Beauty Industry's Strategic Response to Metaverse Evolution: Focused on Generation MZ

Abstract

The South Korean cosmetics industry is loved by the whole world in the name of 'K-beauty' together with the Hallyu culture, and has been established as one of South Korea's key export items. In particular, lots of changes occur rapidly due to the development of telecommunication and the introduction of new technologies, and also changes caused by COVID-19 have brought about great changes in all the areas of distribution and sales. In addition, the consumption of the MZ generation shows different patterns from the existing consumer generations, and a new change in distribution and sales start in earnest according as their influence grows. While metaverse platform services, which are yet in their early stages, are now used mostly by entertainment area and global large companies, it is deemed that continuous investment and technological innovation will accelerate the expansion of metaverse platforms. Currently, response to cosmetics industry in the metaverse platform market is trivial, but cosmetics industry will also have to provide services through the market of this new type before long. For this, it should understand the consumption tendency of the main consumers, and grope for marketing strategies responding to it. The strategies are as follows: First, the consumption patterns of the MZ generation, which will grow as a main consumer group in the future though they are not a current main consumption group, should be understood, and marketing methods should be developed in agreement with consumption patterns pursued by them. Second, PR and marketing embracing the values of the MZ generation, such as environment and value-based consumption should be carried out, and services of real-time communication through stories sympathized by the MZ generation should be provided. Third, while offline experience is important, the marketing of experience in metaverse platforms should be provided, and goods that enable two-way communication and simultaneous enjoyment should be provided by planning and developing goods that allow linkage between metaverse and offline, Lastly, it is deemed that strategies for attracting consumers by providing contents of amusement and fun should be used. © 2022 IEEE.