Virtual worlds, real opportunities: A review of marketing in the metaverse

Abstract

Metaverse, as an emerging phenomenon, presents businesses with new opportunities to create user-centered, interactive, and fully immersive products and services that transcend the boundaries of physical and digital reality. However, there is a lack of understanding among academics and business leaders regarding what the metaverse is and how it can transform the marketing landscape. By conducting a systematic literature review of 39 articles using 5W1H framework, the study enhances the comprehension of marketing in metaverse from both conceptual and managerial perspectives. The study delves into the intricacies of the metaverse, examining its components, such as 3D virtual world, avatars, interoperability, and persistency, while exploring its opportunities and challenges. Specifically, it highlights the evolution of the 4P's of marketing and their applications across diverse industries, ranging from tourism and education to retailing and beyond. The review provides a comprehensive understanding of the state-of-the-art literature. The findings of this study can guide future research on the potential of metaverse and aid managers in developing effective marketing strategies related to marketing in metaverse.