Marketing in the Metaverse: Conceptual understanding, framework, and research agenda

Abstract

A hyper-connected digital universe referred to as the ‘metaverse’ bears the promise of fundamentally changing how consumers, brands, and firms will transact and interact in a seamlessly interconnected space of virtual realities. The potential of the metaverse is being accelerated by the increasing tendency of (i) consumers engaging and transacting in virtual spaces and (ii) firms investing millions of dollars in developing metaverse-related technologies. However, given the rapid evolution, there is a lack of clear understanding of the current scope of the metaverse and the consequent implications for marketing practice and research. This study integrates the findings from an extensive literature review of multiple disciplines and expert viewpoints of industry leaders to propose a definition and an organizing framework for the emergent metaverse. Subsequently, the authors discuss how metaverse-induced changes contribute to novel implications for marketing practice and propose a research agenda to guide future academic studies and marketing initiatives.