Digital Marketing in Metaverse

Abstract

Within the realm of digital marketing, one strategy that has garnered a lot of interest is the metaverse marketing. People are likely to spend more time in the metaverse, interact with brands inside it, and even buy virtual items as the lines between the real world and the virtual world grow less distinct. As reported by Verdict, a new survey has shown that only 38% of the respondents were interested to attend a live sporting event within the metaverse, and 45% were interested in a live music event. The interest increased for the millennials (born between 1989 and 1996) and Gen Z (born after 1997) respondents. Among millennials, 61% were interested in a live music event, and it was 56% for the Gen Z. Forbes also reported that almost half of the US consumers are not aware about the metaverse, and Gen Z are expected to be the leading consumer segment. Along these lines, this study considers millennials and Gen Z to be the main consumer segments for the initial adoption of the metaverse innovations. The millennial and Gen Z audiences are putting pressure on firms to modify their digital marketing tactics for the metaverse. People in Gen Z socialize twice as much in the metaverse as they do in the real world. Although a large percentage of consumers are most likely to be young, their impact and capability to make purchases will only increase in the years to come. With increasing adoption of Metaverse in gaming and rising consumer interest in the concept of VR stores, Metaverse has risen to the forefront of the next requirement for businesses to remain relevant to Gen Z and millennials. A great number of companies have already started making substantial incorporation of Metaverse and have their very own online shops. Marketers now have a tremendous opportunity to comprehend and adjust to a new marketing strategy in the Metaverse as a result of this development. This study will assist us in gaining a better understanding of marketing techniques in the metaverse and how these strategies will develop as the number of people using the metaverse grows. Companies will need to address the gaps in the product development and positioning to cater to the new demand. This study analyzes these aspects by looking at four major types of sectors: namely, ecommerce, gaming, banking, and insurance.