Metaverse eCommerce - Colombia | Statista Market Forecast

In 2024, the projected value of the Metaverse eCommerce market is expected to reach US$78.5m in Colombia.
This market is anticipated to experience an annual growth rate (CAGR 2024-2030) of 39.68%, resulting in a projected market volume of US$583.2m by 2030.
China generates the most value in this market, with a projected market volume of US$10.2bn in 2024.
By 2030, the number of users in the Metaverse eCommerce market in Colombia is expected to reach 6.6m users.
User penetration is projected to be 4.2% in 2024 and is expected to increase to 12.1% by 2030.
The average value per user (ARPU) is anticipated to amount to US$35.5 in Colombia.
Colombia's Metaverse eCommerce market is witnessing a surge in virtual shopping experiences, with consumers embracing immersive platforms for online purchases.

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 Colombia is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Colombia are shifting towards online shopping and digital experiences.

With the increasing penetration of smartphones and internet access, consumers are embracing the convenience and accessibility of eCommerce platforms. The younger generation, in particular, is driving this trend, as they are more tech-savvy and open to exploring new digital experiences. Additionally, the COVID-19 pandemic has accelerated the adoption of online shopping, as consumers prioritize safety and convenience.

Trends in the market indicate a growing interest in virtual reality (VR) and augmented reality (AR) technologies. These immersive technologies offer unique and engaging shopping experiences in the metaverse. Consumers can virtually try on clothes, explore virtual stores, and interact with products before making a purchase.

This trend is fueled by advancements in VR/AR technology, which have become more affordable and accessible in recent years. As a result, eCommerce platforms are incorporating VR/AR features to enhance the shopping experience and differentiate themselves in the market. Local special circumstances in Colombia contribute to the development of the Metaverse eCommerce market.

The country has a large and growing middle class, which has increased purchasing power and disposable income. This enables consumers to engage in online shopping and explore new digital experiences. Additionally, Colombia has a vibrant tech startup ecosystem, which fosters innovation and entrepreneurship in the digital space.

This entrepreneurial spirit drives the development of Metaverse eCommerce platforms and encourages competition in the market. Underlying macroeconomic factors also play a significant role in the growth of the Metaverse eCommerce market in Colombia. The country has experienced steady economic growth in recent years, which has led to an expansion of the middle class and increased consumer spending.

Additionally, the government has implemented policies to promote digital transformation and support the growth of the digital economy. These factors create a favorable environment for the development of Metaverse eCommerce platforms and attract investment in the sector. In conclusion, the Metaverse eCommerce market in Colombia is experiencing rapid growth and development, driven by shifting customer preferences, emerging market trends, local special circumstances, and supportive macroeconomic factors.

As consumers embrace online shopping and digital experiences, eCommerce platforms are incorporating VR/AR technologies to enhance the shopping experience. With a growing middle class, a vibrant tech startup ecosystem, and favorable macroeconomic conditions, Colombia is well-positioned to capitalize on the opportunities presented by the Metaverse eCommerce market.

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.