A New Era for Technology: How the Metaverse Will Transform Retail

Abstract

The current state of metaverse implementation within the marketing industry is gaining popularity as reachable technologies and visions for the metaverse are created, media coverage on the topic becomes widespread, and the demand for the metaverse increases due to the influence of recent world events. The future possibilities and opportunities of the metaverse as the next revolutionary platform after the internet makes the metaverse an increasingly important topic for retailers and businesses. Due to the unique characteristics of a metaverse, a platform which incorporates both the virtual and physical aspects of retail, marketers should create a marketing strategy in the metaverse oriented around a “retail theater” experience for consumers. Using a retail theater, marketers will be able to attract consumers to their metaverse store, by allowing them to have a unique and enjoyable shopping experience. A deep understanding of consumer preference of the target market in the metaverse is necessary in order to increase consumer adoption of the new interface technology and to compensate for  factors of consumer dissatisfaction regarding the current retail environment. The current paper aims to review and connect the literature regarding retail and the metaverse through deductive content analysis and research. By means of building upon and connecting literature regarding the metaverse and marketing communications, the paper proposes an effective marketing strategy in the metaverse for businesses. The proposed strategy may serve as a framework for future research as well as a guide for marketing professionals looking to expand retail into the metaverse platform.