Not just for play: Why the metaverse should be leveraged for cocreation
Yuna Kim · Business Horizons · 2023
Co-creation acknowledges consumers as collaborators rather than mere recipients of products. While Web-based platforms have facilitated the co-creation process by enabling firms to interact with a large number of consumers directly, continuously, and in real-time, this article proposes that the metaverse, which refers to an interconnected network of virtual worlds that can be experienced synchronously by an unlimited number of users, should also be considered as a platform for co-creation. Although many firms are focusing on leveraging the metaverse to increase consumer engagement or enhance retail experiences, this article focuses on its potential to eliminate knowledge and experience boundaries, which has been identified as a limitation of co-creating with consumers. Specifically, the metaverse enables consumers to develop innovative new product ideas by creating immersive environments that blend physical and virtual worlds to provide near-realistic experiences that were once beyond the scope of consumers’ normal experiences. We propose that the metaverse allows firms to incorporate essential elements of co-creation in immersive environments and provide guidelines on how the metaverse can be used effectively by integrating new experiences (extended reality), new motivations (shared experiences), and new partners (Gen Z).