Metaverse eCommerce - Lithuania | Statista Market Forecast

The Metaverse eCommerce market is projected to reach a value of US$11.9m in 2024, with an annual growth rate of 45.45% from 2024 to 2030.
This growth is expected to result in a market volume of US$112.5m by 2030.
In Lithuania, the projected market volume in 2024 is estimated to be US$10.2bn.
However, it is important to note that the majority of the market value is generated China.
The number of users in the Metaverse eCommerce market is expected to reach 454.9k users by 2030.
User penetration, which refers to the percentage of the population using the Metaverse eCommerce market platform, is projected to increase from 5.0% in 2024 to 17.8% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$88.8.
This metric indicates the average amount of value generated per user in the Metaverse eCommerce market.
Lithuania's growing tech ecosystem and highly skilled workforce make it a promising market for Metaverse eCommerce expansion.

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 Lithuania is experiencing significant growth and development, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Lithuania are shifting towards online shopping and digital experiences.

With the advancement of technology and the increasing popularity of virtual reality, customers are seeking immersive and interactive shopping experiences in the Metaverse. They are looking for personalized and engaging interactions with brands, as well as the convenience of shopping from anywhere at any time. This shift in customer preferences is driving the growth of the Metaverse eCommerce market in Lithuania.

Trends in the market are also contributing to the development of the Metaverse eCommerce market in Lithuania. One of the key trends is the integration of virtual reality and augmented reality technologies into the shopping experience. This allows customers to visualize products in a virtual environment and make informed purchasing decisions.

Additionally, the use of virtual reality in marketing and advertising campaigns is becoming more prevalent, creating unique and memorable brand experiences for customers. Another trend in the market is the rise of social commerce in the Metaverse. Customers in Lithuania are increasingly using social media platforms and virtual communities to discover and purchase products.

This trend is driven by the desire for social interactions and recommendations from peers. As a result, businesses are leveraging social commerce platforms to engage with customers, build brand loyalty, and drive sales. Local special circumstances also play a role in the development of the Metaverse eCommerce market in Lithuania.

The country has a tech-savvy population with a high internet penetration rate, making it conducive for the adoption of Metaverse technologies. Additionally, Lithuania has a strong startup ecosystem and a supportive regulatory environment, which encourages innovation and entrepreneurship in the Metaverse eCommerce sector. These factors contribute to the growth and development of the market in the country.

Underlying macroeconomic factors further support the growth of the Metaverse eCommerce market in Lithuania. The country has a stable economy and a growing middle class with increasing purchasing power. This provides a favorable consumer base for businesses operating in the Metaverse eCommerce sector.

Furthermore, the COVID-19 pandemic has accelerated the digital transformation of industries, including retail, leading to a greater reliance on online platforms and virtual experiences. In conclusion, the Metaverse eCommerce market in Lithuania is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Businesses in the country are embracing Metaverse technologies to provide immersive shopping experiences and capitalize on the evolving digital landscape.

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.