Journal of Self-Governance and Management Economics

10(2), 2022, pp. 67–81, ISSN 2329-4175, eISSN 2377-0996

Augmented Reality Shopping Experiences,

Retail Business Analytics, and Machine Vision Algorithms
in the Virtual Economy of the Metaverse
Gheorghe H. Popescu1, Katarina Valaskova2, and Jakub Horak3
ABSTRACT. The purpose of this study is to examine augmented reality shopping
experiences, retail business analytics, and machine vision algorithms in the virtual
economy of the metaverse. In this article, we cumulate previous research findings
indicating that visualization tools, sentiment analytics, and ambient scene detection
can optimize customer engagement and journeys on livestreaming shopping platforms
across online marketplaces. We contribute to the literature on connected data gov-
ernance in the metaverse economy by showing that visualization tools, sentiment
analytics, and ambient scene detection can optimize customer engagement and jour-
neys on livestreaming shopping platforms across online marketplaces. Throughout
February 2022, we performed a quantitative literature review of the Web of Science,
Scopus, and ProQuest databases, with search terms including “metaverse” + “aug-
mented reality shopping experiences,” “retail business analytics,” “machine vision
algorithms,” and “virtual economy.” As we inspected research published between
2021 and 2022, only 71 articles satisfied the eligibility criteria. By removing con-
troversial findings, outcomes unsubstantiated by replication, too imprecise material,
or having similar titles, we decided upon 16, generally empirical, sources. Data
visualization tools: Dimensions (bibliometric mapping) and VOSviewer (layout
algorithms). Reporting quality assessment tool: PRISMA. Methodological quality
assessment tools include: AXIS, Dedoose, MMAT, and SRDR.
JEL codes: D53; E22; E32; E44; G01; G41
Keywords: virtual economy; metaverse; machine vision; retail business analytics
How to cite: Popescu, G. H., Valaskova, K., and Horak, J. (2022). “Augmented Reality Shop-
ping Experiences, Retail Business Analytics, and Machine Vision Algorithms in the Virtual
Economy of the Metaverse,” Journal of Self-Governance and Management Economics 10(2):
67–81. doi: 10.22381/jsme10220225.
Received 25 February 2022 • Received in revised form 21 June 2022
Accepted 26 June 2022 • Available online 30 June 2022
1
The Center for Applied Macroeconomic Analysis at AAER, New York, NY, USA; Dimitrie
Cantemir Christian University, Bucharest, Romania, [email protected] (corresponding
author).
2
Faculty of Operation and Economics of Transport and Communications, Department of
Economics, University of Zilina, Zilina, Slovak Republic, [email protected].
3
The School of Expertness and Valuation, The Institute of Technology and Business in Ceske
Budejovice, Czech Republic, [email protected].
67
1. Introduction
Retail business analytics can assist smart connected devices and immersive
technologies by leveraging rich customer data throughout connected shopping
experiences to determine purchase intentions across virtual spaces. The pur-
pose of our systematic review is to examine the recently published literature
on the virtual economy of the metaverse and integrate the insights it con-
figures on augmented reality shopping experiences, retail business analytics,
and machine vision algorithms. By analyzing the most recent (2021–2022)
and significant (Web of Science, Scopus, and ProQuest) sources, our paper
has attempted to prove that frictionless user experiences and changing cus-
tomer habits in immersive interconnected virtual worlds can be assessed by
data visualization tools, retail analytics, and computer vision algorithms.
The actuality and novelty of this study are articulated by addressing brand
awareness in the metaverse economy, that is an emerging topic involving
much interest. Our research problem is whether customer behavior analytics
can assess immersive shopping experiences by use of real-time performance
data (Adams, 2022; Krizanova et al., 2019; Lăzăroiu et al., 2022; Popescu et
al., 2022), enhancing customer engagement in a blockchain-based virtual world.
In this review, prior findings have been cumulated indicating that be-
havioral algorithms can detect, track, and monitor changing consumer moods
and physical states. The identified gaps advance connected data governance
in the metaverse economy. Our main objective is to indicate that predictive
analytics, computer vision algorithms, and data visualizations can articulate
frictionless customer experiences (Hudson, 2022; Kliestik et al., 2020;
Lăzăroiu et al., 2017a, b; Musova et al., 2021) as regards digital brand assets
throughout immersive 3D worlds, optimizing virtual consumer engagement.
This systematic review contributes to the literature on immersive retail
experiences during virtual asset purchasing throughout the blockchain-based
metaverse by clarifying that visualization tools, sentiment analytics, and
ambient scene detection can optimize customer engagement and journeys
(Kral et al., 2020; Lăzăroiu et al., 2020; Nica et al., 2022) on livestreaming
shopping platforms across online marketplaces.

2. Theoretical Overview of the Main Concepts

Conversational artificial intelligence, visual imagery, and customer experi-
ence analytics can be harnessed in livestreaming e-commerce across 3D
immersive environments during digital shopping journeys. Immersive tech-
nologies, customer behavior analytics, data visualization tools, text analytics,
and computer vision algorithms can assist experiential shopping and retail
livestreaming in immersive 3D worlds by configuring personalized product
recommendations and real-time customized offers. Natural language process-
ing techniques and artificial neural networks can attract and retain customers
68
by optimizing data-driven digital tool-based streamlined purchasing experi-
ences in livestreaming e-commerce. Voice analysis can determine consumer
sentiment and emotions, streamlining e-commerce user purchase journey,
providing personalized offers and services, and enhancing customer retention
and sales, thus building lasting customer relationships. The manuscript is
organized as following: theoretical overview (section 2), methodology (section
3), connected data governance in the metaverse economy (section 4), con-
venient shopping and immersive retail experiences in metaverse spaces (sec-
tion 5), connected shopping experiences throughout entertaining metaverse
events (section 6), discussion (section 7), synopsis of the main research
outcomes (section 8), conclusions (section 9), limitations, implications, and
further directions of research (section 10).

3. Methodology
Throughout February 2022, we performed a quantitative literature review of
the Web of Science, Scopus, and ProQuest databases, with search terms
including “metaverse” + “augmented reality shopping experiences,” “retail
business analytics,” “machine vision algorithms,” and “virtual economy.”
The search terms were determined as being the most employed words or
phrases across the analyzed literature. As we inspected research published
between 2021 and 2022, only 71 articles satisfied the eligibility criteria. By
removing controversial findings, outcomes unsubstantiated by replication,
too imprecise material, or having similar titles, we decided upon 16, gen-
erally empirical, sources (Tables 1 and 2). Extracting and inspecting publicly
accessible files (scholarly sources) as evidence, before the research began no
institutional ethics approval was required. Data visualization tools: Dimen-
sions (bibliometric mapping) and VOSviewer (layout algorithms). Reporting
quality assessment tool: PRISMA. Methodological quality assessment tools
include: AXIS, Dedoose, MMAT, and SRDR (Figures 1–6).
Table 1 Topics and types of scientific products identified and selected.
Topic Identified Selected
metaverse + augmented reality shopping experiences 19 5
metaverse + retail business analytics 17 3
metaverse + machine vision algorithms 15 3
metaverse + virtual economy 20 5
Type of paper
Original research 51 16
Review 3 0
Conference proceedings 12 0
Book 2 0
Editorial 3 0
Source: Processed by the authors. Some topics overlap.
69
Figure 1 Co-authorship

Figure 2 Citation
70
Figure 3 Bibliographic coupling

Figure 4 Co-citation

71
Table 2 General synopsis of evidence as regards focus topics
and descriptive outcomes (research findings).
Digitally extended social interactions can be Akyildiz et al., 2022;
configured by network modeling and optimization, Gursoy et al., 2022;
configuring a scalable functional value across digital Zyda, 2022
hyper-realistic worlds through connected data
governance in the metaverse economy.
Transaction analytics, virtual connectivity, and Almarzouqi et al. 2022;
data visualizations can optimize immersive shopping Kshetri, 2022; Siyaev
experiences, meeting customer expectations through and Jo, 2021
personalized product recommendations in
the metaverse interactive environment.
Computer vision algorithms and metaverse apps Beniiche et al., 2022;
can optimize customer relationship management and Park et al., 2022;
service processes, logistics operations, and digitized Zhao et al., 2022
retail products through eye-tracking technologies and
machine intelligence in virtual economy.
Predictive maintenance and intelligence, Elawady et al., 2022;
extended reality technologies, and computer Kshetri, 2022; Liu
vision algorithms can determine buying habits et al., 2022
and customer expectations, while raising brand
awareness in the metaverse economy.
Customer experience analytics and augmented Gursoy et al., 2022; Lin et
reality shopping tools can deploy consumer data al., 2022; Zhao et al., 2022
in livestreaming e-commerce, enhancing immersive
retail experiences during virtual asset purchasing
throughout the blockchain-based metaverse.
Augmented reality technology, predictive Akyildiz et al., 2022;
maintenance, and business intelligence tools Hollensen et al., 2022;
can configure convenient shopping and Park and Kim, 2022
immersive retail experiences in metaverse spaces.
Eye-tracking technologies, machine intelligence, Almarzouqi et al. 2022;
and deep neural networks can enhance customer Kshetri, 2022; Turner,
loyalty and expectations by integrating geolocation 2022
data throughout interconnected virtual worlds,
configuring metaverse platform engagement.
By mining customer data, visual analytics Lin et al., 2022; Zhang
can be decisive in optimizing consumer retention, et al., 2022; Zyda, 2022
behaviors, and buying patterns, determining
immersive engagement during connected
shopping experiences throughout entertaining
metaverse events.
Customer service support, tech-based metaverse Akyildiz et al., 2022;
capabilities, and personalization tools can increase Liu et al., 2022;
user loyalty by integrating data visualizations and Park et al., 2022
predictive analytics, bringing about compelling retail
and shopping experiences across virtual spaces.
72
Identification

Records identified through Records identified through

Web of Science search Scopus and ProQuest search
(n = 40) (n = 71)

Records after duplicates removed

(n = 71)
Screening

Records screened Records excluded

(n = 71) (n = 19)
Eligibility

Full-text articles Full-text articles

assessed for eligibility excluded, with reasons
(n = 52) (n = 36):

Out of scope (n = 14),

Insufficient detail (n = 11),
Limited rigor (n = 11)
Included

Studies included in
qualitative synthesis
(n = 16)

Figure 5 PRISMA flow diagram describing the search results and screening.

Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA)

guidelines were used that ensure the literature review is comprehensive, transparent,
and replicable. The flow diagram, produced by employing a Shiny app, presents
the stream of evidence-based collected and processed data through the various steps
of a systematic review, designing the amount of identified, included,
and removed records, and the justifications for exclusions.
To ensure compliance with PRISMA guidelines, a citation software was used,
and at each stage the inclusion or exclusion of articles was tracked by use of custom
spreadsheet. Justification for the removal of ineligible articles was specified during
the full-text screening and final selection.

73
To ensure first-rate standard of evidence, a systematic search
of relevant databases including peer-reviewed published
journal articles was conducted using predefined search terms,
covering a range of research methods and data sources.
Reference lists of all relevant sources were manually
reviewed for additional relevant citations.

Titles of papers and abstracts were screened for suitability

and selected full texts were retrieved to establish whether
they satisfied the inclusion criteria. All records from each
database were evaluated by using data extraction forms.
Data covering research aims, participants, study design,
and method of each paper were extracted.

The inclusion criteria were: (i) articles included in the Web of

Science, Scopus, and ProQuest databases, (ii) publication date
(2021–2022), (iii) written in English, (iv) being an original
empirical research or review article, and (v) particular search
terms covered; (i) conference proceedings, (ii) books, and (iii)
editorial materials were eliminated from the analysis.

Distiller SR screened and extracted the collected data.

SRDR gathered, handled, and analyzed the data for

the systematic review, being configured as an archive and tool
harnessed in data extraction through transparent, efficient, and
reliable quantitative techniques. Elaborate extraction forms
can be set up, meeting the needs of research questions and
study designs.

AMSTAR evaluated the methodological quality

of systematic reviews.

ROBIS assessed the risk of bias in systematic reviews.

The quality of academic articles was determined and risk of

bias was measured by MMAT, that tested content validity and
usability of selected studies in terms of screening questions,
type of design, corresponding quality criteria, and overall
quality score.

AXIS evaluated the quality of cross-sectional studies.

Dedoose analyzed qualitative and mixed methods research.

Figure 6 Screening and quality assessment tools

74
4. Connected Data Governance in the Metaverse Economy
Digitally extended social interactions can be configured by network modeling
and optimization (Akyildiz et al., 2022; Gursoy et al., 2022; Zyda, 2022),
configuring a scalable functional value across digital hyper-realistic worlds
(e.g., virtual venues and events or interactive digital malls) through connected
data governance in the metaverse economy. Customer behavior analytics can
assess immersive shopping experiences by use of real-time performance
data, enhancing customer engagement in a blockchain-based virtual world.
Conversational artificial intelligence, visual imagery, and customer experi-
ence analytics can be harnessed in livestreaming e-commerce across 3D
immersive environments during digital shopping journeys.
Transaction analytics, virtual connectivity, and data visualizations can
optimize immersive shopping experiences (Almarzouqi et al. 2022; Kshetri,
2022; Siyaev and Jo, 2021), meeting customer expectations through per-
sonalized product recommendations in the metaverse interactive environment.
Voice analysis can determine consumer sentiment and emotions, stream-
lining e-commerce user purchase journey, providing personalized offers and
services, and enhancing customer retention and sales, thus building lasting
customer relationships.
Computer vision algorithms and metaverse apps can optimize customer
relationship management and service processes, logistics operations, and
digitized retail products (Beniiche et al., 2022; Park et al., 2022; Zhao et al.,
2022) through eye-tracking technologies and machine intelligence in virtual
economy. Visualization tools, sentiment analytics, and ambient scene detec-
tion can optimize customer engagement and journeys on livestreaming
shopping platforms across online marketplaces. (Table 3)
Table 3 Synopsis of evidence as regards focus topics and descriptive outcomes
(research findings)
Digitally extended social interactions can be Akyildiz et al., 2022;
configured by network modeling and optimization, Gursoy et al., 2022;
configuring a scalable functional value across digital Zyda, 2022
hyper-realistic worlds through connected data
governance in the metaverse economy.
Transaction analytics, virtual connectivity, and Almarzouqi et al. 2022;
data visualizations can optimize immersive shopping Kshetri, 2022; Siyaev
experiences, meeting customer expectations through and Jo, 2021
personalized product recommendations in
the metaverse interactive environment.
Computer vision algorithms and metaverse apps Beniiche et al., 2022;
can optimize customer relationship management and Park et al., 2022;
service processes, logistics operations, and digitized Zhao et al., 2022
retail products through eye-tracking technologies and
machine intelligence in virtual economy.
75
5. Convenient Shopping and Immersive Retail Experiences
in Metaverse Spaces
Predictive maintenance and intelligence, extended reality technologies, and
computer vision algorithms (Elawady et al., 2022; Kshetri, 2022; Liu et al.,
2022) can determine buying habits and customer expectations, while raising
brand awareness in the metaverse economy. Visual imagery, predictive
analytics, and immersive technologies can be leveraged during customer
journeys and across retail and business locations, integrating movement and
behavior tracking to configure tailored shopping recommendations.
Customer experience analytics and augmented reality shopping tools can
deploy consumer data in livestreaming e-commerce (Gursoy et al., 2022; Lin
et al., 2022; Zhao et al., 2022), enhancing immersive retail experiences
during virtual asset purchasing throughout the blockchain-based metaverse.
Predictive analytics, computer vision algorithms, and data visualizations can
articulate frictionless customer experiences as regards digital brand assets
throughout immersive 3D worlds, optimizing virtual consumer engagement.
Augmented reality technology, predictive maintenance, and business intel-
ligence tools (Akyildiz et al., 2022; Hollensen et al., 2022; Park and Kim,
2022) can configure convenient shopping and immersive retail experiences
in metaverse spaces. Retail business analytics can assist smart connected
devices and immersive technologies by leveraging rich customer data
throughout connected shopping experiences to determine purchase intentions
across virtual spaces. Immersive technologies, customer behavior analytics,
data visualization tools, text analytics, and computer vision algorithms can
assist experiential shopping and retail livestreaming in immersive 3D worlds
by configuring personalized product recommendations and real-time cus-
tomized offers. (Table 4)
Table 4 Synopsis of evidence as regards focus topics and descriptive outcomes
(research findings)
Predictive maintenance and intelligence, Elawady et al., 2022;
extended reality technologies, and computer Kshetri, 2022; Liu
vision algorithms can determine buying habits et al., 2022
and customer expectations, while raising brand
awareness in the metaverse economy.
Customer experience analytics and augmented Gursoy et al., 2022; Lin et
reality shopping tools can deploy consumer data al., 2022; Zhao et al., 2022
in livestreaming e-commerce, enhancing immersive
retail experiences during virtual asset purchasing
throughout the blockchain-based metaverse.
Augmented reality technology, predictive Akyildiz et al., 2022;
maintenance, and business intelligence tools Hollensen et al., 2022;
can configure convenient shopping and Park and Kim, 2022
immersive retail experiences in metaverse spaces.
76
6. Connected Shopping Experiences
throughout Entertaining Metaverse Events
Eye-tracking technologies, machine intelligence, and deep neural networks
can enhance customer loyalty and expectations (Almarzouqi et al. 2022;
Kshetri, 2022; Turner, 2022) by integrating geolocation data throughout
interconnected virtual worlds, configuring metaverse platform engagement.
Digital behavior expectations can affect consumption patterns, and thus
tracking and measuring customer (dis)satisfaction by integrating synthetic data
and images is instrumental in acquiring users online. Behavioral algorithms
can detect, track, and monitor changing consumer moods and physical states.
By mining customer data, visual analytics can be decisive in optimizing
consumer retention, behaviors, and buying patterns (Lin et al., 2022; Zhang
et al., 2022; Zyda, 2022), determining immersive engagement during con-
nected shopping experiences throughout entertaining metaverse events.
Natural language processing techniques and artificial neural networks can
attract and retain customers by optimizing data-driven digital tool-based
streamlined purchasing experiences in livestreaming e-commerce.
Customer service support, tech-based metaverse capabilities, and personal-
ization tools can increase user loyalty (Akyildiz et al., 2022; Liu et al., 2022;
Park et al., 2022) by integrating data visualizations and predictive analytics,
bringing about compelling retail and shopping experiences across virtual
spaces. Frictionless user experiences and changing customer habits in im-
mersive interconnected virtual worlds can be assessed by data visualization
tools, retail analytics, and computer vision algorithms. (Table 5)
Table 5 Synopsis of evidence as regards focus topics and descriptive outcomes
(research findings)
Eye-tracking technologies, machine intelligence, Almarzouqi et al. 2022;
and deep neural networks can enhance customer Kshetri, 2022; Turner,
loyalty and expectations by integrating geolocation 2022
data throughout interconnected virtual worlds,
configuring metaverse platform engagement.
By mining customer data, visual analytics Lin et al., 2022; Zhang
can be decisive in optimizing consumer retention, et al., 2022; Zyda, 2022
behaviors, and buying patterns, determining
immersive engagement during connected
shopping experiences throughout entertaining
metaverse events.
Customer service support, tech-based metaverse Akyildiz et al., 2022;
capabilities, and personalization tools can increase Liu et al., 2022;
user loyalty by integrating data visualizations and Park et al., 2022
predictive analytics, bringing about compelling retail
and shopping experiences across virtual spaces.

77
7. Discussion
We integrate our systematic review throughout research indicating how
predictive analytics, computer vision algorithms, and data visualizations can
articulate frictionless customer experiences as regards digital brand assets
throughout immersive 3D worlds, optimizing virtual consumer engagement.
Our research complements recent analyses clarifying how behavioral algo-
rithms can detect, track, and monitor changing consumer moods and physical
states. We elucidate, by cumulative evidence, previous research demonstrating
how visualization tools, sentiment analytics, and ambient scene detection can
optimize customer engagement and journeys on livestreaming shopping
platforms across online marketplaces.

8. Synopsis of the Main Research Outcomes

Visual imagery, predictive analytics, and immersive technologies can be
leveraged during customer journeys and across retail and business locations,
integrating movement and behavior tracking to configure tailored shopping
recommendations. Digital behavior expectations can affect consumption pat-
terns, and thus tracking and measuring customer (dis)satisfaction by inte-
grating synthetic data and images is instrumental in acquiring users online.

9. Conclusions
Relevant research has investigated whether conversational artificial intelli-
gence, visual imagery, and customer experience analytics can be harnessed in
livestreaming e-commerce across 3D immersive environments during digital
shopping journeys. This systematic literature review presents the published
peer-reviewed sources covering how customer behavior analytics can assess
immersive shopping experiences by use of real-time performance data, en-
hancing customer engagement in a blockchain-based virtual world. The re-
search outcomes drawn from the above analyses indicate that frictionless
user experiences and changing customer habits in immersive interconnected
virtual worlds can be assessed by data visualization tools, retail analytics,
and computer vision algorithms.

10. Limitations, Implications, and Further Directions of Research

By analyzing only articles published between 2021 and 2022 in journals
indexed in the Web of Science, Scopus, and ProQuest databases, relevant
sources on the virtual economy of the metaverse may have been excluded.
Limitations of this research comprise particular kinds of publications (original
empirical research and review articles) discounting others (conference pro-
78
ceedings articles, books, and editorial materials). The scope of our study also
does not move forward the inspection of convenient shopping and immersive
retail experiences in metaverse spaces.
Subsequent analyses should develop on metaverse platform engagement.
Future research should thus investigate connected shopping experiences
throughout entertaining metaverse events. In the future, attention should be
directed to personalized product recommendations in the metaverse interactive
environment.

Gheorghe H. Popescu, https://orcid.org/0000-0002-3281-6042

Katarina Valaskova, https://orcid.org/0000-0003-4223-7519
Jakub Horak, https://orcid.org/0000-0001-6364-9745
Compliance with ethical standards
This article does not contain any studies with human participants or animals
performed by the authors.
Data availability statement
All data generated or analyzed are included in the published article.
Funding information
This paper is an output of the scientific project VEGA 1/0121/20 – Research
of transfer pricing system as a tool to measure the performance of national
and multinational companies in the context of earnings management in con-
ditions of the Slovak Republic and V4 countries. The funder had no role in
study design, data collection analysis, and interpretation, decision to submit
the manuscript for publication, or the preparation and writing of this paper.
Author contributions
All authors listed have made a substantial, direct and intellectual contribution
to the work, and approved it for publication. The authors take full respon-
sibility for the accuracy and the integrity of the data analysis.
Conflict of interest statement
The authors declare that the research was conducted in the absence of any
commercial or financial relationships that could be construed as a potential
conflict of interest.
Disclosure by the editors of record
The editors declare no conflict of interest in the review and publication
decision regarding this article.
Transparency statement
The authors affirm that the manuscript represents an honest, accurate, and
transparent account of the research being reported, that no relevant aspects
of the study have been left out, and that any inconsistencies from the research
as planned (and, if significant, registered) have been clarified.
79
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