Metaverse eCommerce - India | Statista Market Forecast

The Metaverse eCommerce market in India is projected to reach a value of US$837.6m in 2024.
This market is expected to experience an annual growth rate (CAGR 2024-2030) of 42.12%, leading to a projected market volume of US$6.9bn by 2030.
In 2024, China is expected to generate the highest market volume, reaching US$10.2bn.
However, by 2030, in India is projected to have a significant increase in the number of users, which is expected to amount to 199.7m users.
The user penetration rate in India is expected to be 4.4% in 2024 and is projected to reach 13.2% by 2030.
This indicates a growing number of users engaging in the Metaverse eCommerce market in India.
Furthermore, the average value per user (ARPU) in India is expected to amount to US$13.2, highlighting the potential for economic growth in this market segment.
India's Metaverse eCommerce market is witnessing a surge in virtual shopping experiences, with innovative platforms catering to the diverse needs of the country's tech-savvy population.

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 India is experiencing significant growth and development.

Customer preferences: Indian consumers are increasingly seeking immersive and interactive shopping experiences, which has led to a surge in demand for Metaverse eCommerce platforms. These platforms allow users to explore virtual worlds, interact with products and brands, and make purchases in a virtual environment. This appeals to tech-savvy consumers who are looking for unique and engaging shopping experiences.

Trends in the market: One key trend in the Metaverse eCommerce market in India is the integration of social media and gaming elements. Metaverse platforms are leveraging social media features to enhance user engagement and enable social interactions within the virtual world. This not only provides users with a sense of community but also allows them to share their virtual shopping experiences with friends and followers. Another trend is the increasing adoption of virtual reality (VR) and augmented reality (AR) technologies in the Metaverse eCommerce market. These technologies enable users to visualize products in a realistic and immersive manner, enhancing the overall shopping experience. This trend is particularly relevant in industries such as fashion, home decor, and furniture, where consumers want to see how products will look in real life before making a purchase.

Local special circumstances: India has a large and growing population of tech-savvy consumers who are eager to embrace new technologies and experiences. The country also has a thriving gaming and entertainment industry, which provides a strong foundation for the development of Metaverse eCommerce platforms. Additionally, the government's Digital India initiative has been instrumental in driving digital adoption and creating a favorable environment for the growth of the Metaverse eCommerce market.

Underlying macroeconomic factors: India's rapidly expanding digital infrastructure, including widespread internet access and the availability of affordable smartphones, has played a crucial role in fueling the growth of the Metaverse eCommerce market. The increasing penetration of 4G and upcoming 5G networks has further accelerated the adoption of Metaverse platforms, as users can access these platforms seamlessly on their mobile devices. Furthermore, the COVID-19 pandemic has acted as a catalyst for the growth of the Metaverse eCommerce market in India. The lockdowns and social distancing measures imposed during the pandemic have led to a surge in online shopping and a shift towards virtual experiences. Metaverse eCommerce platforms have provided a safe and convenient alternative to physical retail, allowing consumers to shop from the comfort of their homes. In conclusion, the Metaverse eCommerce market in India is experiencing rapid growth and development due to customer preferences for immersive and interactive shopping experiences, the integration of social media and gaming elements, the adoption of VR and AR technologies, the country's tech-savvy population, the government's Digital India initiative, and the COVID-19 pandemic. These factors are driving the expansion of the market and creating new opportunities for businesses in India.

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.