Metaverse eCommerce - Chile | Statista Market Forecast

The projected value of the Metaverse eCommerce market in 2024 is estimated to reach US$72.5m.
It is anticipated to experience an annual growth rate of 42.16% from 2024 to 2030, resulting in a projected market volume of US$598.0m by 2030.
It is worth noting that China contributes the most to the market, with a projected market volume of US$10.2bn in 2024.
In terms of user base, the number of users in the Metaverse eCommerce market is projected to reach 3.8m users by 2030.
The user penetration rate is expected to be 6.2% in 2024 and is projected to increase to 19.1% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$59.9.
It is important to mention that these projections are specific to the Metaverse eCommerce market and do not encompass the entire e-commerce industry.
In relation to the country in focus, in Chile, it would be interesting to examine its role and potential in the Metaverse eCommerce market.
Chile's Metaverse eCommerce market is witnessing a surge in virtual fashion and lifestyle brands, attracting a growing number of digitally savvy consumers.

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 Chile is experiencing significant growth and development, driven by changing customer preferences and the convergence of technology and commerce. Customer preferences in Chile are shifting towards online shopping and digital experiences, with consumers increasingly seeking convenience, variety, and personalized experiences.

This has led to a rise in the demand for virtual shopping experiences and the integration of eCommerce platforms with virtual reality and augmented reality technologies. Customers are now able to explore virtual stores, try on virtual clothing, and interact with products in a more immersive and engaging way. Trends in the market show a growing adoption of Metaverse eCommerce platforms by retailers in Chile.

Companies are recognizing the potential of these platforms to reach a wider audience, enhance customer engagement, and drive sales. Retailers are investing in creating virtual storefronts and launching virtual shopping events to attract and retain customers. Additionally, the integration of social media and gaming elements into Metaverse eCommerce platforms is gaining popularity, allowing customers to interact with friends, share their shopping experiences, and earn rewards.

Local special circumstances in Chile contribute to the development of the Metaverse eCommerce market. The country has a high internet penetration rate and a tech-savvy population, which creates a favorable environment for the adoption of virtual shopping experiences. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping, as consumers seek safer alternatives to traditional brick-and-mortar stores.

This has further fueled the demand for Metaverse eCommerce platforms in Chile. Underlying macroeconomic factors also play a role in the growth of the Metaverse eCommerce market in Chile. The country has a stable economy and a growing middle class, which has led to an increase in disposable income and consumer spending.

As a result, consumers are more willing to embrace new technologies and explore innovative shopping experiences. Furthermore, the government of Chile has been supportive of digital transformation and innovation, providing incentives and support for businesses to adopt new technologies. In conclusion, the Metaverse eCommerce market in Chile is experiencing rapid growth and development, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Retailers are embracing virtual shopping experiences to meet the demands of tech-savvy consumers and enhance their online presence. As the market continues to evolve, it is expected that Metaverse eCommerce will become an integral part of the retail landscape in Chile, offering new opportunities for businesses and consumers alike.

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.