Abstract
The Metaverse is an emerging three-dimensional (3D) interactive virtual space where individuals can connect beyond limitations of the traditional and physical world (Narin, 2021). This provides organisations and brands with the ability to broaden networks, extending their offerings and services to consumers in virtual environments (Kevins, 2022). Although these newfound Meta platforms bring transformative opportunities, they can also create challenges for businesses and brands due to entering unknown territories. This paper aims to reconsider traditional marketing mix theory in the world of Metaverse technology initiated by businesses and brands and its practical implications by extracting data from platform-based researcher observations. This research will be conducted by apparel brands’ direct observations on Metaverse using VR. This research will benefit organisations with the ongoing implementation or intent-to-use Metaverse technology in their marketing practices and add a conceptual contribution to the contemporary marketing strategy literature.
In detail, we seek to understand how brands are using the Metaverse as a marketing tool by categorising observed and exploratory findings in relation to the current marketing mix strategy to propose a new applied framework of the 4Ps for businesses and brands on the Metaverse. The virtual store visits to the 12 luxury and high-to-mid end brands such as Louis Vuitton, Nike and Puma on their universe will be analysed qualitatively.
The emergence of the Metaverse technology presents a new opportunity for brands and companies to connect with customers and potentially revolutionise marketing tactics. To the authors’ best knowledge, no studies have considered the application of the traditional marketing mix, known as the 4Ps (product, price, promotion, and place), to the Metaverse despite different themes emerged from its technology in consumer research and practices (Barrera and Shah, 2023). Moreover, in response to Flavián and Barta’s (2023) call for investigating Metaverse as a new touchpoint between companies and customers, this study aims to investigate how the Metaverse can be leveraged as a new touchpoint for marketing purposes and explore the potential benefits (and challenges) for companies in terms of increased brand loyalty and stronger connections with customers.