The Rise of Virtual Commerce: An Abstract

Abstract

Advances in digital technologies continue to transform the way that organisations conduct business, and none has been more widely anticipated than Virtual Reality. Numerous academics and practitioners in a variety of industries have identified valuable opportunities that come with implementing Virtual Reality technologies into various contexts. Stakeholders are actively experimenting with Virtual Reality implementation to achieve objectives, and recently Virtual Reality technologies have been applied in business environments to aid virtual commerce. This research implements a conceptual approach to clearly define virtual commerce and the Virtual Reality ecosystem. Literature review aided the process of examining and understanding the larger virtual reality environment in which the different stakeholders operate and how value is created by and through the different elements in order to drive the business-to-consumer virtual reality market. As such, it helped determine the scope as well as the mapping and analysis of the current state of the Virtual Reality market and the central value-adding activities that different stakeholders undertake in the Virtual Reality industry. After evaluating the literature and the market, the researchers were able to clearly define the Virtual Reality ecosystem’s architecture, which was visualized and turned into a strategic analytical and decision support tool. As the Virtual Reality market grows, matures and becomes less fragmented, adoption across industries is expected to speed up and Virtual Reality will eventually gain a prominent place within the global economy. This brings about changes and implications regarding the ways in which commerce will be conducted. With several online retailers already at the forefront of commodifying virtual shopping, and an even bigger part implementing it as a marketing tool for business, the technology can be expected to become a valuable asset in enhancing and personalizing the online shopping experience. The paper closes by discussing future developments and research implications for theory and practice.