Paper title (Paper Title style)


Australasian Journal of Information Systems Kumar & Sharma 
2024, Vol 28, Research Article Immersive environment for Business Metaverse 

Received 23 May 2023, accepted 25 Sept 2024 after 5 rounds of review with Karlheinz Kautz as accepting Editor. 
  1 

Creating an immersive environment of Metaverse for 
businesses  

Harish Kumar 

Indian Institute of Management Kashipur 

Kundeshwari, Kashipur, Uttarakhand, India 

Email: harish.kumar@iimkashipur.ac.in 

Vijay Kumar Sharma 

TAPMI School of Business, 

Manipal University Jaipur 

Jaipur, Rajasthan, India  

Abstract  
Metaverse is an immersive environment that shares online space with users to interact with 

an artificial world through avatars or other digital representations. By leveraging the 

immersive features of Metaverse, businesses can create new opportunities for revenue 

generation, customer engagement, collaboration, innovative products, services, or innovation. 

The development and governing of user interfaces and virtual environments are challenging. 

Since the metaverse concept is emerging, numerous questions remain about designing, 

executing, and benefiting from it in the business environment. This study identifies enablers 

that can support creating an immersive Metaverse environment for businesses to gain new 

business opportunities. The study deploys multi-criteria decision-making techniques, "Total 

Interpretive Structural Modelling," and "Cross-Impact Matrix Multiplication Applied to 

Classification" to establish cross-relationships among enablers. The study also provides a 

hierarchical roadmap for creating an immersive metaverse environment. Recognizing which 

enablers hold the most influence in a hierarchy can lead to the strategic development of an 

immersive environment. This study will help researchers, policymakers, technology 

consultants, and business practitioners explore Metaverse's most impacting enablers to gain 

competitive advantages and future opportunities for the business.  

Keywords: Metaverse; virtual reality; immersive experience; business opportunities; TISM-

MICMAC. 

1 Introduction 

In the immersive virtual environment of Metaverse, individuals, locations, and objects from 

the real world are represented by digital avatars with which people can interact, communicate, 

work together, and meet (Buhalis et al., 2023; Polyviou & Pappas, 2022). Metaverse technology 

is a virtual environment where people can get immersed in an artificial world (Bansal et al., 

2022). The users engaged with the digital platform and formed social connections by using 

avatars in the immersive environment of Metaverse (Dwivedi et al., 2022). Metaverse aims to 

give users an immersive, spatial experience by utilizing cutting-edge technologies (Oleksy et 

al., 2023).  

The technological revolution can transform the real world beyond time limitations (Kraus et 

al., 2022). Practitioners and scholars are increasingly investigating and debating the societal 

consequences of meta platforms’ rollout of Horizon Worlds and its influence on various 

aspects of working culture and socialization (Kraus et al., 2022; Pamucar et al., 2022). In the 

mailto:harish.kumar@iimkashipur.ac.in


Australasian Journal of Information Systems Kumar & Sharma 
2024, Vol 28, Research Article Immersive environment for Business Metaverse 
 

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Metaverse, people may freely move between the actual and virtual worlds while engaging in 

work, conversation, and socialization through Cyber-virtual simulations in mixed-reality 

settings (Li et al., 2023).  

Frontiers of convergent technologies are shaping Metaverse, which is a fully immersive 

networked world of virtual reality, AI, crypto, and blockchain (Dwivedi et al., 2022). In a 

metaverse environment, virtual and real interactions can take many forms, ranging from fully 

immersive virtual experiences to hybrid experiences that blend elements of virtual and real 

worlds (Li et al., 2023). Businesses, governments, and societies would depend on the strength 

and scope of Metaverse to exchange knowledge, offer services, and work together in ways that 

have never been possible (Huynh et al., 2023). In the next decade, people will be surrounded 

by virtual objects and environments that will provide new interfaces and connections to time, 

places, and people with the emergence of human-computer interfaces (Bale et al., 2022).  

People have already started spending time in a metaverse environment for education, training, 

shopping, office work, and entertainment (Huynh et al., 2023). The Metaverse often conducts 

business using digital assets like cryptocurrencies and non-fungible tokens (NFT). With the 

Metaverse environment, the manufacturing process, like acquiring raw materials, production, 

prototyping, and testing, could be sped up (Li et al., 2023). More sophisticated technologies are 

needed to facilitate the emergence of Metaverse and user-centered exploration. Metaverse 

must provide user-centric activities and realistic experiences (Zhao et al., 2022). 

With e-commerce and m-commerce shopping trends, the Metaverse can be at the forefront of 

developing innovative and valuable customer interactions (Buhalis et al., 2023). Brands have 

been compelled to improve digital experiences so that consumers can disseminate information 

in retail sectors (Bansal et al., 2022). While preserving the adaptability of a remote or mixed 

working culture, Metaverse may also provide a way to improve the office environment. 

Metaverse can help in designing virtual reality workspaces to promote conversations, 

interactions, and collaborative activities (Buhalis et al., 2023; Huynh et al., 2023). Metaverse 

provides a digital platform where training, orientations, and corporate sessions can be 

performed for the employees to boost the efficiency and profitability of the business (Kraus et 

al., 2022).  

To engage customers, businesses must allow them to connect with their brands, features, and 

market trends (Huynh et al., 2023; Prieto et al., 2022). Metaverse may improve the shopping 

experience by refining search engine optimizations and advertisement metrics, understanding 

buying behavior, and using virtual avatars (Prieto et al., 2022). Therefore, business 

organizations should have a long-term plan on a priority basis to deploy metaverse technology 

(Giang & Shah, 2023). Developing systems to monetize metaverse environments necessitates 

a broad range of skills, planning, development, marketing, and collaboration, regardless of the 

focused aspect being customers’ experience, adverts, purchasable objects, or games (Prieto et 

al., 2022).  

The metaverse idea is currently in its early stages, and there are still many questions about 

how it will be implemented and what benefits it will have for businesses (Hajian et al., 2024). 

The existing research has examined users’ intention to utilize Metaverse in terms of perceived 

usefulness (Aburbeian et al., 2022), embodied presence (Zhang et al., 2022), informativeness 

and interactivity (Hwang et al., 2022), perceived ubiquity, user innovativeness (Salloum et al., 

2023) and reducing cyber challenges (Sebastian, 2022; Hajian et al., 2024).  



Australasian Journal of Information Systems Kumar & Sharma 
2024, Vol 28, Research Article Immersive metaverse for business 

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The metaverse environment encounters various challenges like governance (Dwivedi et al., 

2022), laws, regulations, and protections of intellectual property (Lnenicka et al., 2024), 

technological scalability and interoperability between platforms (Aysan et al., 2024). 

Overcoming these challenges requires thoughtful planning and phased approaches (Al-

Adwan, 2024). Besides, Metaverse facilitates technological solutions, transforming traditional 

businesses (Mkedder & Das, 2024). 

The substantial initial investment needed for virtual and augmented reality technology, 

software, and infrastructure is one of the main obstacles (Al-Adwan, 2024). Researchers have 

an opportunity to investigate how virtual worlds emerged, what makes virtual platforms 

successful or unsuccessful, and what the best practices and potential hazards are when 

creating and implementing virtual environments thanks to the Metaverse. 

The Metaverse enables social interactions among users to produce value and co-create 

experiences. Adequate technologies are required for different stakeholders, like enterprises, 

customers, and users, to facilitate the experience and value co-creation in the virtual context 

(Buhalis et al., 2022). Businesses using metaverses to improve consumer or employee 

experiences should consider their target markets' infrastructure and equipment needs and the 

technical requirements for such offers. Polyviou and Pappas (2022) have introduced a 

framework for analyzing the metaverses and business value in terms of measurements and 

value, such as how organizations, users, governments, and platforms create, measure, or 

distribute the value generated using metaverses. 

The Metaverse can inspire the development of innovative tools for various tasks and processes 

or inspire the production of new tools for tasks already completed. This can encourage the 

development of novel or improved solutions to current problems. Digital innovations can 

create corporate value inside and outside organizations (Polyviou & Pappas, 2022). By 

leveraging the features of Metaverse, businesses can create new opportunities for revenue 

generation, customer engagement, collaboration, and innovation (Bale et al., 2022). The study 

has drawn a few research gaps based on previously published work analysis i) the enablers 

that can support the creation of an immersive environment of Metaverse are briefly explored 

in previous literature, and ii) Minimal resources are available for strategic planning and 

decision-making to create an immersive Metaverse environment. From the identified research 

gaps, this research has come up with the following research questions: 

RQ1: What enablers can support creating an immersive Metaverse environment for 

businesses? 

RQ2: How are these enablers interrelated for strategic planning and decision-making for 

business organizations to create an immersive environment for businesses? 

To resolve identified questions in any research, there are many approaches for gathering 

empirical data: surveys, interviews, ethnography, social network analysis, experimental 

design, time series data, and so on. Conducting empirical qualitative research in a metaverse 

context opens new frontiers for researchers (Hajian et al., 2024).  

The study appends to the body of knowledge regarding different enablers that drive the 

immersive environment of Metaverse. The proposed hierarchical model (figure 1) appends 

resource-based theory (RBT) and holds ideas for the strategic planning for Metaverse to 

improve computer-mediated shopping experiences to advance competitive business value. 

Businesses can leverage the outcomes of this study to formulate strategies for interactive 



Australasian Journal of Information Systems Kumar & Sharma 
2024, Vol 28, Research Article Immersive metaverse for business 

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virtual workspaces that can facilitate immersive experiences and interactions among 

stakeholders, including customers, employees, suppliers, and communities. Businesses can 

adopt innovative approaches to generating revenue and new business value in a virtual 

dynamic environment. The study also advances Uses and Gratifications (U&G) theory to steer 

strategically to develop immersive shopping experiences tailored to individual preferences. 

The developed hierarchical model sets multiple directions for future investigation of 

immersive metaverse environments for creating business value and success. The 

categorization of enablers through MICMAC analysis provides a more profound investigation 

of how distinct enablers are interrelated and affect an immersive metaverse environment. 

The rest of the article's structure is as follows. Section 2 deals with the literature review and 

the factors selected for the study. Section 3 explains the methodology and tools used to carry 

it out. Section 4 elaborates on the findings of the analysis of TISM with MICMAC Analysis. In 

section 5, there is a discussion, contributions, constraints, and potential avenues for future 

study, while in section 6, conclusions have been drawn. 

2 Review of Literature 

2.1 Theories associated with Metaverse and business   

The study thoroughly examined papers on the concept of an immersive environment, 

Metaverse, and associated technologies in the context of businesses. The existing literature 

describes Metaverse as a virtual environment using virtual reality through software agents 

and avatars (Lichtenthaler, 2018). The term "metaverse" refers to merging physical and digital 

realms, allowing users to move between them quickly for multiple uses such as employment, 

learning and development, health, hobby exploration, and social interaction. (Buhalis et al., 

2023). The Metaverse combines reality with the virtual environment through blockchain 

technology, avatars, and virtual reality headgear (Prieto et al., 2022).  

The “technology acceptance model (TAM)” is a standard theory in metaverse studies. Previous 

studies on Metaverse have been focused on implementation based on this theory. The 

“practice-based view (PBV) theory” can be utilized to clarify how the Metaverse improves 

company performance (Bromiley & Rau, 2014). In metaverse retailing, U&G theory provides 

a valuable lens through which to analyze consumer behaviour dynamics. In Metaverse, 

customers actively seek virtual experiences that suffice their retail needs and tastes rather than 

acting as passive recipients (Hong & Chow, 2023). According to the U&G hypothesis, people 

engage with media and virtual worlds to fulfill various social and psychological needs 

(Hassouneh & Brengman, 2014; Chakraborty et al., 2023).   

Using new technologies to create value requires addressing various social, environmental, and 

economic issues that may influence different societal stakeholders (Polyviou & Pappas, 2022). 

To study the potential of a metaverse environment for businesses' marketing capacities and 

procedures, Kozlenkova et al. (2014) used resource-based theory (RBT) (Barrera & Shah, 2023). 

The scope and volume of economic activity and the environment in which it takes place 

incredibly increase by transacting in metaverses. RBT works on the assumption that 

companies are collections of resources and competencies. Even when two organizations are 

operating in roughly the same markets or industries, RBT offers specific assumptions as to 

why it can occasionally be challenging to obtain the same high levels of economic value 

provided by another firm. RBT pays close attention to the creation and distribution of 

economic value. Organizations can employ RBT to attain market parity (Barney et al., 2021). 



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2024, Vol 28, Research Article Immersive metaverse for business 

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2.2 Key enablers for the immersive environment of Metaverse   

Few articles have discussed metaverse benefits and its impact on business organizations 

(Hajian et al., 2024). The Metaverse is an opportunity that businesses must carefully examine 

(Giang & Shah, 2023). Companies must move quickly to assess and integrate Metaverse into 

their operations (Huynh et al., 2023). Virtual worlds have emerged as the predominant setting 

for metaverse-related research, consumer research, branding, and advertising (Buhalis et al., 

2022). Considering that each component should have distinct qualities and not have the same 

meaning as another, fifteen enablers were identified (table 1) from the existing literature after 

discussing with experts (table 2) through the purposive sampling method. Initially, the 

enablers were identified from various peer-reviewed literature studies to cover the concept's 

scope. A list was prepared for identified enablers consulted by experts (Table 2). The experts 

could also share their comments and suggestions regarding the enablers. Some enablers were 

merged and discarded based on the consensus of the experts to establish their level of 

agreement to reduce the duplicity and to increase a comprehensive understanding of the 

study. The detail of each enabler is presented below-   

Immersive experience (V1) 

Metaverse enables immersive experiences (V1) in real and virtual environments (Buhalis et al., 

2023). By exploring virtual environments based on shared interests and preferences, users can 

collaborate to discover new and engaging experiences, enhancing their overall sense of 

immersion. Metaverse technology can support immersive experiences using 3D identities, 

realistic sensory stimulation, and interactive communication through emerging technologies 

(Capatina et al., 2024). Digital twins and other interface features are supported by Metaverse, 

allowing users to explore options in an immersive setting (Dwivedi et al., 2022). In the 

Metaverse, users can share their multimedia experiences and immersive content, influencing 

virtual and real-world settings by forming communities and exchanging digital content and 

interests (Buhalis et al., 2022). 

Organizational agility (V2) 

Business agility implementation demands high complexity and stakeholder cooperation 

(Huynh et al., 2023). An agile organization can adapt to changes in the environment and pivot 

its strategy and operations as needed to stay aligned with evolving user needs and trends. 

Collaborative platforms in Metaverse provide new levels of effectiveness, openness, and 

collaboration in flexible work settings (Prieto et al., 2022). Working side by side in virtual 

platforms substantially improves transparency and enables us to get over real-world physical 

limitations (Bale et al., 2022).  

Digital immersive environment (V3) 

Digital immersive environments can be customized to create virtual environments that are 

relevant and engaging for a wide range of users. Dimensions of immersiveness are interactive, 

visual, emotional, and narrative (Bilgihan et al., 2024). Users can have an engaging, realistic, 

and reliable experience in an immersive virtual environment (Richter & Richter, 2023). One 

significant barrier to businesses and consumers utilizing this new technology is the need for 

immersive platforms in Metaverse (Jaung, 2022; Mkedder & Das, 2024). Cyber-Physical 

Systems (CPS) can help converge the physical and virtual world using sensors, actuators, 

intelligence, and connectivity (Martínez-Gutiérrez et al., 2024).  

 



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2024, Vol 28, Research Article Immersive metaverse for business 

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Unified business strategy (V4) 

A unified business strategy can help organizations scale their operations and offerings 

consistent with their vision and purpose. Aharon et al. (2022) explored the areas where 

Metaverse can improve customer experiences, streamline operations, or generate new revenue 

streams. Various monetization strategies can be developed, such as selling virtual goods, 

offering subscriptions, charging for access to premium experiences, or leveraging advertising 

opportunities. 

Monetization model (V5) 

Emerging monetization prospects are likely one of the most critical developments in 

Metaverse. Businesses involved with Metaverse could immediately gain the benefits of new 

models early on and gain market share (Pamucar et al., 2022). Platform-based services are one 

of the ways to monetize the Metaverse. One Stop Metaverse Shops can be created by 

businesses that combine basic platform functionality with new services that cover cognitive 

content moderation, connectivity services, AI, and edge computing (Wei, 2022). Organizations 

can integrate immersive environments into their business model. Through the emergence of 

new industries, virtual collaboration can boost productivity. Metaverse can transform the 

economy using virtual marketplaces and currencies to facilitate digital commerce (Hajian et 

al., 2024). 

Technological infrastructure (V6) 

To implement Metaverse, organizations should focus on various issues like architecture, 

networking, communication, computation costs, interacting avatars, and online platforms (Xu 

et al., 2023; Hajian et al., 2024). The Metaverse can be connected to the physical world using 

IoT, sensors, blockchain technology, AI, edge computing, different Internet-based devices, and 

digital twins (Hajian et al., 2024). Users can create native virtual environments that suit their 

interests using the digital environment of the Metaverse. It is a collection of many virtual 

ecosystems that users can access (Hwang & Chien, 2022). Nevertheless, the Metaverse opens 

the potential for advancement when combined with augmented and virtual reality (Giang & 

Shah, 2023). Researchers and practitioners can consider the financial effects of using 

information technology by examining the business value of the technology with a firm-

level focus (Polyviou & Pappas, 2022). 

Visualization techniques (V7) 

Visualization techniques can help users to analyze and understand data in virtual 

environments. Data visualization techniques help identify patterns, trends, and relationships, 

enabling users to make intelligent decisions and interact more effectively with the virtual 

environment. Zhao et al. (2022) suggested a framework based on graphics, visualization 

techniques, and interactions for Metaverse and user-centric exploration. The graphics create 

an integrated environment fusing physical and virtual worlds by creating 3D sceneries, player 

characters, and non-player characters (NPCs) for the Metaverse's visual architecture.  

Digital immersive literacy (V8) 

Digital immersive literacy refers to the ability to understand and navigate digital immersive 

environments. Users should also effectively navigate and understand immersive digital 

environments. Skill sets like VR design, blockchain, and cybersecurity are crucial for 

immersive environments (Bilgihan et al., 2024).  



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2024, Vol 28, Research Article Immersive metaverse for business 

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User-centric exploration (V9) 

Zhao et al. (2022) proposed a framework to illustrate visualization methods, graphics, and 

interaction for creating Metaverse's visuals and user-centric exploration (Lnenicka et al., 2024). 

Diverse communication channels and the ability to manipulate digital artifacts are two 

benefits of a virtual collaboration environment for remote teams (Polyviou & Pappas, 2022). 

Effective interaction mechanisms and strategic planning are required to facilitate immersive 

user experiences in Metaverse (López-Cabarcos & Piñeiro-Chousa, 2024). 

Regulatory compliance (V10) 

Minimal performance standards and regulations are available for Metaverse (López-Cabarcos 

& Piñeiro-Chousa, 2024). Cryptocurrencies and NFT make trading virtual goods and services 

more accessible in the Metaverse. Although digital wallet Metaverse networks facilitate social 

connections, individuals still need control over which portions of personal information are 

accessible to whom (Zallio & Clarkson, 2022). It must abide by the laws governing rights and 

tax matters (Pamucar et al., 2022). Wu et al. (2023) have provided a comprehensive taxonomy 

of financial and security risks associated with decentralized Metaverse.  

Regulatory needs and recommendations can influence metaverse systems and services' 

structure, functionality, and design. Global laws, like the “General Data Protection Regulation 

(GDPR)” of the "European Union (EU)," may also be inefficient in regulating privacy concerns 

in Metaverse (Dwivedi et al., 2022). Specific laws may apply to online content usage, data 

privacy, security, and virtual currencies, depending on the nation or location. These rules can 

be complicated for firms to comply with, and they put up barriers for new companies looking 

to enter the Metaverse (Mkedder & Das, 2024). 

3-D Modelling (V11) 

Metaverse is a vast network of 3-D virtual environments (Bale et al., 2022). The technologies 

used to create graphically interactive, three-dimensional virtual representations on a computer 

are called 3D modeling (Barrera & Shah, 2023). It is a digital infrastructure that mimics the 

actual world by utilizing augmented reality, VR, blockchain technology, and social media. 3-

D models can create virtual reality, characters, objects, and environments.  

Ethics and governance (V12) 

The Metaverse and its avatars must have adequate and consistent system regulations with 

user identity and data privacy secured in contrast to the social media market, which is 

primarily unregulated and very dubious regarding its ethics and privacy guidelines (Wei, 

2022). A governance system is necessary to stop fraud, trolling, and other types of undesirable 

behavior in addition to content creation, such as events, games, and products (Zallio & 

Clarkson, 2022). Ethical constraints should be considered throughout the evolution of 

Metaverse (Aysan et al., 2024).  

Ethics and governance can create a metaverse environment that is safe, fair, and sustainable 

while fostering innovation, collaboration, and community building among users. To run the 

Metaverse, governance should guarantee transparency and decision-making (Dwivedi et al., 

2022). The governance model usually comprises regulatory frameworks, interoperability 

protocols, and governance structure  (Aysan et al., 2024). 

 

 



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2024, Vol 28, Research Article Immersive metaverse for business 

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Innovative engaging content (V13) 

Metaverse technology has the potential to drive brands towards innovation and engage 

consumers in novel ways. How advertising systems interact with consumers will dramatically 

transform (Hajian et al., 2024). Theories on customer engagement and loyalty may need to be 

redefined considering ideas like "telepresence" and avatar-based personalization (Bilgihan et 

al., 2024). 

Data ownership and integrity (V14) 

Businesses considering joining the Metaverse as users or owners should be aware of two 

crucial privacy considerations: the platform privacy, which they intend to follow, and their 

privacy policies (Kraus et al., 2022). This is difficult since there is no legislative structure till 

now. Consumers may need to be more informed about what metaverse privacy entails. 

Companies should take the initiative to implement successfully (Zallio & Clarkson, 2022).  

Virtual and real interactions (V15) 

Virtual communication can take different forms, such as communication, collaboration, 

socialization, and participation in virtual activities. Innovative and engaging content can 

encourage users to explore virtual environments in a personalized, dynamic, and interactive 

way. Any digitally created location or experience is considered an aspect of virtual space 

(Hajian et al., 2024). "virtual reality" describes fully immersive experiences that substitute a 

simulated world for the real one. The process of adding digital data to the real world and 

enhancing it with computer-generated perceptual data is known as augmented reality (Hajian 

et al., 2024). 

When a new product is released, consumers may wish to buy metaverse-specific products to 

have experience before purchasing it (Huynh et al., 2023). Businesses can guarantee that 

customers should have access to experiences by supporting technologies as they create 

identities in each space (Bale et al., 2022). Operating a business in the Metaverse requires 

metaverse-capable talent, regardless of where the company is positioned. However, these 

fields have a distinct dearth of expertise because of wide gaps between software 

specializations and skilled experts (Papagiannidis et al., 2022). The summary of selected vital 

enablers is shown in Table 1.   

Enabler Description References (Year) 

Immersive 

experience (V1)                          

A large-scale, open, communicative, constantly dynamic virtual 

setting with a real-time, fully functional world. 

Prieto et al., 2022; 

Buhalis et al., 2023; 

Capatina et al., 2024 

Organizational 

agility (V2) 

The ability of an organization to reinvent itself, transform quickly, 

adapt, and grow in a dynamic, uncertain environment. 

Bale et al., 2022; Prieto 

et al., 2022; Huynh et 

al., 2023 

Digital 

immersive 

environment (V3) 

The application of technology enhances augmented, virtual, and 

mixed and combines physical integration with digital one. 

Buhalis et al., 2022; 

Bilgihan et al., 2024 

Unified business 

strategy (V4) 

A unified approach combines conventional business methods like 

direct marketing with internet resources like blogs, online 

content, social networks, email, or advertising. 

Aharon et al., 2022 

Monetization 

model (V5)  

Users must pay charges to get the privilege of occupying space in 

the virtual world. Service providers must develop innovative 

business strategies to monetize the Metaverse for its users. 

Pamucar et al., 2022;  

Hajian et al., 2024 



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Technological 

infrastructure 

(V6) 

Telecommunications providers may need to create more compact 

wireless cell networks and adopt new technologies that can 

recognize and react dynamically to various data types to better 

support early metaverse experiences and enable future 

experiences at scale. 

Zallio & Clarkson, 

2022; Xu et al. 2023 

Visualization 

technique (V7) 

Present data in virtual reality and real-time data with aesthetically 

pleasing visual features. Users have a more incredible experience 

of the information when they engage with it in a thorough and 

immersive way, which improves the effectiveness of the data 

visualization process. It interacts almost as naturally with three-

dimensional data due to clarity as 3D data objects. 

Bale et al., 2022; 

Zhao et al., 2022 

Digital 

Immersive 

literacy (V8) 

"Digital immersion" describes integrating the physical 

environment and informational virtual world. It involves using 

technologies that alter or enhance the physical environment, 

including AR, VR, extended, and mixed reality. 

Kraus et al., 2022; 

Bilgihan et al., 2024 

User-centric 

exploration (V9) 

A digitally enhanced virtual platform where users can 

interconnect in a digital environment.  

Papagiannidis et al., 

2022; 

Lnenicka et al., 2024 

Regulatory 

compliance (V10)  

 

To control the immoral use of technology, national legislation and 

regulatory bodies have set laws, rules, and regulations pertinent 

to a particular business based on the industry and nation in which 

it operates. 

Zallio & Clarkson, 

2022; López-Cabarcos 

& Piñeiro-Chousa, 

2024; Dwivedi et al., 

2022; Mkedder & Das, 

2024 

3-D Modelling 

(V11) 

Any surface of an item, whether inanimate or alive, can be 

represented mathematically using coordinates in three 

dimensions by altering its edges, vertices, and polygons. An 

interconnected system of 3D virtual worlds called a "metaverse" 

focuses on social and commercial interaction. 

Bale et al., 2022;  

Barrera & Shah, 2023 

Ethics and 

Governance 

(V12) 

Concerns about identity control, privacy, economic injustices, 

social accessibility, and freedom of expression make up most 

ethical issues in digital platforms.  

Wei, 2022;  

Zallio & Clarkson, 

2022; Aysan et al., 2024 

Innovative 

engaging content 

(V13) 

 Virtual experiences can be divided into games, virtual locations, 

and virtual occasions. Metaverse allows interaction with people in 

entirely new ways while advancing existing capabilities. 

Hwang & Chien, 2022; 

Bilgihan et al., 2024; 

Hajian et al., 2024 

Data ownership 

and integrity 

(V14) 

The control and usage rights of digital assets and property within 

these virtual settings are the subject of ownership problems in the 

Metaverse. 

Kraus et al., 2022; Wei, 

2022  

Virtual and real 

interaction (V15)  

a wholly realistic virtual environment where users might engage 

in real-world-like interactions with one other and virtual things. It 

would include cutting-edge technology, augmented reality, and 

virtual reality. 

Hwang & Chien, 2022; 

Giang & Shah, 2023; 

Hajian et al., 2024 

Table 1. Key enablers selected for the study 

3 Methodology 

3.1 TISM and MICMAC Analysis 

This research adopted “Multi-criteria decision-making (MCDM)” techniques to study selected 

enablers that can support an immersive environment of Metaverse for business. The links 

between components and their complexity have been established by applying Total 

Interpretive Structural Modelling (TISM) and  Cross-Impact Matrix Multiplication Applied to 

Classification (MICMAC). A set of variables can use the "Interpretive Structuring Modelling 

(ISM)” technique to create a graphical representation of a complicated system. J.N. Warfield 



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2024, Vol 28, Research Article Immersive metaverse for business 

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first invented this method in 1973; several authors have used its concept and analytical details 

in their research (Dinesh, 2023; Singh & Sushil, 2013).  

The interpretive structural modelling identifies the logic of interrelationship within factors 

and is innovatively extended by the TISM technique. The TISM approach helps solve complex 

problems when many elements must be examined (Bag, 2016).  

The following are the TISM's methodology steps: - 

• Figuring out the elements that are important to the issue. Literature reviews, surveys, 

or strategies for group problem-solving could all be used to accomplish this. TISM 

participants include the following- 

• Applying pair-wise comparison to establish the contextual link between each factor. 

• Designing a “structural self-interaction matrix (SSIM)” of the selected factors (Table 3) 

to establish pair-wise interactions between the selected factors. The survey and expert 

opinion approach could be employed to create the matrix. 

• The "Initial reachability matrix” (Table 4) is developed from SSIM, and the “final 

reachability matrix” is by checking transitivity (Table 5).  

• Level-by-level partition of “final reachability matrix” (Table 6). 

• Building a conical form of reachability matrix (Table 7). 

• Developing a digraph based on the connections in a canonical matrix and eliminating 

all transitive links other than those with a distinct meaning.  

• Transforming the resulting digraph into a TISM model (Figure 1) by substituting 

statements for element nodes and links for interpretation relations.  

MICMAC analysis was performed to classify factors according to how they can influence one 

another. In 1973, Duperrin and Godet developed MICMAC analysis to categorize enablers 

according to how much they can influence each other (Attri et al., 2013). The MICMAC analysis 

is done using TISM data as inputs. It classifies each component into four groups: independent, 

autonomous, dependent, and linkage (Figure 2).  

3.2 Methodological selection  

The TISM technique is interpretive, where the group's judgment decides whether and how the 

factors/enablers are related. It is a modeling technique to depict the relationships and overall 

structure as a hierarchical digraph model. The methodology helps to enforce order and 

direction on the complexity of the relationships among the enablers. TISM and MICMAC have 

better practice advantages over other MCDM techniques for problems like immersive business 

metaverse environments.  

TISM-MICAMC techniques support systematic ranking and rating of factors. The "Technique 

for the Order of Prioritization by Similarity to Ideal Solution (TOPSIS)" can yield different 

rankings of elements compared to other MCDM approaches; however, it cannot preserve the 

consistency of the weight-assigning procedure. The analytical hierarchy process (AHP) is 

criticized since it tends to rank reversal. In addition, AHP creates a rigid hierarchy in which 

elements at the same level are assumed to be independent—the incapacity of ANP to provide 

weighted consequences among connected components. 

"Elimination and Choice Expressing Reality (ELECTRE)" is often used to choose, rank, and 

arrange options before eliminating them. The "Preference Ranking Organization Method for 

Enrichment Evaluations" (PROMETHEE) is better for rating processes from best to worst. 

PROMETHEE only offers a partial ranking of the behaviors. Only the cause-and-effect 



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2024, Vol 28, Research Article Immersive metaverse for business 

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relationships between the components are shown by DEMATEL. The relationships between 

the variables are shown using graph theory, albeit the accuracy of the graphs' edge directions 

is doubtful. Interpretive structural modelling (ISM) captures complexity dynamics but does 

not examine inverse linkages. Based on the elements' driving forces and dependencies, TISM-

MICMAC discloses their inter-contextual relationship. The TISM-MICAMC has been used in 

several previous studies, like analysis of factors for digital supply chains (Khan et al., 2021; 

Sharma & Kumar, 2023) and industry 4.0 leadership (Bianco et al., 2021).  

3.3 Survey and details of respondents 

The research is an empirical study driven by twenty-seven experts' input to create a SSIM 

matrix. A structured questionnaire was sent to ninety-five senior executives of companies from 

September 2022 to January 2023 through email in the form of a 'VAXO' sheet along with a brief 

description of the purpose of the research, selected factors, and their description to establish 

contextual relationships. The experts were selected through a profile search over a LinkedIn 

platform and have at least five years of relevant experience working as senior executives, such 

as senior managers, vice presidents, technical consultants, IT officers, and business unit heads. 

Out of the targeted 95 respondents (based on the purposive sampling method), only 29 

respondents reverted to the filled 'VAXO' form. Out of 29 responses received, only 27 

responses (Table 2) were found complete. Based on responses, a 50% majority response 

approach has been adopted to establish contextual relationships for SSIM.   

Gender 
Male 15 

Female 12 

Age 25-35 5 

36-50 8 

Above 50 14 

Education Graduation 20 

Post Graduation & PhD 7 

Occupation Vice President 3 

Technical Consultant  9 

IT Officers 6 

Business Unit Heads 5 

Marketing professionals 4 

Table 2. Respondents' (experts) demographic information 

4 Results and Findings  

4.1 4.1 Analysis and development of hierarchical model 

Based on responses received from the respondents, a "Structural Self-Interaction Matrix” was 

developed (table 3). A 50% majority response approach has been adopted to establish 

contextual relationships (Singh & Sushil, 2013).   

V= Where 𝑉𝑖 influences 𝑉𝑗 

A= Where 𝑉𝑗 Influences 𝑉𝑖 

X= Where 𝑉𝑖and 𝑉𝑗  both influence each other's 

O= Where no relationship between 𝑉𝑖and 𝑉𝑗 

 



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  V1 V2 V3 V4 V5 V6 V7 V8 V9 V10 V11 V12 V13 V14 V15 

V1  - A X A O A A A A A A O A A A 

V2    - V X V V V V V V V V O O V 

V3      - A A A A A A A A O A A A 

V4        - V V V V V V V V O V V 

V5          - V V O O X V X V V V 

V6            - V V V A V A V X V 

V7              - V V A V O V A X 

V8                - X A A A X O A 

V9                  - A A O X A A 

V10                    - V X V V V 

V11                      - A V A X 

V12                        - V V V 

V13                          - A A 

V14                            - V 

V15                              - 

Table 3. “Structural Self-Interaction Matrix” (SSIM) 

The “initial reachability matrix (IRM)” was created from SSIM by replacing it with 0 or 1 as 

per the rules of transformation (Table 4, appendix). The transitivity rule has also been tested 

on the initial reachability matrix and if transitivity has been introduced as 1* (Table 5, 

appendix). The level partition was accomplished to comprehend the level-wise placement of 

determinants (Kumar et al., 2019). The antecedent and reachability set (Table 6, appendix) were 

computed from the final matrix of reachability (table 5). The canonical matrix (Table 7, 

appendix) is constructed after identifying all the portioned levels.   

The Canonical Matrix (table 7, appendix) is a matrix form that integrates all the factors that 

have been grouped into the same portioned level, helps validate level partitions, and aids in 

developing the TISM digraph. Based on the level partitioning (table 6) and conical matrix 

(table 7), all enablers were arranged at their respective partitioned levels to form the TISM 

digraph, and direct links were then created according to the cross-relationship identified 

within the final reachability matrix. In the digraph, the important transitive links are displayed 

(Figure 1).  

4.2 Cross-impact relationships  

The cross-impact factors were analysed using the developed digraph (figure 1). Unified 

business strategies (V4) provide a clear and consistent direction for the organization to decide 

on changing circumstances. When the market or business environment changes, the 

companies can do so more rapidly and effectively. Organizational agility (V2) identifies new 

opportunities for businesses. By involving a diverse range of stakeholders in developing 

strategies, the organization can ensure that it is aligned with the needs and priorities of the 

entire organization.  



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An agile organization can quickly understand new regulations, implement the necessary 

changes, and avoid compliance failures. In metaverse situations, organizational agility can be 

crucial to meeting regulatory compliance. By being flexible, responsive, and collaborative, 

organizations can more effectively navigate the complex regulatory landscape and comply 

with regulations promptly and efficiently. The unified business strategies influence the 

adoption of technological infrastructure in the Metaverse through the development of 

interoperable systems and standards. An agile organization should establish robust data 

security procedures and strict policies to safeguard data from unauthorized access, misuse, 

and disclosure. To develop metaverse strategies and to encourage consumers to engage in the 

Metaverse, every firm needs to build trust in business users and systems (Golf-Papez et al., 

2022).   

Ethical frameworks help to define the values and principles of an organization. Ethics and 

governance (V12) practices can help businesses identify and manage risks associated with 

regulatory compliance (V10). Organizations can minimize the risk of compliance failures by 

having robust risk management processes. Monetization through advertising is a common 

practice in metaverse environments. Businesses can adjust quickly and successfully as the 

market or business environment changes (Aharon et al., 2022).  

Regulatory compliance often requires organizations to assess and mitigate risks related to their 

operations. Regulatory compliance related to advertising can impact how organizations 

monetize their products and services. The chosen monetization model (V5) can influence the 

way 3-D Modelling is approached and utilized in the Metaverse. Business models for the 

Metaverse can expand on the benefits of growing digital services (Weking et al., 2023). 

Regulations related to data privacy can impact how organizations collect, use, and share 

personal data in metaverse environments. Regulations that promote open standards and data 

interoperability can impact data ownership (V14) in metaverse environments. 

The stakeholders must work together to build a reliable metaverse and derive value from it 

(Golf-Papez et al., 2022). Regulations like open virtual reality standards can promote 

interoperability between different online platforms and help to ensure that data can be easily 

shared and owned across different platforms to promote trust with customers and regulators. 

Adhering to ethical principles and establishing governance structures, organizations can 

ensure that visualization techniques (V7) are used to build user credibility. 

The hardware, software, and network technologies used to create and run the virtual 

environment are considered the Metaverse's technological infrastructure (V6). The design of 

hardware and software systems must be robust and secure, with appropriate measures to 

prevent data breaches and cyber-attacks. The developers can use technologies like 3D 

Modelling, mixed reality, blockchain, AI, social platforms, electronic shopping, digital twins, 

online games, and big data (Barrera & Shah, 2023; Jaung, 2022). 

AI can produce intelligent virtual characters to interact with users for a more immersive 

experience. The technological infrastructure of Metaverse is essential for creating innovative 

and engaging content (V13). The network architecture must also be reliable, with high 

bandwidth and low latency, to support real-time user interactions. The quality and speed of 

the network can influence the ability to establish and maintain virtual connections, which can 

impact the quality and reliability of virtual interactions (V15). Data accuracy is also essential 

to the effectiveness of digital immersive experiences. The completeness of data is vital for 

creating a realistic and immersive experience.  



Australasian Journal of Information Systems Kumar & Sharma 
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 (V2)

Organizational 

Agility 

(V12)

Ethics and 

Governance

 (V10)

Regulatory 

Compliances

(V4)

Unified Business 

Strategies Quick response to changes in 
business

Stay aligned with users  needs 
and trends

Reduce compliance failure Implement necessary changes

Strict security 
measures

Monetizing products 
and services(V5)

Monetization 

Model 

Ethical and transparent 
compliances build trust

Enforces standards 
of conduct

Build trust and 
credibility among users

Creation and use 
of prototyping

(V14)

Data Ownership and 

Integrity

(V6)

Technological 

Infrastructure

Privacy and data 
protectionCybersecurity Frameworks

Data accuracy, consistency 
and reliability 

Robust infrastructure to 
maintain data integrity

(V3)

Digital Immersive 

Environment

(V1)

Immersive 

Experience

Enhances business 
performanceBranching narratives

Virtual showrooms

Provides a realistic and interactive way 
to explore products and services

(V7)

Visualizations 

Techniques

 (V15)

Virtual and Real 

Interactions

Shaping virtual interactive 
experience

Data exchange and 
interoperability

Creates digital 
models of objects

Reduces cost of design 
and prototyping

(V11)

3-D Modelling 

Creating virtual objects and 
environments through data

Allows users to 
interact

(V8)

Digital Immersive 

Literacy 

 (V9)

User-centric 

ExplorationFosters social 
interactions

Co-creation with 
users(V13)

Innovative Engaging 

Content 

Diverse and 
collaborative experience

Increases navigation 
abilities among users

Development of 
interoperable system

Identify new opportunities 
to grow and evolve

Creation of custom avatars, 
clothing and other objects 

Visually interactive and 
aesthetically sound environment 

Complete and 
realistic experience

Dynamic environment to 
manage data quality

 

Figure 1. TISM digraph analyzing cross relationships among enablers for creating an immersive 

environment of Metaverse for businesses. 

Visualization techniques (V7) can increase users' sense of presence and engagement. 3D 

graphics, virtual reality, and animation can give customers a more dynamic and realistic 

experience, making virtual interactions more compelling and engaging. Data visualization 

techniques can help identify trends, patterns, and relationships to enable users to make 

informed choices and communicate more successfully with the virtual environment. 



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Visualization techniques can be used to create realistic and believable environments that 

accurately represent the real world.  

AI-based agents populate digital immersive environments (V13) (Zallio & Clarkson, 2022). 

Techniques like photorealistic rendering, motion capture, and 360-degree video can be applied 

to produce exciting experiences that feel like the real thing. Users' sense of presence and 

immersion may be improved as a result. 3D Modelling (V11) facilitates visually interactive 

representations of objects (Barrera & Shah, 2023).  

3-D modelling allows the creation of custom avatars, clothing, and other objects in Metaverse. 

The accuracy of the 3D models can impact the realism and effectiveness of virtual interactions. 

Virtual interactions can greatly influence user-centric exploration, such as personalized 

recommendations and notifications that can guide users toward virtual environments and 

experiences that align with their interests. Touch-sensing interactions can empower the 

customers (Golf-Papez et al., 2022; Jaung, 2022). 

The integration of online channels enlarges firms’ innovation performance. Innovative and 

engaging content (V13) can facilitate social interaction in the Metaverse, enabling users to 

share experiences and explore virtual environments. Innovative and engaging content can 

stimulate users' creativity and stimulate them to create and share their content in the 

Metaverse. Immersive technologies strongly influence gestures of communication (Zallio & 

Clarkson, 2022).  

Digitally literate users are more likely to have an easier time navigating virtual environments, 

which can encourage user-centric exploration (V9). By verbally commanding voice assistants 

and managing their involvement and interactivity, users may personalize their experience 

(Buhalis et al., 2023). User-centric exploration can increase user engagement with immersive 

environments. Metaverse enables immersive experiences (V1) in virtual and real 

environments (Buhalis et al., 2023). By exploring virtual environments based on shared 

interests and preferences, users can collaborate to discover new and engaging experiences, 

enhancing their overall sense of immersion. Digital immersive environments (V3) can be 

customized to create relevant and engaging virtual environments for many users. 

4.3 MICMAC Analysis  

For each enabler, dependence (DP) is calculated as column sum, and the driving power (DR) 

is determined as row sum (table 4). All the factors are divided into autonomous, dependent, 

linkage, and independent factors using both driving and dependent power. In this study, as 

there are fifteen factors, the 7.5 scale is the midpoint (i.e., 15/2= 7.5 scales), and the graph is 

divided into four quadrants (figure 2).  

i.  Cluster I (Autonomous Variables): weak DR and DP represented by this area. 

Any variable here signifies a weak variable. Figure 2 shows that no variables are 

visible in the first cluster, i.e., cluster I, and that selected factors are well chosen.  

ii. Cluster II (Dependence Variables): This cluster indicates all variables with intense 

DP and weak DR. V1, V3, V8, V9, and V13 are five variables are there. These 

enablers are situated at the top level of the proposed hierarchy model. Other 

variables influence these due to weak DR.  

iii. Cluster III (Linkage Variables): This cluster has strong DR and DP. All factors that 

fall under this cluster are linkages and actions taken on these factors influence all 

other factors. Here, V7, V11, and V15 appear as linkage factors.  



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iv. Cluster IV (Independent Variables): This cluster indicates weak DP and strong DR. 

Here, V2, V4, V5, V6, V10, V12, and V14 appear as independent factors influencing 

the hierarchal model.  

 

 

Figure 2. MICMAC Analysis 

5 Discussions 

The proposed model (figure 1) discovers relationships among all factors. Organization agility 

(V2), unified business strategy (V4), monetization model (V5), regulatory compliance (V10), 

ethics and governance (V12), technological infrastructure (V6), and data ownership and 

integrity (V14) are seven crucial factors that influence changes in remaining factors that affect 

businesses. Visualization techniques (V7), virtual and tangible interactions (V15), and 3-D 

Modelling (V11) are linkages. Other factors are dependent, and further change in these 

variables is a result of changes in independent and linkage enablers.  

It is pertinent that businesses must develop a unified business strategy (V4) and organizational 

agility (V2). Unified business strategies provide clear direction, improve decision-making, 

enhance resource allocation, promote better communication, and foster greater flexibility. The 

organizations can develop strategies that are aligned with their goals and priorities. 

Organizations can ensure their strategies by identifying potential risks and developing 

contingency plans. Organizations with high agility can collaborate with regulators, customers, 

and suppliers to implement necessary changes and ensure compliance. An agile organization 

can innovate to develop new solutions that comply with regulations. The businesses can 

leverage their unified strategies (V4) to address important ethical and social considerations.  

Ethical solid and governance (V12) practices can ensure regulatory compliance (V10). By 

establishing a clear ethical framework, implementing effective governance practices, 

managing risks, promoting transparency and accountability, and providing employee 

training, organizations can improve their compliance efforts and minimize the risk of 

compliance failures. Regulatory compliance (V10) often requires organizations to adopt and 

enforce standards of conduct that promote ethical behavior. Organizations must be aware of 



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the regulatory landscape and comply with relevant regulations related to the monetization 

model (V5), data privacy, intellectual property, open standards, and security. Compliance 

with regulations can promote ethical behavior, transparency, risk management, and 

stakeholder engagement, all essential components of ethical governance.  

The possibility for unlawful, immoral, or unethical behavior in virtual environments requires 

appropriate legislation; these environments also provide ethical and legal difficulties (Buhalis 

et al., 2023). Individuals and institutions can create, promote, and offer new goods and services 

with the help of new business models in Metaverse (Barrera & Shah, 2023). As enhanced 

activities in the metaverse increase, VR hardware and in-game advertising revenue 

considerably rise (Huynh et al., 2023). Investments in such business models and technology 

are being made to create virtual platforms that could combine important online industries 

like e-tail business, social networking engagement, education, entertainment sectors, AI, and 

big data (Jaung, 2022).  

The technological infrastructure (V6) of the Metaverse is closely tied to data integrity (V14). 

The system's speed, responsiveness, and stability can affect the ability to perform virtual 

activities. Organizations must prioritize data ownership and integrity (V14) when designing 

and building digital immersive environments (V3) to ensure users can effectively navigate, 

understand, and create content. 

The visualization techniques (V7) play a critical role in enabling and enhancing virtual 

interactions (V15) by allowing a more immersive, collaborative, and engaging virtual 

environment to support effective communication, collaboration, and decision-making. By 

using the proper visualization techniques, organizations can create realistic, straightforward, 

interactive, and aesthetically pleasing environments, helping to enhance the overall user 

experience and engagement. 3-D modelling (V11) is critical to many virtual environments and 

can support various virtual interactions (V15). 3-D modelling technology can create different 

environments, objects, and virtual try-ons in Metaverse (Golf-Papez et al., 2022).  

By creating immersive user experiences (V1), augmented reality improves virtual reality's 3-D 

real-time environment rendering capabilities (Barrera & Shah, 2023). Customers purchase 

activities in virtual worlds resembling the Metaverse for various reasons, including discovery, 

self-expression, sociability, escapism, and amusement (Barrera & Shah, 2023). Virtual 

interactions (V15) can facilitate collaborative exploration in the Metaverse. Virtual interactions 

are critical in facilitating user-centric exploration in the Metaverse, enabling people to engage 

in a more personalized, collaborative, and interactive virtual environment. 

Innovative and engaging content (V13) can significantly impact user-centric exploration (V9). 

Digital immersive literacy (V8) can be critical in shaping user-centric exploration (V9) in the 

Metaverse. Investments in metaverse-related business and technology are being made to 

integrate significant internet industries, including social networking, online retail, 

entertainment, education, and big data with artificial intelligence (Barrera & Shah, 2023).  

User-centric exploration (V9) can enhance user engagement and facilitate more diverse 

experiences in Metaverse. Digital immersive environments (V3) provide the tools and features 

to make immersive experiences possible. By incorporating advanced graphics, natural 

interaction, personalized content, and engaging storytelling, developers can create compelling 

and immersive experiences. With immersive 3-D virtual worlds, the Metaverse may offer a 

new way of interacting with the natural world (Jaung, 2022).  



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5.1 The study's theoretical contributions 

The proposed hierarchical model (figure 1) appends resource-based theory (RBT) and holds 

ideas for the strategic planning for Metaverse to improve computer-mediated shopping 

experiences to advance competitive business value (Bromiley & Rau, 2016). This study 

identifies and explores the enablers for creating an immersive metaverse experience (RQ1). 

The developed hierarchical model (figure 1) sets multiple theoretical directions for future 

investigation of immersive metaverse environments for successful business. In addition, the 

study presents a hierarchical road map for developing an immersive metaverse ecosystem that 

would provide ways for generating value, engaging users, cooperating, and innovating new 

goods and services in a cyber-physical world.  

The examination of dependent (V1, V3, V8, V9, V13), linkage (V7, V11, V15), and independent 

factors (V2, V4, V5, V6, V10, V12, V14) adds to the theoretical distinction of these enablers. 

This classification thoroughly analyzes how distinct enablers interact and affect an immersive 

metaverse environment (RQ2). To provide a deeper understanding of the cross-interaction 

between enablers and their impacts on building an immersive metaverse environment for 

businesses, this model (figure 1) can also be used as a point of reference for future studies.  

As suggested in resource-based theory (RBT) (Bromiley & Rau, 2016), resources like R&D 

capabilities, logistics, brand management, low-cost processes, suppliers, customer demand, 

technology change, planning, managing, and coordinating systems develop the dynamic 

capabilities and competence of a business organization. Businesses can get an edge by 

continuously reorganizing or reconfiguring various resource classes and developing new 

applications to satisfy consumer demand and generate value from many angles. (Utami & 

Alamanos, 2022). Digital immersive environment (V3) (outcome of this study) promotes 

“value co-creation” and “technology-enhanced experience” (Buhalis et al., 2022) for the 

customers. E-retailers may gain value through the sales of virtual products (Polyviou & 

Pappas, 2022). 

The "technology acceptance model" and "innovation adoption theories" are the cornerstones 

of metaverse research, which will build upon them to create metaverse-focused research 

(Buhalis et al., 2022). The research additionally supports the U & G theory as a strategic 

framework for creating immersive retail experiences customized to individual preferences. 

Based on customers' aspirations to use the Metaverse continuously, the U & G theory forecasts 

the future utilization of these immersive retailers (Chakraborty et al., 2023). The researchers 

can further explore various enablers discussed in the proposed hierarchical model, including 

user-centricity, collaboration, training, shopping experience, work culture, entertainment, and 

communication.  

The study explores a new dimension to user-centric experience (V9) by allowing businesses to 

design dynamic and immersive experiences for their customers. This could entail trying out 

different marketing strategies or creating chances to create new instruments or procedures to 

help employee-driven digital breakthroughs (Polyviou & Pappas, 2022). The study also sets a 

research direction for the knowledge segment to study the influences of digital environments 

on human behavior, cognition, and emotions. To understand the impact of the business model 

for Metaverse adoption, innovation adoption research should look at the Metaverse 

environment holistically, taking into account aspects such as entrepreneurship, food and 

beverage, human resources, strategy, management, and strategy (Buhalis et al., 2022) to 

identify innovative ways of generating economic value (Barney et al., 2021). 



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5.2 Practical contributions and implications 

Recognizing the most influential enablers can inform the strategic creation of an immersive 

environment. The hierarchy of these enablers (figure 1) must be considered by companies 

seeking to enter the Metaverse, as doing so can significantly increase their chances of 

developing an immersive environment that is successful. 

The proposed model (Figure 1) presents several enablers, such as business models, user 

experience, social interaction, governance, regulation, and innovation, to develop an 

immersive metaverse environment. To support the redefinition of human work-related 

processes, government associations (V12) may capitalize on these opportunities and create 

laws that promote the adoption of metaverses at workplaces (Polyviou & Pappas, 2022). 

Virtual worlds can enhance the collaborative experience of workers in remote teams. 

Businesses must plan strategically to use Metaverse to generate emerging business 

opportunities, economic value, customer engagement, shopping experiences, and designing 

new products or services. In addition, users must acquire new abilities to facilitate the 

metaverse transfer and guarantee the seamless and efficient use of metaverses (Polyviou & 

Pappas, 2022). The conventional customer base will remain crucial in the banking, insurance, 

financial services, manufacturing, retail, and tourism industries. For specific business use 

cases, these sectors will either create their own Metaverse for consumers or join/rent out others 

(Giang & Shah, 2023).  

 Metaverse has significant practical implications for businesses across various industries. 

Metaverse allows businesses to engage clients innovatively through virtual services and 

goods. Visualization techniques (V7) can increase users' sense of presence and engagement. 3-

D graphics, virtual reality, and animation can give users a more realistic and interactive 

environment. Virtual interactions (V15) can significantly influence user-centric exploration, 

like personalized recommendations and notifications. Unified business strategies (V4) provide 

a clear and consistent direction for the organization to make decisions and act quickly in 

response to changing circumstances. The lesson learned is that service providers must increase 

their client base and rely less on their existing clientele (Zallio & Clarkson, 2022). 

 Using the Metaverse, businesses can develop immersive and interactive training programs 

that help to improve employee learning and retention. By leveraging the immersive features 

of Metaverse, businesses can create new opportunities and value for revenue generation, 

customer engagement, collaboration, new products, services, or innovation. Businesses are 

required to have long-term technical strategies to take advantage of the Metaverse. The 

proposed hierarchical model and MICMAC analysis suggest developing strategies for 

successfully incorporating emerging technologies into business to maximize business benefits 

using a metaverse environment.  

Businesses can leverage the outcomes of this study to create interactive virtual workspaces. 

Businesses can learn important information about customer preferences by tracking users' 

behavior and interactions in a virtual environment. And behaviors to identify new business 

opportunities. Individuals and institutions can create, promote, and sell innovative products 

and services in Metaverse. One can get new prospects and greater autonomy by customizing 

business offerings using Metaverse and co-creating business value (Buhalis et al., 2023).   



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5.3 Limitations & Future scope 

The study analyzed 15 enablers for strategic planning for a technology-illusive Metaverse 

environment for businesses. There might be more factors to address the digital immersive 

environment by viewing from other domains of business organization development, 

capability building, cyber security, revenue generation, and digital transformation 

perspectives. Adding or subtracting any factor can change the hierarchy. It is challenging to 

rank among enablers in the TISM hierarchical process.  

Future studies may focus on several areas of metaverse applications in businesses. As 

businesses begin to use the Metaverse, research will be needed on the most effective business 

models to generate revenue within the Metaverse. Metaverse can be advanced with the help 

of generative AI, which can significantly speed up its expansion and advancement. Future 

research may be conducted to optimize user experiences in a metaverse environment, 

including interface design, user engagement, and personalization. Future research could 

explore different models for governing the Metaverse and the potential regulatory 

frameworks that may be necessary for developing and launching innovative products within 

the Metaverse. 

6 Conclusions  

This study incorporates earlier investigations into the metaverse conceptualization. The 

importance of Metaverse is increasing because of the new opportunities and value it offers to 

enterprises for global virtual communication and collaboration. The enablers that affect 

Metaverse's success and value creation in businesses are this study's central subject. The 

enablers have been identified from literature studies. Experts were consulted to finalize the 

selected enablers and provide SSIM input. As an outcome of the TISM process, a hierarchical 

model is proposed to describe how various factors are linked to each other and their level of 

importance. The results would assist business practitioners in understanding enablers that 

influence the successful incorporation of technology into business processes and assist in 

maximizing the benefits of a metaverse environment.  

Organizational agility (V2) can be critical in meeting regulatory compliance in metaverse 

environments. The chosen monetization model (V5) can influence the way 3-D modeling (V11) 

is approached and utilized in the Metaverse. 3-D Modelling also facilitates visually interactive 

representations of objects. The network's speed can influence the reliability of virtual 

interactions (V15). Organizations must be aware of the regulatory landscape and comply with 

relevant regulations related to the monetization model (V5), data privacy, intellectual 

property, open standards, and security. Maintaining the confidentiality of data in the virtual 

environment demands data integrity (V14).  

Avatar realism has significantly been improved using real-time recognition, tracking, and 

simulation technologies. Governments will need to introduce rules and policies to deal with 

the new issues brought up by the Metaverse. User-centric exploration (V9) can increase user 

engagement with immersive environments (V3). Immersive experiences (V1) can be tailored 

to facilitate users with unique and meaningful experiences. Digital immersive literacy (V8) 

navigates digital immersive environments. Metaverse's technological infrastructure (V6) is 

essential for creating innovative and engaging content (V13) to facilitate social interactions and 

sharing experiences.  



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For Metaverse, a robust and advanced technology infrastructure (V6) is required, including 

high-speed networking capabilities, powerful servers, data centers, AI-driven analytics, APIs 

tailored to 3D environments, real-time data processing, and management. Personalized 

recommendations, immersive experiences, and interactive components can all help to extend 

customer engagement and boost the possibility of future sales conversion. The businesses may 

need to navigate interoperability challenges when connecting with other businesses or users 

within the Metaverse. This may make creating a seamless and integrated experience across 

multiple platforms challenging.  

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Appendix 
  V1 V2 V3 V4 V5 V6 V7 V8 V9 V10 V11 V12 V13 V14 V15 

V1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 

V2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 

V3 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 

V4 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 

V5 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 

V6 1 0 1 0 0 1 1 1 1 0 1 0 1 1 1 

V7 1 0 1 0 0 0 1 1 1 0 1 0 1 0 1 

V8 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 

V9 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 

V10 1 0 1 0 1 1 1 1 1 1 1 1 1 1 1 

V11 1 0 1 0 0 0 0 1 1 0 1 0 1 0 1 



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2024, Vol 28, Research Article Immersive metaverse for business 

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V12 0 0 0 0 1 1 0 1 0 1 1 1 1 1 1 

V13 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 

V14 1 0 1 0 0 1 1 0 1 0 1 0 1 1 1 

V15 1 0 1 0 0 0 1 1 1 0 1 0 1 0 1 

Table 4. Initial Reachability Matrix 

  V1 V2 V3 V4 V5 V6 V7 V8 V9 V10 V11 V12 V13 V14 V15 DR 

V1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 2 

V2 1 1 1 1 1 1 1 1 1 1 1 1 1* 1* 1 15 

V3 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 2 

V4 1 1 1 1 1 1 1 1 1 1 1 1 1* 1 1 15 

V5 1* 0 1 0 1 1 1 1* 1* 1 1 1 1 1 1 13 

V6 1 0 1 0 0 1 1 1 1 0 1 0 1 1 1 10 

V7 1 0 1 0 0 0 1 1 1 0 1 0 1 0 1 8 

V8 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 5 

V9 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 5 

V10 1 0 1 0 1 1 1 1 1 1 1 1 1 1 1 13 

V11 1 0 1 0 0 0 1* 1 1 0 1 0 1 0 1 8 

V12 1* 0 1* 0 1 1 1* 1 1* 1 1 1 1 1 1 13 

V13 1 0 1 0 0 0 0 1 1 0 0 0 1 0 0 5 

V14 1 0 1 0 0 1 1 1* 1 0 1 0 1 1 1 10 

V15 1 0 1 0 0 0 1 1 1 0 1 0 1 0 1 8 

DP 15 2 15 2 5 7 10 13 13 5 10 5 13 7 10   

Table 5. Final Reachability Matrix 

  Reachability Set Antecedent set Intersection Level 

V1 1,3 1,2,3,4,6,7,8,9,10,11,13,14,15 1,3 I 

V2 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15 2,4 2,4   

V3 1,3 1,2,3,4,5,6,7,8,9,10,11,13,14,15 1,3 I 

V4 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15 2,4 2,4   

V5 1,3,5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   

V6 1,3,6,7,8,9,11,13,14,15 2,4,5,6,10,12,14 6,14   

V7 1,3,7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

V8 1,3,8,9,13 2,4,5,6,7,8,9,10,12,13,14,15 8,9,13   

V9 1,3,8,9,13 2,4,5,6,7,8,9,10,11,12,13,14,15 8,9,13   

V10 1,3,5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   

V11 1,3,7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

V12 1,3,5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   



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V13 1,3,8,9,13 2,4,5,6,7,8,9,10,11,12,13,14,15 8,9,13   

V14 1,3,6,7,8,9,11,13,14,15 2,4,5,6,10,12,14 6,14   

V15 1,3,7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

Iteration 2  

V2 2,4,5,6,7,8,9,10,11,12,13,14,15 2,4 2,4   

V4 2,4,5,6,7,8,9,10,11,12,13,14,15 2,4 2,4   

V5 5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   

V6 6,7,8,9,11,13,14,15 2,4,5,6,10,12,14 6,14   

V7 7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

V8 8,9,13 2,4,5,6,7,8,9,10,12,13,14,15 8,9,13 II 

V9 8,9,13 2,4,5,6,7,8,9,10,11,12,13,14,15 8,9,13 II 

V10 5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   

V11 7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

V12 5,6,7,8,9,10,11,12,13,14,15 2,4,5,10,12 5,10,12   

V13 8,9,13 2,4,5,6,7,8,9,10,11,12,13,14,15 8,9,13 II 

V14 6,7,8,9,11,13,14,15 2,4,5,6,10,12,14 6,14   

V15 7,8,9,11,13,15 2,4,5,6,7,10,11,12,14,15 7,11,15   

Iteration 3  

V2 2,4,5,6,7,10,11,12,13,14,15 2,4 2,4   

V4 2,4,5,6,7,10,11,12,14,15 2,4 2,4   

V5 5,6,7,10,11,12,14,15 2,4,5,10,12 5,10,12   

V6 6,7,11,14,15 2,4,5,6,10,12,14 6,14   

V7 7,11,15 2,4,5,6,7,10,11,12,14,15 7,11,15 III 

V10 5,6,7,10,11,12,14,15 2,4,5,10,12 5,10,12   

V11 7,11,15 2,4,5,6,7,10,11,12,14,15 7,11,15 III 

V12 5,6,7,10,11,12,14,15 2,4,5,10,12 5,10,12   

V14 6,7,11,14,15 2,4,5,6,10,12,14 6,14   

V15 7,11,15 2,4,5,6,7,10,11,12,14,15 7,11,15 III 

Iteration 4  

V2 2,4,5,6,10,12,14 2,4 2,4   

V4 2,4,5,6,10,12,14 2,4 2,4   

V5 5,6,10,12,14 2,4,5,10,12 5,10,12   

V6 6,14 2,4,5,6,10,12,14 6,14 IV 

V10 5,6,10,12,14 2,4,5,10,12 5,10,12   

V12 5,6,10,12,14 2,4,5,10,12 5,10,12   

V14 6,14 2,4,5,6,10,12,14 6,14 IV 

 Iteration 5 



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V2 2,4,5,10,12, 2,4 2,4   

V4 2,4,5,10,12 2,4 2,4   

V5 5,10,12 2,4,5,10,12 5,10,12 V 

V10 5,10,12 2,4,5,10,12 5,10,12 V 

V12 5,10,12 2,4,5,10,12 5,10,12 V 

Iteration 6  

V2 2,4 2,4 2,4 VI 

V4 2,4 2,4 2,4 VI 

Table 6. Representation of levels. 

  V1 V3 V8 V9 V13 V7 V11 V15 V6 V14 V5 V10 V12 V2 V4 

V1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 

V3 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 

V8 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 

V9 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 

V13 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 

V7 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 

V11 1 1 1 1 1 1* 1 1 0 0 0 0 0 0 0 

V15 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 

V6 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 

V14 1 1 1* 1 1 1 1 1 1 1 0 0 0 0 0 

V5 1* 1 1* 1* 1 1 1 1 1 1 1 1 1 0 0 

V10 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 

V12 1* 1* 1 1* 1 1* 1 1 1 1 1 1 1 0 0 

V2 1 1 1 1 1* 1 1 1 1 1* 1 1 1 1 1 

V4 1 1 1 1 1* 1 1 1 1 1 1 1 1 1 1 

Table 7. Canonical Matrix 

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