Chapter 8: AR, VR, and Metaverse in Retail

Introduction: ‘Retail 4.0’ seems to be a new idea where technologies like artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and metaverse are applied in the retail sector. The study aims to examine the relationship between metaverse, AR, and VR in retail and identify the factors that encourage retailers to use AI in retailing and how AI will enrich the customer experience. Additionally, this study intends to explore the future of AI in the retail sector.

Methodology: The study has adopted an exploratory approach to study the relationship between metaverse, AR and VR in retail and to identify the factors that encourage retailers to use AI (metaverse, AR, and VR) in retailing. Further, interviews were conducted with customers, and the data were analysed using Excel, NVivo, and SPSS software.

Originality: The study seeks to bridge the gap in the theoretical and empirical literature pertaining to the implementation of AI in retail. The study has explored the unexplored area of AI by developing the relationship between AR, VR, and metaverse. The study has identified a new factor, that is, text and audio–video assistants, that promotes the usage of AI in the retail sector.

Conclusion and implications: The study found that AR and VR are part of the metaverse, and retail shoppers are more aware of VR than AR and metaverse. AI in retail may be underutilized owing to unawareness, fake news, and human connection. Implementing AI allows retailers to gather valuable insights about customer preferences and customers by improving their shopping experiences.