Metaverse eCommerce - Western Africa

The Metaverse eCommerce market in Western Africa is projected to reach a value of US$58.0m by 2024.
This market segment is expected to show a compound annual growth rate (CAGR) of 44.22% from 2024 to 2030, resulting in a projected market volume of US$522.4m by 2030.
It is worth noting that China generates the most value in this 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 Western Africa is expected to reach 4.7m users by 2030.
The user penetration rate is projected to be 0.6% in 2024 and is expected to increase to 1.8% by 2030.
Additionally, the average value per user (ARPU) is expected to amount to US$40.6.
The adoption of Metaverse eCommerce in Western Africa is rapidly growing, driven by the tech-savvy youth population and increasing internet penetration.

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 Western Africa is experiencing significant growth and development due to changing customer preferences and increasing internet penetration in the region. Customer preferences in Western Africa are shifting towards online shopping and digital experiences.

With the rise of social media and smartphone usage, consumers are increasingly looking for convenience and personalized experiences. The Metaverse eCommerce market provides a unique opportunity for customers to explore virtual stores, interact with products, and make purchases from the comfort of their own homes. This appeals to the tech-savvy and digitally connected population in Western Africa.

Trends in the market show a growing number of businesses and entrepreneurs embracing the Metaverse eCommerce concept. They are creating virtual storefronts, hosting virtual events, and offering immersive shopping experiences to attract customers. This trend is fueled by the increasing availability of virtual reality (VR) and augmented reality (AR) technologies, which allow for a more interactive and engaging online shopping experience.

Additionally, the Metaverse eCommerce market provides opportunities for small and medium-sized enterprises (SMEs) to reach a wider audience and expand their customer base beyond traditional brick-and-mortar stores. Local special circumstances in Western Africa contribute to the development of the Metaverse eCommerce market. The region has a young and growing population, with a high proportion of tech-savvy individuals who are early adopters of new technologies.

This demographic is driving the demand for innovative and immersive online shopping experiences. Furthermore, the lack of physical retail infrastructure in some areas of Western Africa makes the Metaverse eCommerce market an attractive option for both businesses and consumers. Underlying macroeconomic factors also play a role in the growth of the Metaverse eCommerce market in Western Africa.

The region has seen steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This provides a favorable environment for the development of the Metaverse eCommerce market, as consumers have more purchasing power and are willing to spend on virtual experiences and products. Additionally, the improving internet infrastructure and connectivity in Western Africa are enabling more people to access and engage with the Metaverse eCommerce platforms.

In conclusion, the Metaverse eCommerce market in Western Africa is experiencing rapid growth and development due to changing customer preferences, increasing internet penetration, and favorable macroeconomic factors. Businesses and entrepreneurs are embracing the concept of the Metaverse to provide immersive and personalized online shopping experiences. The young and tech-savvy population in Western Africa, coupled with the region's improving economic conditions, creates a conducive environment for the expansion of the Metaverse eCommerce market.

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.