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Marketing on the metaverse: Research opportunities and challenges

Author

Listed:
  • Shuya Lu

    (Cleveland State University)

  • Ofer Mintz

    (Tel Aviv University
    University of Technology Sydney)

Abstract

The metaverse offers marketers the greatest potential to engage with customers and develop competitive advantages on a new medium since the advent of social media. Yet, immense uncertainty exists on what the metaverse is, how it will ultimately develop, and how firms and consumers will use it. This research aims to reduce this uncertainty by offering guidance on metaverse marketing from a firm’s perspective. We first provide background on the metaverse and summarize existing metaverse marketing research. Then, we describe how marketers can use the metaverse to differentiate their firms through the 4 P’s and 5 C’s. Subsequently, we expand on Reibstein and Iyengar’s (2023) seven potential marketing roles for the metaverse by providing additional rationales, potential opportunities, challenges, and future research directions for each role. Finally, we conclude the research by summarizing potential challenges firms face/will face while conducting metaverse marketing.

Suggested Citation

  • Shuya Lu & Ofer Mintz, 2023. "Marketing on the metaverse: Research opportunities and challenges," AMS Review, Springer;Academy of Marketing Science, vol. 13(1), pages 151-166, June.
    • Handle: RePEc:spr:amsrev:v:13:y:2023:i:1:d:10.1007_s13162-023-00255-5
    DOI: 10.1007/s13162-023-00255-5
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    References listed on IDEAS

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    1. Giang Barrera, Kevin & Shah, Denish, 2023. "Marketing in the Metaverse: Conceptual understanding, framework, and research agenda," Journal of Business Research, Elsevier, vol. 155(PA).
    2. David J Reibstein & Raghu Iyengar, 2023. "Metaverse—will it change the world or be a whole new world in and of itself?," AMS Review, Springer;Academy of Marketing Science, vol. 13(1), pages 144-150, June.
    3. Belk, Russell & Humayun, Mariam & Brouard, Myriam, 2022. "Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets," Journal of Business Research, Elsevier, vol. 153(C), pages 198-205.
    4. Yoo, Kiwoong & Welden, Roman & Hewett, Kelly & Haenlein, Michael, 2023. "The merchants of meta: A research agenda to understand the future of retailing in the metaverse," Journal of Retailing, Elsevier, vol. 99(2), pages 173-192.
    5. Fine F. Leung & Flora F. Gu & Robert W. Palmatier, 2022. "Online influencer marketing," Journal of the Academy of Marketing Science, Springer, vol. 50(2), pages 226-251, March.
    Full references (including those not matched with items on IDEAS)

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