Transforming Supply Chain Traceability with Big Data Analytics and Metaverse Technology: Opportunities and Challenges

The term “business model” is used to refer to a set of narratives that summarize the most crucial elements of a company. As a digital environment accessible via different technologies like virtual or augmented reality, and as a location where people are able to connect and work with one another, the metaverse is already a reality that may be called credible. Businesses are trying to take advantage of a trend, as the decentralization of the metaverse offers fantastic opportunities for growth. This article focuses on the fashion and retail industries and discusses a few features of the present business model as well as the rise of the metaverse and their effect on the existing business models. Avatars are digital representations that metaverse users may customize to represent themselves. Online games, virtual communities, and other digital environments may all benefit from the incorporation of these avatars. To a large extent, advertising in the metaverse mirrors its implementation in the actual world. This bodes well for the development of promotional strategies in the cyberworld. We will be encouraged to come up with unique equations and methods as a result of this new virtual environment, which will have effects on the user that we could never have predicted. Additional benefits that may improve the company’s bottom line in the next decades include the prospect of the metaverse being linked with generation Z.