USD 8.3 billion
Metaverse in Retail & E-commerce market Size, Share, Growth Analysis, By Platform(Computer, mobile, and headset), By Technology(AR and VR, blockchain, mixed reality, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45M2007 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Metaverse in Retail & E-commerce market Insights
Metaverse in Retail & E-commerce Market size was valued at USD 8.3 billion in 2019 and is poised to grow from USD 11.26 billion in 2023 to USD 128.99 billion by 2031, growing at a CAGR of 35.64% in the forecast period (2024-2031).
E-commerce (electronic commerce) is the purchase and sale of goods and services and the transmission of data and payments as well as the transmission of data and payments, via the internet. These are business transactions that take place from business to business (B2B), business to consumer (B2C), consumer to consumer (C2C), or consumer to business (C2B). There has been a constant separation between the physical and virtual worlds since technology first made it possible to buy products online. This was the situation until the development of the metaverse, a collection of interconnected technologies. This covers a range of innovations including augmented reality (AR), virtual reality (VR), non-fungible tokens (NFTs), and even video games. The ability to engage in several ways with digital objects, virtual worlds and real people makes the metaverse an immersive multi-user experience that anyone with access to it anywhere in the world can enjoy. The metaverse is all about 'customer experience,' which includes things like ‘stronger engagement’ and ‘greater knowledge of customers’.
According to a Shopkick survey, 70% of shoppers said that the chance to test, touch, and feel things is the most important part of an in-store experience. This will be resolved and fulfilled in the metaverse because AR and VR make it possible for you to do so in the comfort of your own home. The metaverse would be very beneficial for businesses since it would increase their customer base and provide them the chance to gather reviews on new items that would help them in the future. The metaverse can also bridge the gap between the physical and virtual worlds, combining online and offline commerce into one. This makes online buying more unique since users can simulate the physical world via the metaverse. No matter where they are, users will be able to purchase, sell, and trade goods and services in the metaverse, which will also give companies and creators more money. The metaverse is already being included into the platforms of many large e-commerce companies. Even clothing companies like Adidas and Gucci are looking into the metaverse. Online buying now feels more unique and individualized, which was unheard of before the metaverse. In the coming years, e-commerce in the metaverse will undoubtedly increase and develop. As new technologies are developed, new features appear that enable the blending of online and offline business.
Recent growth in interest in AR and VR makes it possible to check the fit and quality of a product before making a purchase. Normally, e-commerce systems work in a “browse, choose, click to buy" method. The metaverse will, however, transform this into "browse, experience, and buy." This signifies that customers using the metaverse can browse a store from the comfort of their homes, see product displays, and then make purchases. The metaverse has the potential to enhance and modernize present e-Commerce procedures while offering users a distinctive experience. The first advantage of e-commerce enabled by the metaverse will be "tailored experiences," which are currently frequently just product recommendations and discounts. Instead of being constrained by the limitations of the real world, marketers will be able to provide their customers with hyper-personalized "browse and buy" experiences in the metaverse. The second benefit might be referred to as "lower return rates" since the increased product visualization will assist users to make educated decisions and the metaverse-powered e-commerce will enable buyers to trial things before ordering or purchasing them. The third benefit is tailored experience the metaverse will offer will result in "greater conversion rates and higher upsell" for traffic/visitors landing on an e-Commerce site. According to recent surveys, consumers are willing to pay roughly 40% more for a product that can be examined in three dimensions. All of these accumulated advantages will ultimately lead to "improved profitability" for brands, altering how they run. In conclusion, the operating model, customer experience, sales, and profitability of e-commerce businesses can all be totally transformed by the metaverse.
US Metaverse in Retail & E-commerce market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Computer
Fastest Growth
Computer
Growth Rate
35.64% CAGR
Global Metaverse in Retail & E-commerce Market ($ Bn)
Country Share for North America Region (%)
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Metaverse in Retail & E-commerce market Segmental Analysis
Global Metaverse in Retail & E-commerce market is segmented on the basis of platform, technology and region. By platform, the market is segmented into computer, mobile, and headset. By technology, the market is segmented into AR and VR, blockchain, mixed reality, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Metaverse in Retail & E-commerce Market Analysis by Platform
The computer segment significantly increased its market share during the forecast period. Personal computers (PCs) are portable, multifunctional gadgets designed for individual use. Due to the increasing internet adoption, PCs held the highest segmental share in the global metaverse's e-commerce market. The computer market share increased gradually and continues to rise during the forecast period. It was found that the majority of customers utilized their desktop or laptop to buy on Amazon.com Inc.'s desktop website. Furthermore, a lot of websites are made with desktops in mind, so you can access most of their functions that way. Even with a better internet connection and quicker speeds, people will still choose to use their desktop computers because a fixed connection is significantly faster than a mobile one.
Metaverse in Retail & E-commerce Market Analysis by Technology
The AR and VR technology segment is expected to grow at a significant CAGR during the forecast period. Shopping experiences that are immersive and interactive in a virtual environment are made possible by virtual reality (VR) technology. Retailers may use VR to promote their goods and services in a realistic and interesting way to customers. Augmented reality (AR) technology can be used to give clients a more engaging shopping experience by adding digital information to their physical surroundings. Retailers can utilize augmented reality to provide customers with virtual product demonstrations and try-on so they can feel the goods before buying.
Virtual and augmented reality (VR and AR) components are combined in mixed reality (MR) technology to produce a seamless fusion of the real and virtual worlds. Using MR, retailers can design immersive and interactive shopping experiences that improve the customer journey. Artificial intelligence (AI), by giving customers relevant product recommendations, price information, and other pertinent data, AI technology may be used to tailor their shopping experiences. In order to enhance the purchasing experience, AI can also be utilized to evaluate consumer behavior and preferences. Blockchain technology can be used to build a transparent and secure platform for metaverse transactions. This may contribute to a decrease in fraud and a rise in consumer confidence while shopping online. Each of these technologies has the ability to completely change how consumers purchase and connect with companies while also playing a significant role in the metaverse of the retail and e-commerce market.
Global Metaverse in Retail & E-commerce Market By Platform
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Metaverse in Retail & E-commerce market Regional Insights
North America is a significant market for metaverse in retail and e-commerce, owing to the presence of prominent businesses such as Amazon, Walmart, and Microsoft. Retailers are aiming to take advantage of the opportunities provided by metaverse technology to boost their services and reach new customers in the region's big and established e-commerce market. With a lot of opportunities for businesses to reach new clients and boost engagement, the metaverse in retail and e-commerce is a fast expanding market. The market is expected to grow in the upcoming years as a result of rising interest in augmented reality, virtual reality, and other technologies that are being incorporated into in-store and online shopping experiences.
Europe is a significant market for metaverse in retail and e-commerce, with the UK, Germany, and France serving as key players. Retailers in Europe are making investments in metaverse technology to stay competitive and provide customers with fresh, innovative shopping experiences.
The Asia-Pacific area, led by China, Japan, and South Korea, is a fast increasing market for metaverse in retail and e-commerce. Retailers are looking to take advantage of the prospects provided by metaverse technology to reach new customers and boost participation in the region's big and quickly expanding e-commerce market. In the retail and e-commerce industries, the metaverse is expanding quickly and is predicted to do so in the years to come. The market is expected to have considerable growth in the upcoming years. Retailers and e-commerce businesses are investigating ways to leverage this technology to improve their offers and attract new customers in various regions.
Global Metaverse in Retail & E-commerce Market By Region
- Largest
- Fastest
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Metaverse in Retail & E-commerce market Dynamics
Metaverse in Retail & E-commerce Market Drivers
The Rising Popularity of AR Technology to Bolster Market Growth
- The growing use of AR technology gives customers the ability to be absolutely certain of a product's quality before making a purchase. Convenience-wise, this helps customers, but it also helps businesses by lowering returns and growing their clientele. Customers are increasingly favoring virtual shopping experiences. Therefore, all varieties of e-commerce enterprises ought to use the style. One of the most well-known companies in the e-commerce industry, Amazon.com Inc., is already integrating VR and AR into its purchasing experience. Since buyers can conduct near-reality trials before making a purchase, sellers provide customers with a safe haven. This enables sellers to also make high-value sales. The e-commerce industry will benefit in a way that is unmatched by anything else from the addition of metaverse to an already innovative field. In more realistically designed virtual stores built by merchants, customers will be able to make purchases in real time. They will therefore enjoy the greatest convenience. In addition, the metaverse stores will sell items like cookery, gadgets, clothing, and camping gear. During the expected period, these variables will support market expansion.
Metaverse in Retail & E-commerce Market Restraints
Privacy Concerns to Hinder Market
- Data privacy and security have long been issues for metaverse users, despite the fact that businesses and organizations continue to innovate their IT security solutions. The metaverse gathers and analyzes enormous volumes of data about users and their surroundings. Therefore, privacy issues present a substantial industry hurdle. Metaverse has access to users' personal information, which may compromise their privacy. It can collect a large amount of information from the user's social networking accounts. An individual's privacy could be in danger if hackers get access to their device. The reputation of the organizer could be damaged by a security or privacy breach. The security of these platforms is another issue that the organizers are worried about because the metaverse is continually changing. It is totally online; therefore security flaws could quickly appear. These elements can limit market expansion during the forecast period.
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Metaverse in Retail & E-commerce market Competitive Landscape
The global metaverse in the retail and e-commerce market is a highly competitive and rapidly evolving landscape. There are a number of established players and startups that are entering the market with innovative solutions that are changing the way consumers shop and interact with brands. Overall, the metaverse in the retail and e-commerce market is still in its early stages, and there are many opportunities for new players to enter and establish themselves as leaders in the space. The key to success in this market will be a combination of technological innovation, strategic partnerships, and a deep understanding of the unique needs and behaviors of metaverse users.
Metaverse in Retail & E-commerce Market Top Player’s Company Profiles
- Facebook Inc.
- Roblox Corporation
- Epic Games, Inc.
- Tencent Holdings Limited
- Microsoft Corporation
- Unity Technologies Inc.
- Snap Inc.
- Amazon.com, Inc.
- Alibaba Group Holding Limited
- NetEase, Inc.
- Verizon Communications Inc.
- Google LLC
- Niantic, Inc.
- Decentraland
- Sensorium Corporation
- RYOT Studio
- Somnium Space
- Cryptovoxels
- The Sandbox
- SuperWorld
Metaverse in Retail & E-commerce Market Recent Developments
- In August 2022, IKEA launched virtual furniture showrooms in the metaverse, allowing customers to see how furniture would look in their homes before making a purchase.
- In June 2022, Sephora launched a series of virtual product demonstrations, allowing customers to try on makeup and skincare products in the metaverse.
- In April 2022 Flipkart announced the launch of ‘Flipkart Labs’, designed to “develop blockchain and metaverse use cases", including stores. Additionally, retailers like Warby Parker have developed virtual fitting apps that let customers try on every pair of eyeglasses in their catalog prior to making a purchase.
- In April 2022, Adidas hosted a virtual event in the metaverse, giving customers an immersive look at their latest products and collections.
Metaverse in Retail & E-commerce market Trends
- Increased use of virtual and augmented reality: As technology continues to evolve, retailers and e-commerce companies are incorporating virtual and augmented reality experiences into their offerings to enhance the online shopping experience and provide customers with a more immersive and interactive experience.
- Rise of social commerce: Social media platforms are becoming an increasingly important part of the e-commerce landscape, and retailers are taking advantage of these channels to reach consumers where they already spend a lot of time. This includes everything from shoppable posts on Instagram to virtual storefronts within metaverse platforms.
- Adoption of blockchain technology: Blockchain is being increasingly adopted as a way to secure and streamline transactions within the metaverse. This includes using blockchain for secure payments and managing virtual asset ownership and transactions.
- Expansion of gamification: Retailers and e-commerce companies are using gamification to make the shopping experience more engaging and entertaining for consumers. This includes everything from virtual scavenger hunts to rewards programs for frequent shoppers.
- The emergence of new virtual currencies: Virtual currencies and tokens are becoming more widely used within the metaverse, providing customers with new ways to pay for goods and services and offering retailers new revenue streams.
Metaverse in Retail & E-commerce market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Metaverse in Retail & E-commerce market analyses, By platform, The computer segment significantly increased its market share during the forecast period. Personal computers (PCs) are lightweight, multipurpose devices created for lone users. PCs held the largest segmental share in the global metaverse's e-commerce sector as a result of the increased internet penetration. The AR and VR technology segment is anticipated to experience considerable CAGR growth over the course of the projection period. Due to the existence of well-known companies like Amazon, Walmart, and Microsoft, North America is a big market for metaverse in retail and e-commerce. In the large and well-established e-commerce industry of the region, retailers hope to improve their services and reach new clients by using the opportunities afforded by metaverse technology. The Asia-Pacific region, which is dominated by China, Japan, and South Korea, is a rapidly expanding market for metaverse in retail and e-commerce.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.3 billion |
| Market size value in 2031 | USD 128.99 billion |
| Growth Rate | 35.64% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metaverse in Retail & E-commerce market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metaverse in Retail & E-commerce market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metaverse in Retail & E-commerce market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metaverse in Retail & E-commerce market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metaverse in Retail & E-commerce market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metaverse in Retail & E-commerce market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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