Metaverse eCommerce - Serbia | Statista Market Forecast

The Metaverse eCommerce market in Serbia is projected to reach a value of US$7.1m in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2030) of 48.52%, resulting in a projected market volume of US$76.3m by 2030.
China generates the most value in the Metaverse eCommerce market, with a projected market volume of US$10.2bn in 2024.
In Serbia, the number of users in the Metaverse eCommerce market is expected to amount to 705.0k users by 2030.
User penetration will be 2.7% in 2024 and is expected to reach 10.3% by 2030.
The average value per user (ARPU) is projected to amount to US$37.3.
In Serbia, the Metaverse eCommerce market is rapidly expanding as tech-savvy consumers embrace virtual shopping experiences.

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 Serbia is experiencing significant growth and development.

Customer preferences: Serbian consumers are increasingly embracing the concept of the Metaverse and its potential for eCommerce. They are drawn to the convenience and accessibility of shopping in a virtual environment, which allows them to explore a wide range of products and services without leaving their homes. Additionally, the immersive and interactive nature of the Metaverse enhances the overall shopping experience, making it more engaging and enjoyable for consumers.

Trends in the market: One of the key trends in the Metaverse eCommerce market in Serbia is the rise of virtual stores and marketplaces. These platforms allow businesses to create virtual storefronts where they can showcase and sell their products to a global audience. Serbian entrepreneurs and small businesses are leveraging these virtual spaces to expand their reach and tap into new markets. This trend is driven by the increasing demand for unique and personalized products, as well as the desire for a more immersive shopping experience. Another trend in the market is the integration of social features into the Metaverse eCommerce experience. Serbian consumers are looking for ways to connect and interact with others while shopping online. Virtual communities and social platforms within the Metaverse provide opportunities for consumers to share their shopping experiences, seek recommendations, and engage in social commerce. This trend is fueled by the growing importance of social connections and peer recommendations in the decision-making process.

Local special circumstances: Serbia's growing tech-savvy population and strong digital infrastructure contribute to the development of the Metaverse eCommerce market. The country has a high internet penetration rate, with a large portion of the population having access to high-speed internet. This enables Serbian consumers to fully participate in the Metaverse and engage in online shopping activities. Furthermore, Serbia has a vibrant startup ecosystem and a supportive environment for innovation. This encourages local entrepreneurs to explore opportunities in the Metaverse eCommerce space and develop innovative solutions to meet the evolving needs of consumers. The government's initiatives to promote digitalization and attract foreign investment also contribute to the growth of the market.

Underlying macroeconomic factors: The Metaverse eCommerce market in Serbia is also influenced by macroeconomic factors. The country's stable economic growth and increasing disposable income levels contribute to the rising consumer demand for online shopping. As consumers have more purchasing power, they are more willing to explore new shopping experiences and embrace emerging technologies such as the Metaverse. Additionally, the COVID-19 pandemic has accelerated the adoption of eCommerce globally, including in Serbia. The lockdown measures and restrictions on physical retail have pushed more consumers to turn to online shopping as a safer and more convenient alternative. This shift in consumer behavior has further fueled the growth of the Metaverse eCommerce market in Serbia. In conclusion, the Metaverse eCommerce market in Serbia is experiencing rapid growth and development. Serbian consumers are embracing the concept of the Metaverse and are drawn to its convenience, immersive experience, and social features. The country's tech-savvy population, strong digital infrastructure, supportive startup ecosystem, stable economic growth, and the impact of the COVID-19 pandemic are all contributing factors to the market's expansion.

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.