Utilizing data strategy framework for retail business in the metaverse

Abstract

The emergence of the metaverse has brought about a significant shift in the retail industry as businesses strive to couple from the physical and digital worlds. However, this transition presents challenges in managing the massive and rapidly streaming data originating from the metaverse. In this paper, we explore the business opportunities that the metaverse offers for retail businesses and shed light on the ways to utilize data strategy in metaverse retailing. Our research analyzes the potential metaverse scenarios and the characteristics of metaverse data. We identify these scenarios into three key categories: Decoupled, Semi-coupled, and Tightly coupled. In particular, we highlight the importance of robust data strategies for organizations to effectively handle metaverse data and unlock success in this new realm. As a result, we propose a comprehensive data strategy framework that empowers retail businesses to effectively manage metaverse data, leverage valuable data insights, and make informed decisions at the rapid pace of the metaverse, enabling them to stay competitive in this evolving digital realm.