Metaverse eCommerce - Indonesia | Statista Market Forecast

The Metaverse eCommerce market in Indonesia is projected to reach a value of US$467.2m in 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2030) of 40.07%, resulting in a projected market volume of US$3.5bn by 2030.
It is worth noting that China dominates this market, with a projected market volume of US$10.2bn in 2024.
In terms of user base, the Metaverse eCommerce market in Indonesia is anticipated to have 61.9m users users by 2030.
The user penetration rate is expected to be 7.4% in 2024 and is projected to increase to 21.2% by 2030.
Additionally, the average value per user (ARPU) is forecasted to amount to US$22.4.
Indonesia's Metaverse eCommerce market is experiencing rapid growth, driven by the country's young and 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 Indonesia is experiencing significant growth and development, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Indonesia are shifting towards online shopping and digital experiences.

With a population of over 270 million people, Indonesia has a large and growing middle class who are increasingly connected to the internet and mobile devices. These consumers are seeking convenience, variety, and competitive prices, which are all offered by Metaverse eCommerce platforms. Additionally, the younger generation in Indonesia is highly tech-savvy and embraces digital innovations, making them more open to exploring the Metaverse for their shopping needs.

Trends in the market indicate that Metaverse eCommerce is becoming more popular in Indonesia. The COVID-19 pandemic has accelerated the adoption of online shopping, as people turned to digital platforms to meet their needs while adhering to social distancing measures. This has created an opportunity for Metaverse eCommerce platforms to expand their presence in the Indonesian market.

Furthermore, the rise of social media and influencer marketing has influenced consumer behavior, with many Indonesians relying on recommendations and reviews from influencers before making a purchase. Metaverse eCommerce platforms provide a space where influencers can showcase products and engage with their followers, further driving the growth of the market. Local special circumstances in Indonesia contribute to the development of the Metaverse eCommerce market.

The country's geography, with its vast archipelago, presents logistical challenges for traditional retail distribution. Metaverse eCommerce platforms offer a solution by providing a centralized marketplace where sellers can reach customers across the country, regardless of their physical location. Additionally, the high mobile penetration rate in Indonesia allows for easy access to Metaverse eCommerce platforms, making it convenient for consumers to shop online.

Underlying macroeconomic factors also play a role in the growth of the Metaverse eCommerce market in Indonesia. The country's strong economic growth and rising disposable incomes have increased purchasing power, leading to greater consumer spending. This, coupled with a growing middle class, creates a favorable environment for Metaverse eCommerce platforms to thrive.

Furthermore, the government of Indonesia has been supportive of digital transformation and has implemented policies to encourage the growth of the digital economy, including the development of infrastructure and the promotion of digital literacy. In conclusion, the Metaverse eCommerce market in Indonesia is experiencing rapid growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As online shopping becomes increasingly popular and the digital landscape continues to evolve, Metaverse eCommerce platforms are well-positioned to capitalize on the opportunities in the Indonesian 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.