Seybold Report ISSN: 1533-9211
Niranjini N, Dr. J Sridevi
Vol 18, No 5 ( 2023 ) | Licensing: CC 4.0 | Pg no: 260-268 | Published on: 30-05-2023
Abstract
Background: The marketers and product owners see a wide-open universe of opportunity before them - the Metaverse. This universe of the internet creates and gives the user the freedom to create more opportunities to market their products. Top brands like Nike, Samsung, Hyundai, Coca-Cola, Louis Vuitton, Gucci, Adidas, and more have already taken the giant leap of faith into metaverse marketing. Like the transformation from traditional retail to e-commerce, the metaverse is seen as a revolutionary opportunity and transformation for many industries.
Objectives: This study aims to bring out the opportunities and challenges to market in the metaverse through gamification to the Generation Z and determine if metaverse marketing is a permanent change in how marketers do their business.
Methods: The methodology followed for this study is an empirical method. The critical analysis of various literatures pertaining to the study was undertaken and data from the sample audience was collected through questionnaire.
Results: It is found out that Metaverse may not after all be a fad but a permanent change in the way products will be marketed. From the hypothesis testing, it is found out that there is a strong positive relationship between frequency of playing online games and brand engagement through online games. Gen Z’s prefer physical over virtual luxury products on account of factors such as pride, status and sense of achievement. It has the potential to take branding to a whole new level.
Conclusions: The scope for Metaverse marketing is found to be on the positive side due to the rapid adoption of global brands and acceptance by benefitting publics. Gen Z Companies are encouraged to adopt innovative business models to cater to Metaverse Marketing.
Keywords:
Metaverse, Marketing, E-commerce, Fad, Generation Z