Salzmann, Oliver & Ionescu-somers, Aileen & Steger, Ulrich, 2005. "The Business Case for Corporate Sustainability:: Literature Review and Research Options," European Management Journal, Elsevier, vol. 23(1), pages 27-36, February.
    5. S nziana-Maria Rindasu & Liliana Ionescu-Feleaga & Bogdan-Stefan onescu & Ioan Dan Topor, 2023. "Digitalisation and Skills Adequacy as Determinants of Innovation for Sustainable Development in EU Countries: A PLS-SEM Approach," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 25(S17), pages 968-968, November.
    6. Jafar, Rana Muhammad Sohail & Ahmad, Wasim & Sun, Yanming, 2023. "Unfolding the impacts of metaverse aspects on telepresence, product knowledge, and purchase intentions in the metaverse stores," Technology in Society, Elsevier, vol. 74(C).
    7. Alshawaaf, Nasser & Lee, Soo Hee, 2021. "Business model innovation through digitisation in social purpose organisations: A comparative analysis of Tate Modern and Pompidou Centre," Journal of Business Research, Elsevier, vol. 125(C), pages 597-608.
    8. Edilson Bacinello & Gérson Tontini & Anete Alberton, 2020. "Influence of maturity on corporate social responsibility and sustainable innovation in business performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(2), pages 749-759, March.
    9. Erevelles, Sunil & Fukawa, Nobuyuki & Swayne, Linda, 2016. "Big Data consumer analytics and the transformation of marketing," Journal of Business Research, Elsevier, vol. 69(2), pages 897-904.
    10. Vidal-Tomás, David, 2022. "The new crypto niche: NFTs, play-to-earn, and metaverse tokens," Finance Research Letters, Elsevier, vol. 47(PB).
    11. Cowan, Kirsten & Ketron, Seth, 2019. "A dual model of product involvement for effective virtual reality: The roles of imagination, co-creation, telepresence, and interactivity," Journal of Business Research, Elsevier, vol. 100(C), pages 483-492.
    12. Egi Arvian Firmansyah & Umar Habibu Umar, 2023. "Metaverse in business research: a systematic literature review," Cogent Business & Management, Taylor & Francis Journals, vol. 10(2), pages 2222499-222, December.
    13. Mary M. Crossan & Marina Apaydin, 2010. "A Multi‐Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature," Journal of Management Studies, Wiley Blackwell, vol. 47(6), pages 1154-1191, September.
    14. Ignacio G. Vaccaro & Justin J. P. Jansen & Frans A. J. Van Den Bosch & Henk W. Volberda, 2012. "Management Innovation and Leadership: The Moderating Role of Organizational Size," Journal of Management Studies, Wiley Blackwell, vol. 49(1), pages 28-51, January.
    15. Mihai Felea & Mihaela Bucur & Cristian Negru?iu & Maria Ni?u & Drago? Andrei Stoica, 2021. "Wearable Technology Adoption Among Romanian Students: A Structural Model Based on TAM," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 23(57), pages 376-376.
    16. Ritter, Thomas & Gemunden, Hans Georg, 2003. "Interorganizational relationships and networks: An overview," Journal of Business Research, Elsevier, vol. 56(9), pages 691-697, September.
    17. Kahn, Kenneth B., 2018. "Understanding innovation," Business Horizons, Elsevier, vol. 61(3), pages 453-460.
    18. Kraus, Sascha & Durst, Susanne & Ferreira, João J. & Veiga, Pedro & Kailer, Norbert & Weinmann, Alexandra, 2022. "Digital transformation in business and management research: An overview of the current status quo," International Journal of Information Management, Elsevier, vol. 63(C).
    19. Ramzi El-Haddadeh, 2020. "Digital Innovation Dynamics Influence on Organisational Adoption: The Case of Cloud Computing Services," Information Systems Frontiers, Springer, vol. 22(4), pages 985-999, August.
    20. Philippe Aghion & Reinhilde Veugelers & David Hemous, 2009. "No Green Growth Without Innovation," Bruegel Policy Brief 353, Bruegel.
    21. Salihah Khairawati, 2020. "Effect of customer loyalty program on customer satisfaction and its impact on customer loyalty," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(1), pages 15-23, January.
    22. Usai, A. & Fiano, F. & Messeni Petruzzelli, A. & Paoloni, P. & Farina Briamonte, M. & Orlando, B., 2021. "Unveiling the impact of the adoption of digital technologies on firms’ innovation performance," Journal of Business Research, Elsevier, vol. 133(C), pages 327-336.
    23. Thomas Dyllick & Kai Hockerts, 2002. "Beyond the business case for corporate sustainability," Business Strategy and the Environment, Wiley Blackwell, vol. 11(2), pages 130-141, March.
    24. Gunday, Gurhan & Ulusoy, Gunduz & Kilic, Kemal & Alpkan, Lutfihak, 2011. "Effects of innovation types on firm performance," International Journal of Production Economics, Elsevier, vol. 133(2), pages 662-676, October.
    25. Reinartz, Werner & Haenlein, Michael & Henseler, Jörg, 2009. "An empirical comparison of the efficacy of covariance-based and variance-based SEM," International Journal of Research in Marketing, Elsevier, vol. 26(4), pages 332-344.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marlenne G. Velazquez-Cazares & Anna M. Gil-Lafuente & Ernesto Leon-Castro & Fabio Blanco-Mesa, 2021. "Innovation capabilities measurement using fuzzy methodologies: a Colombian SMEs case," Computational and Mathematical Organization Theory, Springer, vol. 27(4), pages 384-413, December.
    2. Zhelyu Vladimirov, 2021. "Mediating Role of Innovations as a Factor of Firm’s Competitiveness," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 407-429, September.
    3. Maria Björklund & Helena Forslund, 2019. "Challenges Addressed by Swedish Third-Party Logistics Providers Conducting Sustainable Logistics Business Cases," Sustainability, MDPI, vol. 11(9), pages 1-15, May.
    4. Rubio-Andrés, Mercedes & Ramos-González, Mª del Mar & Sastre-Castillo, Miguel Ángel & Gutiérrez-Broncano, Santiago, 2023. "Stakeholder pressure and innovation capacity of SMEs in the COVID-19 pandemic: Mediating and multigroup analysis," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    5. Fabien Martinez, 2014. "Corporate strategy and the environment: towards a four-dimensional compatibility model for fostering green management decisions," Post-Print hal-02887618, HAL.
    6. Dimitrios Kafetzopoulos & Evangelos Psomas, 2016. "ORGANISATIONAL LEARNING, NON-TECHNICAL INNOVATION AND CUSTOMER SATISFACTION OF SMEs," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(03), pages 1-28, April.
    7. Tobias Hahn & Frank Figge & Jonatan Pinkse & Lutz Preuss, 2010. "Trade‐offs in corporate sustainability: you can't have your cake and eat it," Business Strategy and the Environment, Wiley Blackwell, vol. 19(4), pages 217-229, May.
    8. Sonia Adam-Ledunois & Sébastien Damart, 2016. "Innovation managériale… ou pas ? Design d'une méthodologie d'analyse critique des objets de management," Post-Print hal-01780623, HAL.
    9. Frank Figge & Andrea Stevenson Thorpe & Siarhei Manzhynski & Melissa Gutberlet, 2022. "The us in reUSe. Theorizing the how and why of the circular economy," Business Strategy and the Environment, Wiley Blackwell, vol. 31(6), pages 2741-2753, September.
    10. Barıs Aksu & Gulsen Akman, 2024. "How Eco-innovation Determinants and Eco-innovation Strategy Influences Sustainability Performance of SMEs? Mediating Role of Eco-innovation Strategy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9368-9392, June.
    11. Vinícius P. Rodrigues & Daniela C. A. Pigosso & Jakob W. Andersen & Tim C. McAloone, 2018. "Evaluating the Potential Business Benefits of Ecodesign Implementation: A Logic Model Approach," Sustainability, MDPI, vol. 10(6), pages 1-26, June.
    12. Heidemann, Gerrit & Schmidt, Sascha L. & von der Gracht, Heiko A. & Beiderbeck, Daniel, 2024. "The impact of the metaverse on the future business of professional football clubs – A prospective study," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    13. Renáta Myšková & Petr Hájek, 2018. "Sustainability and Corporate Social Responsibility in the Text of Annual Reports—The Case of the IT Services Industry," Sustainability, MDPI, vol. 10(11), pages 1-18, November.
    14. Martina Sukitsch & Sabrina Engert & Rupert J. Baumgartner, 2015. "The Implementation of Corporate Sustainability in the European Automotive Industry: An Analysis of Sustainability Reports," Sustainability, MDPI, vol. 7(9), pages 1-28, August.
    15. Inigo, Edurne A. & Albareda, Laura, 2019. "Sustainability oriented innovation dynamics: Levels of dynamic capabilities and their path-dependent and self-reinforcing logics," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 334-351.
    16. Chiara Mio & Luciana Oranges Cezarino, 2023. "Competencies for Sustainable Development Goals Accounting: Educating public management for disclosure and reporting," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2023(2 Suppl.), pages 133-160.
    17. Kozica, Arjan & Kaiser, Stephan, 2012. "A Sustainability Perspective on Flexible HRM: How to Cope with Paradoxes of Contingent Work," management revue - Socio-Economic Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 23(3), pages 239-261.
    18. Figge, Frank & Hahn, Tobias, 2012. "Is green and profitable sustainable? Assessing the trade-off between economic and environmental aspects," International Journal of Production Economics, Elsevier, vol. 140(1), pages 92-102.
    19. A. Gözde Gözüm & : G. Pınar Acar, 2018. "İşletmelerin BIST-Sürdürülebilirlik Endeksi’nde Yer Alma DurumunaGöre Üst Kademe Teorisi Kapsamında Değerlendirilmesi," Istanbul Management Journal, Istanbul University Business School, vol. 29(84), pages 93-112, June.
    20. Kuo-Jui Wu & Ching-Jong Liao & Ming-Lang Tseng & Pei-Jay Chou, 2015. "Understanding Innovation for Sustainable Business Management Capabilities and Competencies under Uncertainty," Sustainability, MDPI, vol. 7(10), pages 1-35, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:209:y:2024:i:c:s004016252400636x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.