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The metaverse: Navigating the evolving risk landscape for retailers

El Khatib, R., Bassett, J., Bryce, C. ORCID: 0000-0002-9856-7851 & Ungaretti, A. (2023). The metaverse: Navigating the evolving risk landscape for retailers. Lockton’s Retail Practice,


The world is changing at an unprecedented pace. With every generation comes new needs and expectations, as well as innovative concepts that often trigger rapid shifts economies and sectors. To sustain their competitiveness in this everchanging market, as well as ensure relevance to the evolving consumer base, businesses are in a constant race to be ahead of the commercial curve.

With technology acting as enabler for accelerated innovation, disruptors of tradition are constantly seeking methods for prompting change, whilst focusing on personalisation, creativity, and efficiency. The retail sector is a prime example for such change. From physical trading stalls, shopping centres, to e-commerce and online shopping, the sector is constantly evolving to increase efficiency and outreach, whilst elevating customer experience.

So, what is the “next big thing” within the retail sector? Considering the lack of sensory immersion involved in the browse and click online model, retailers are now pursuing new operational realms to overcome the static nature of online shopping. New realms? The metaverse. In 2022, a study done by TLT, a UK law firm, revealed that out of 100 top UK retailers, 12% are already using the metaverse, and 39% plan on using it in the future.

As the metaverse evolves, more retailers are expected to utilise the features and advantages offered. Hence, understanding the implications of this operational shift is crucial for mitigating any potential evolving or emerging exposures. This white paper delves into describing the building blocks of the metaverse, whilst examining the associated risk management and insurance implications for retail businesses.

Publication Type: Article
Additional Information: This report has been published by Lockton:
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Departments: Bayes Business School > Actuarial Science & Insurance
[thumbnail of 10953_Lockton_Metaverse_Whitepaper_07.23_Final (1).pdf]
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