Nova Yuningrat

Metaverse Economy: Redefining Consumer Experience and Business Models

Introduction

Metaverse economy: redefining consumer experience and business models. Explore how the metaverse economy, powered by VR/AR, redefines consumer experience & digital business models. Discover factors shaping loyalty, monetization, and strategic design for companies.

Abstract

The development of immersive technologies such as virtual reality (VR) and augmented reality (AR) has given birth to the metaverse phenomenon that redefines consumer interaction with brands and companies. The metaverse not only offers new experiences based on presence, avatars, and co-creation, but also drives the transformation of digital business models. However, empirical evidence on how consumer experience affects loyalty and monetization mechanisms in the context of the metaverse is still limited. This research aims to identify the factors that shape the consumer experience in the metaverse, analyze the relationship between technology adoption, immersive experience, and business model performance, and formulate strategic design guidelines for companies. The research method uses a quantitative approach with a survey of 200 metaverse users in Indonesia. The analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the support of qualitative interview data to strengthen interpretation. The results showed that presence, embodiment, and co-creation had a significant effect on engagement with a contribution of 64%. Technology acceptance factors (performance expectancy, social influence, and facilitating conditions) explain 58% of loyalty variance. In addition, the configuration of business models based on experience-as-a-service, community subscriptions, and tokenization was able to explain the 61% variance of willingness to pay. The implications of this study confirm that the metaverse economy is not just a technological phenomenon, but a new economic system that requires companies to design consumer experience strategies, technology acceptance, and business models in an integrated manner

Review

This timely paper, "Metaverse Economy: Redefining Consumer Experience and Business Models," addresses a critical gap in the understanding of the rapidly evolving metaverse landscape. The authors effectively set the stage by highlighting the transformative potential of immersive technologies like VR and AR in reshaping consumer-brand interactions and digital business models. The core problem statement—the scarcity of empirical evidence linking consumer experience to loyalty and monetization within the metaverse—is well-articulated, making the research aims particularly pertinent. The study's objectives to identify key consumer experience factors, analyze the relationships between technology adoption, immersive experience, and business model performance, and formulate strategic design guidelines are ambitious and directly relevant to both academic discourse and practical industry application. The research employs a robust quantitative methodology, surveying 200 metaverse users in Indonesia, complemented by qualitative interview data for enriched interpretation. The use of Structural Equation Modeling–Partial Least Squares (SEM-PLS) is appropriate for exploring the complex relationships outlined. The findings are compelling and provide significant empirical insights: presence, embodiment, and co-creation are strongly linked to engagement (64% contribution); technology acceptance factors (performance expectancy, social influence, and facilitating conditions) substantially explain loyalty variance (58%); and innovative business model configurations (experience-as-a-service, community subscriptions, and tokenization) significantly predict willingness to pay (61%). These results offer strong evidence supporting the proposed theoretical frameworks. Ultimately, this study makes a substantial contribution by confirming that the metaverse economy extends far beyond a mere technological trend, representing a novel economic system. The integrated implications underscore the necessity for companies to strategically design consumer experience, technology acceptance, and business models in a cohesive manner. The research provides valuable, data-driven guidelines for businesses navigating this nascent digital frontier, offering a foundational understanding of how to foster engagement, loyalty, and monetization. While the findings are drawn from an Indonesian context, their theoretical underpinnings likely hold broader relevance for global metaverse stakeholders, paving the way for future comparative studies.

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