Metaverse eCommerce - GCC | Statista Market Forecast

The projected value in the Metaverse eCommerce market is estimated to reach US$223.4m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2030) of 41.26%, resulting in a projected market volume of US$1.8bn by 2030.
It is worth noting that China contributes the most value to this market segment, with a projected market volume of US$10.2bn in 2024.
In terms of users, the Metaverse eCommerce market is expected to have 10.2m users users by 2030.
The user penetration rate is projected to be 6.5% in 2024 and is anticipated to reach 19.2% by 2030.
Additionally, the average value per user (ARPU) is estimated to be US$69.0.
It is important to mention that these projections are specific to the GCC country.
The GCC region is witnessing a surge in Metaverse eCommerce platforms, with innovative virtual shopping experiences and localized content.

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 GCC is experiencing rapid growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the GCC region have shifted towards online shopping and digital experiences.

With the increasing penetration of smartphones and internet connectivity, consumers are embracing the convenience and accessibility of eCommerce platforms. The younger population, in particular, is more inclined towards virtual experiences and exploring new ways of shopping. As a result, there is a growing demand for Metaverse eCommerce platforms that provide immersive and interactive shopping experiences.

Trends in the Metaverse eCommerce market in GCC are aligned with global trends, but with a regional twist. Virtual reality (VR) and augmented reality (AR) technologies are gaining popularity, allowing customers to visualize products in a virtual environment before making a purchase. This trend is particularly relevant in the fashion and furniture sectors, where customers can try on clothes or see how furniture fits in their homes without physically visiting a store.

Additionally, social commerce is on the rise, with consumers engaging in virtual communities and sharing their shopping experiences with others. This trend is driving the growth of virtual marketplaces and creating new opportunities for businesses to connect with customers in the Metaverse. Local special circumstances in the GCC region contribute to the development of the Metaverse eCommerce market.

The region has a high percentage of tech-savvy and digitally engaged population, creating a favorable environment for the adoption of Metaverse technologies. The GCC countries also have a strong focus on luxury and high-end products, and the Metaverse eCommerce market provides an avenue for luxury brands to showcase their products and create unique virtual experiences for their customers. Furthermore, the region's commitment to innovation and digital transformation is driving investments in Metaverse technologies and infrastructure.

Underlying macroeconomic factors are also playing a role in the growth of the Metaverse eCommerce market in GCC. The region has a strong and stable economy, supported by oil revenues and diversification efforts. This economic stability provides a conducive environment for businesses to invest in Metaverse technologies and explore new avenues for growth.

Additionally, the GCC countries have a high disposable income and a culture of luxury consumption, making them attractive markets for Metaverse eCommerce platforms. In conclusion, the Metaverse eCommerce market in GCC is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the region embraces digital transformation and innovation, the Metaverse eCommerce market is poised to expand further, creating new opportunities for businesses and providing customers with immersive and interactive shopping experiences.

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.