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Metaverse eCommerce - Australia & Oceania

Australia & Oceania
  • The Metaverse eCommerce market in Australia & Oceania is projected to reach a value of US$393.8m in 2024.
  • It is also expected to exhibit an annual growth rate (CAGR 2024-2030) of 41.46%, resulting in a projected market volume of US$3.2bn by 2030.
  • With a projected market volume of US$10.2bn in 2024, China is the dominant player in this market segment.
  • In terms of users, the Metaverse eCommerce market in Australia & Oceania is expected to have 7.1m users users by 2030.
  • The user penetration rate is anticipated to be 7.2% in 2024 and is projected to reach 21.0% by 2030.
  • The average value per user (ARPU) is estimated to be US$171.5 in this market segment.
  • Australia & Oceania is experiencing a surge in Metaverse eCommerce, with virtual shopping becoming increasingly popular among consumers in the region.

Definition:

The eCommerce market refers to the buying and selling of goods and services within virtual reality environments, such as virtual worlds, social VR platforms, and other immersive digital spaces. These can include virtual storefronts, digital marketplaces, and other online shopping experiences that allow users to purchase real-world products or virtual items using virtual currencies and/or real-world money. Metaverse eCommerce can also include virtual shopping experiences, where users can explore and interact with virtual stores, try on virtual clothing and accessories, and make purchases through virtual cash or real-world money.

Structure:

The eCommerce market also covers the markets Beauty, Health, Personal & Household Care, Toys, Hobbys, DIY & Media, Furniture, Electronics, Fashion, and Food & Beverages. All of them refer to the specific goods that can be bought in the metaverse.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through in-app purchases and consumer spending on items, products, and hardware such as headsets and glasses. Market numbers for eCommerce are also featured in the Digital Market Insights. Key players in the market include companies, such as IKEA, Virtual Realms, and Holition. For more information on the data displayed, use the info button right next to the boxes.

In-Scope

  • Marketplaces in the metaverse, such as Decentraland's Marketplace
  • Items bought for avatars used in the metaverse, such as Costumes or Skins
  • Fashion for avatars, such as Gucci stores
  • Electronics, such as AR and VR hardware

Out-Of-Scope

  • Physical items used for the metaverse, such as Oculus Quest
  • Purchase of games that are considered metaverse, such as Roblox or Sandbox
Metaverse: market data & analysis - Cover

Market Insights report

Metaverse: market data & analysis

Study Details

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Metaverse eCommerce market in Australia & Oceania is experiencing significant growth and development.

    Customer preferences:
    Customers in Australia & Oceania have shown a strong preference for online shopping and digital experiences. With the advancements in technology and the increasing availability of high-speed internet, consumers are embracing the convenience and accessibility of shopping in the Metaverse. They are attracted to the immersive and interactive nature of the Metaverse, which allows them to explore virtual stores, try on virtual clothing, and interact with virtual products before making a purchase. Additionally, customers appreciate the ability to connect and socialize with others in the Metaverse, creating a sense of community and shared experiences.

    Trends in the market:
    One of the key trends in the Metaverse eCommerce market in Australia & Oceania is the rise of virtual marketplaces. These platforms provide a space for businesses to showcase and sell their products in a virtual environment. Customers can browse through a wide range of virtual stores and make purchases using virtual currencies. Virtual marketplaces offer a unique shopping experience, allowing customers to explore virtual worlds and interact with products in a way that is not possible in traditional eCommerce platforms. Another trend in the market is the integration of augmented reality (AR) and virtual reality (VR) technologies. Businesses are leveraging these technologies to enhance the shopping experience in the Metaverse. Customers can use AR to try on virtual clothing and accessories, allowing them to see how the items would look on them before making a purchase. VR technology is being used to create immersive virtual showrooms and product demonstrations, providing customers with a more engaging and interactive shopping experience.

    Local special circumstances:
    Australia & Oceania has a unique geography and population distribution, with many remote and rural areas. This presents challenges for traditional brick-and-mortar retailers to reach customers in these areas. The Metaverse offers a solution to this problem, as it allows businesses to reach customers in remote locations through virtual stores. This enables customers in rural areas to access a wide range of products and services that may not be available locally.

    Underlying macroeconomic factors:
    The growth of the Metaverse eCommerce market in Australia & Oceania is also driven by underlying macroeconomic factors. The region has a strong and stable economy, with a high level of internet penetration and smartphone adoption. The increasing digital literacy and tech-savviness of the population further contribute to the growth of the Metaverse eCommerce market. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping and digital experiences, as people have been forced to stay at home and limit physical interactions. This has created a favorable environment for the development of the Metaverse eCommerce market in Australia & Oceania. In conclusion, the Metaverse eCommerce market in Australia & Oceania is experiencing rapid growth and development. Customer preferences for online shopping and digital experiences, along with the rise of virtual marketplaces and the integration of AR and VR technologies, are driving the expansion of the market. The unique geography and population distribution in the region, as well as underlying macroeconomic factors, further contribute to the growth of the Metaverse eCommerce market.

    Reach

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    Figures are based on in-app spending, consumer spending, in-game spending, app downloads, and investment and funding data.

    Modeling approach / Market size:

    Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

    Additional Notes:

    The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Fashion in the metaverse - Statistics & Facts

    Before Mark Zuckerberg announced Facebook’s name change to Meta to the surprise and sniggers of social media users, the metaverse was a niche and futuristic concept familiar to the tech and science-fiction aficionados. Yet now, it has become the catchphrase that sets the scene for the next stage of the internet. Facebook’s rebranding of Meta as one of the building blocks of the metaverse was powerful enough to trigger immediate response from the world’s biggest retail and consumer brands. In the week following Zuckerberg’s Meta presentation, Nike made patent applications for a number of its logos and slogans, and in December 2021 acquired the virtual sneakers company RTFKT. Nike is one of the growing number of retail brands that are silently preparing their launch into the metaverse where fashion is flaunted not as physical goods but as virtual assets. According to a study, Nike applied for 12 IoT patents in the three months running up to May 2022.
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