Metaverse eCommerce - Baltics | Statista Market Forecast

The Metaverse eCommerce market, which includes the country in Baltics, is projected to reach a value of US$25.6m by 2024.
This market is also expected to show an annual growth rate (CAGR 2024-2030) of 43.73%, resulting in a projected market volume of US$226.1m by 2030.
China generates the most value in this market, with a projected market volume of US$10.2bn in 2024.
In terms of users, the Metaverse eCommerce market is expected to have 1.1m users users by 2030.
The user penetration rate is projected to be 5.7% in 2024 and is expected to increase to 19.3% by 2030.
The average value per user (ARPU) is expected to amount to US$77.8.
In the burgeoning Metaverse eCommerce market, the Baltics are emerging as a hotbed for innovative digital platforms and virtual shopping experiences.

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.

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

Physical items used for the metaverse, such as Oculus Quest
Purchase of games that are considered metaverse, such as Roblox or Sandbox

The Metaverse eCommerce market in Baltics is experiencing significant growth and development, driven by changing customer preferences and the emergence of new trends in the market. Customer preferences in the Metaverse eCommerce market in Baltics are shifting towards immersive and interactive shopping experiences.

Consumers are increasingly seeking out virtual reality (VR) and augmented reality (AR) technologies to enhance their online shopping experiences. They are looking for more personalized and engaging interactions with products and brands, which can be achieved through the Metaverse. This trend is fueled by the growing popularity of gaming and the desire for a seamless integration between virtual and physical worlds.

Trends in the market include the rise of virtual showrooms and virtual try-on experiences. Retailers in the Baltics are leveraging the Metaverse to create virtual spaces where customers can browse and interact with products in a realistic and immersive way. Virtual try-on experiences, enabled by AR technology, allow customers to visualize how products will look on them before making a purchase.

These trends are revolutionizing the way people shop, providing them with a unique and convenient way to explore and purchase products. Local special circumstances in the Baltics contribute to the development of the Metaverse eCommerce market. The region has a high internet penetration rate and a tech-savvy population, making it an ideal market for Metaverse technologies.

The Baltic countries also have a strong gaming culture, with many people already familiar with virtual environments and comfortable navigating them. This familiarity with virtual worlds creates a favorable environment for the adoption of Metaverse eCommerce. Underlying macroeconomic factors also play a role in the growth of the Metaverse eCommerce market in the Baltics.

The region has a strong digital infrastructure and a supportive regulatory environment that encourages innovation and investment in emerging technologies. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping, creating a greater demand for immersive and interactive shopping experiences. These factors, combined with the unique characteristics of the Baltics, contribute to the rapid development of the Metaverse eCommerce market in the region.

In conclusion, the Metaverse eCommerce market in the Baltics is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers increasingly seek out immersive and interactive shopping experiences, retailers in the Baltics are leveraging the Metaverse to provide personalized and engaging interactions. The region's high internet penetration rate, tech-savvy population, and supportive regulatory environment contribute to the rapid adoption of Metaverse technologies.

With the continued advancement of virtual reality and augmented reality technologies, the Metaverse eCommerce market in the Baltics is expected to further expand in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

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.