Metaverse eCommerce - Nordics | Statista Market Forecast

The Metaverse eCommerce market in the Nordics is projected to reach a value of US$368.1m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2030) of 39.64%, resulting in a projected market volume of US$2.7bn by 2030.
China dominates the Metaverse eCommerce market with a projected market volume of US$10.2bn in 2024.
In the Nordics, the number of users in the Metaverse eCommerce market is expected to amount to 7.1m users by 2030.
The user penetration rate is projected to be 8.7% in 2024 and is expected to reach 24.6% by 2030.
The average value per user (ARPU) in the Nordics is expected to amount to US$151.4.
In the Nordics, the Metaverse eCommerce market is booming with a strong emphasis on sustainability and digital inclusivity.

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

With a high level of internet penetration and tech-savvy consumers, Nordics have embraced the concept of the Metaverse and are increasingly interested in exploring virtual worlds for eCommerce purposes. Customers in the region value convenience, personalization, and immersive experiences, which the Metaverse can provide. They are also attracted to the idea of virtual shopping malls and virtual showrooms, where they can browse and purchase products from the comfort of their own homes.

Trends in the Metaverse eCommerce market in the Nordics are driven by both global and regional factors. Globally, the growing popularity of virtual reality (VR) and augmented reality (AR) technologies is fueling the development of the Metaverse. In the Nordics specifically, there is a strong gaming culture and a thriving tech industry, which are contributing to the growth of the Metaverse eCommerce market.

The region is home to many innovative startups and established companies that are actively exploring the potential of the Metaverse for eCommerce purposes. Local special circumstances in the Nordics, such as the long and cold winters, have also played a role in the development of the Metaverse eCommerce market. During the winter months, when outdoor activities are limited, people in the Nordics tend to spend more time indoors and engage in online activities.

The Metaverse offers an opportunity for them to escape the physical world and immerse themselves in virtual experiences, including shopping. Underlying macroeconomic factors, such as the strong economy and high disposable income in the Nordics, have created a favorable environment for the growth of the Metaverse eCommerce market. Consumers in the region have the financial means to invest in virtual reality devices and other technologies that enable them to access the Metaverse.

Additionally, the Nordics have a well-developed infrastructure and reliable internet connectivity, which facilitates the adoption of the Metaverse for eCommerce purposes. In conclusion, the Metaverse eCommerce market in the Nordics is experiencing rapid growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers in the region increasingly embrace digital experiences and online shopping, the Metaverse offers a unique and immersive platform for eCommerce activities.

With a strong gaming culture, thriving tech industry, and favorable economic conditions, the Nordics are well-positioned to capitalize on the opportunities presented by the Metaverse.

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.