Metaverse eCommerce - Thailand | Statista Market Forecast

The Metaverse eCommerce market in Thailand is projected to reach a value of US$170.3m in 2024.
This market is expected to exhibit a strong annual growth rate (CAGR 2024-2030) of 41.91%, resulting in a projected market volume of US$1.4bn by 2030.
China dominates the market with a projected market volume of US$10.2bn in 2024.
In terms of user base, the number of users in the Metaverse eCommerce market in Thailand is expected to reach 17.1m users by 2030.
The user penetration rate is projected to be 7.6% in 2024 and is expected to increase to 23.8% by 2030.
The average value per user (ARPU) is estimated to be US$31.1 in Thailand's Metaverse eCommerce market.
Thailand's Metaverse eCommerce market is rapidly expanding, with online platforms integrating virtual reality to enhance the shopping experience.

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 Thailand is experiencing significant growth and development.

Customer preferences: Thai consumers are increasingly turning to the Metaverse for their shopping needs. This is driven by several factors, including convenience, personalization, and the immersive experience that the Metaverse offers. In the Metaverse, consumers can explore virtual stores, interact with virtual products, and make purchases without leaving the comfort of their own homes. This appeals to busy urban dwellers who value convenience and are looking for unique and personalized shopping experiences.

Trends in the market: One of the key trends in the Metaverse eCommerce market in Thailand is the rise of virtual fashion. Thai consumers are embracing the concept of virtual fashion, which allows them to dress up their avatars with the latest trends and styles. Virtual fashion not only offers a way for consumers to express their individuality, but it also provides an opportunity for brands to showcase their products in a new and innovative way. This trend is particularly popular among younger consumers who are tech-savvy and fashion-conscious. Another trend in the market is the growing popularity of virtual real estate. Thai consumers are increasingly investing in virtual properties within the Metaverse, such as virtual homes and virtual land. This trend is driven by the desire for a sense of ownership and the potential for investment returns. Virtual real estate offers consumers the opportunity to create their own virtual spaces and engage in virtual social interactions, which are becoming increasingly important in the digital age.

Local special circumstances: Thailand has a vibrant gaming culture, with a large number of gamers and esports enthusiasts. This has created a strong foundation for the development of the Metaverse eCommerce market. Thai consumers are already familiar with virtual environments and are comfortable navigating and transacting within them. This familiarity and acceptance of virtual worlds have contributed to the rapid adoption of Metaverse eCommerce in Thailand.

Underlying macroeconomic factors: Thailand has a growing middle class with increasing purchasing power. This has led to a rise in consumer spending, including online shopping. The convenience and unique experiences offered by the Metaverse eCommerce market align with the preferences of this growing middle class. Additionally, the COVID-19 pandemic has accelerated the shift towards online shopping, further fueling the growth of the Metaverse eCommerce market in Thailand. In conclusion, the Metaverse eCommerce market in Thailand is experiencing significant growth and development. Thai consumers are drawn to the convenience, personalization, and immersive experiences offered by the Metaverse. Virtual fashion and virtual real estate are emerging as key trends in the market. Thailand's vibrant gaming culture and growing middle class, coupled with the impact of the COVID-19 pandemic, are driving the growth of the Metaverse eCommerce market in the country.

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.