Metaverse eCommerce - Nigeria | Statista Market Forecast

The projected value of the Metaverse eCommerce market in 2024 is estimated to reach US$58.0m.
It is anticipated that this value will experience an annual growth rate of 44.22% from 2024 to 2030.
As a result, the market volume is projected to reach US$522.4m by 2030.
In 2024, China is expected to generate the highest market volume, with an estimated value of US$10.2bn.
Looking specifically at the number of users in the Metaverse eCommerce market, it is expected to reach 4.7m users by 2030.
The user penetration rate is projected to be 0.6% in 2024, and it is anticipated to increase to 1.8% by 2030.
The average value per user (ARPU) is expected to be US$40.6.
It is worth noting that these projections and figures specifically pertain to the Metaverse eCommerce market in Nigeria.
Nigeria's Metaverse eCommerce market is experiencing rapid growth, driven by the increasing adoption of virtual reality technology and 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 Nigeria is experiencing significant growth and development, driven by changing customer preferences and local special circumstances.

Customer preferences: In Nigeria, customers are increasingly embracing the concept of the Metaverse and its potential for eCommerce. The convenience and accessibility of shopping in a virtual environment are appealing to many Nigerians, especially the younger generation who are tech-savvy and open to new experiences. Additionally, the ability to interact with virtual products and environments before making a purchase provides a level of engagement and assurance that traditional eCommerce cannot match.

Trends in the market: One of the key trends in the Metaverse eCommerce market in Nigeria is the rise of virtual shopping experiences. Retailers are creating virtual stores within the Metaverse, allowing customers to browse and purchase products in a virtual environment. These virtual stores often feature immersive and interactive elements, such as virtual try-ons and personalized recommendations, enhancing the overall shopping experience. This trend is particularly popular in the fashion and beauty industries, where customers can virtually try on clothes and test makeup products before making a purchase. Another trend in the Nigerian Metaverse eCommerce market is the integration of social elements. Virtual shopping experiences are becoming more social, allowing customers to interact with friends and influencers while shopping. This social aspect adds an element of fun and community to the shopping experience, making it more engaging and enjoyable for customers. Retailers are also leveraging social media platforms to promote their virtual stores and products, reaching a wider audience and driving sales.

Local special circumstances: Nigeria has a large and growing population, with a significant portion of the population having access to smartphones and the internet. This widespread connectivity provides a fertile ground for the development of the Metaverse eCommerce market. Furthermore, Nigeria has a vibrant tech startup ecosystem, with many innovative companies focusing on virtual reality and augmented reality technologies. These local special circumstances contribute to the rapid growth and adoption of Metaverse eCommerce in Nigeria.

Underlying macroeconomic factors: The Nigerian economy is experiencing steady growth, with a rising middle class and increasing disposable income. This economic growth has led to an expansion of the consumer market and an increase in consumer spending. As a result, more Nigerians are seeking convenient and innovative ways to shop, which has fueled the demand for Metaverse eCommerce. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping, as people prioritize safety and convenience. This has further boosted the growth of the Metaverse eCommerce market in Nigeria. In conclusion, the Metaverse eCommerce market in Nigeria is witnessing significant growth and development, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. As more Nigerians embrace the concept of the Metaverse and its potential for eCommerce, the market is expected to continue expanding and evolving in the coming years.

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.