Small and medium enterprises meet the metaverse. A study of the wine industry

Abstract

This study aims to enrich the knowledge of the technology adoption by small and medium enterprises, by focusing on the metaverse phenomenon and the implementation of metaverse projects by small and medium-sized enterprises through the lens of the technology life cycle theory. It adopts a qualitative approach based on multiple-case analysis to examine and categorize 28 metaverse experiences created by wine businesses. The work provides a framework for the metaverse experimentations by firms which is structured around three different stages of metaverse, that are (1) the isolated metaverse, (2) the integrated metaverse, and (3) the augmented metaverse, corresponding to different degrees of integration of the technology in the user experience according to the level of interaction and immersiveness that is generated. This study also identifies the boundaries of metaverse settings by determining, from an experiential perspective, which experiences cannot be defined as belonging to the metaverse sphere. The analysis showcases the patterns toward the metaverse technology adoption by businesses and provides an interpretation of the different types of metaverse experiences that can be integrated into the business strategies of small and medium-sized enterprises. It also highlights the obstacles that preside over the wide adoption of the metaverse technology by firms.