In Search of a Head Start: Marketing Opportunities in the Metaverse

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Suggested Citation

Dwivedi, Y., & Hughes, L. (2023). In Search of a Head Start: Marketing Opportunities in the Metaverse. NIM Marketing Intelligence Review, 15(2) 18-23. https://doi.org/10.2478/nimmir-2023-0012

Year

2023

Authors

Yogesh Dwivedi,
Laurie Hughes

Publication title

In Search of a Head Start: Marketing Opportunities in the Metaverse

Publication

NIM Marketing Intelligence Review

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Keywords: Metaverse, Virtual Products, Virtual Channels, Avatars, Metaverse Marketing

Abstract:
The concept of the metaverse, a virtual world with immersive 3-D environments, has gained significant attention and is expected to affect how we interact and communicate. While there is no consensus on its future, many brands are preparing for its potential. The metaverse offers unique marketing opportunities, enabling brands to provide offerings that are impossible in the real world. It can serve as a third space for retailing, where brands can create immersive experiences and overcome physical limitations. Metaverse advertising should be interactive and immersive to maximize its potential, while brand communities and events in the metaverse offer new avenues for engagement. The metaverse also allows companies to unlock new revenue streams through virtual products, NFT collections and digital twins. However, the metaverse brings challenges, including technical issues, privacy concerns, avatar misbehavior and the need for virtual and real coexistence. Brands must navigate these challenges and conduct further research to understand and maximize the benefits while minimizing risks in the metaverse.

Authors

Yogesh Dwivedi, Professor of Digital Marketing and Innovation, School of Management, Swansea University, Swansea, UK
Laurie Hughes, Senior Lecturer, School of Management, Swansea University, Swansea, UK

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