Abstract
The term metaverse refers to a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. In the context of marketing, the metaverse can be thought of as a new platform for brands to engage with consumers and create immersive, interactive experiences. Brands can use the metaverse to create virtual events, product demonstrations, and other interactive experiences that allow consumers to engage with the brand in a more meaningful way. The metaverse offers new and exciting opportunities for brands to connect with consumers and create engaging, interactive experiences that drive brand awareness and loyalty. As a result, more research is needed to provide reliable and accurate data on Metaverse in marketing. This study aims to assess the challenges and opportunities, thus building a frame of reference on metaverse in marketing.
TopMethodological Approach
A systematic bibliometric literature review (LRSB) was conducted to identify relevant sources and synthesize data for final reporting on the opportunities and challenges of the metaverse in marketing. The method was selected since it enables the researcher to explore and analyze large volumes of data and unpack evolutionary nuances in the emergence of the metaverse and its integration into marketing. In addition, it uses a replicable, scientific, and transparent process that helps the researcher eliminate bias through a comprehensive literature search of published and unpublished studies (Linnenluecke et al., 2020). Due to the rigorous approach used and the large amount of data analyzed, this methodology helps uncover emerging themes and topics, map the evolution of a specific topic, and identify gaps in research and practice. With the metaverse still an emerging innovation, this methodology will help gather relevant data that can help enhance its integration into marketing strategies and campaigns, thus bridging the transfer from the research to practice gap.
The LRSB helped filter the most relevant and quality sources for analysis and reporting. Consequently, the methodology can be used to decipher and map cumulative scientific knowledge and emerging variations of a well-established topic (Rosário & Dias, 2023; Rosário, 2021; Rosário & Dias, 2022; Rosário, et al., 2021).
Key Terms in this Chapter
Customer Engagement: The metaverse allows marketeers to improve brands engagement, as they can use a more immersive and interactive consumer experience by providing an extensive, shared virtual world in real-time. In this scenario customers, through their avatars, can engage with the products or services in a virtual, controlled environment. The metaverse allows brands to collect customer data, such as preferences, behaviors, and interests, which can be used to improve the personalization of marketing messages. This strategy can help create a more tailored experience for the consumer, improving engagement and loyalty.
Interactive and Immersive Experiences: Experiences that engage users in new and exciting ways as the metaverse provides a strong sense of realism and immersion that contributes to customers’ personal online experiences, leveraging engagement and building loyalty.
Metaverse Ethics: Some ethical aspects can damage image brand and affect customers as the possible virtual addiction where users are addicted to highly immersive and engaging experiences or the potential exploitation of vulnerable users. Brands and marketeers should leverage metaverse technologies with strategies well thought.
Metaverse: Constitutes a computer-mediated environment where people engage in social activities through avatars in 360-degree virtual worlds. It is an interactive, immersive, and collaborative virtual 3D world inhabited by avatars of real people. This social dimension in a three-dimensional virtual world allows companies to create interactive experiences such as virtual events and product demonstrations, improving customer experience which are critical in marketing.
Personalization of Advertising: The user data access to be used to personalize marketing messages and strategies in metaverse.
Interactive Advertising in the Metaverse: This virtual world facilitates consumer-brand interactions influencing how consumers process, perceive and respond to advertising. The major advantage is the two-way communication between the brand and the consumer, i.e., the metaverse provides an interactive experience that allows engagement, unlike traditional advertising.