The global metaverse in the e-commerce market size is anticipated to reach $106,13-billion by 2030 and is projected to grow at a CAGR of 40% from 2024 to 2030, according to new analysis from Grand View Research.
The integration of artificial intelligence (AI) and machine learning (ML) technologies drives the metaverse in e-commerce. AI-powered virtual assistants and chatbots within the metaverse enhance the customer service experience providing personalised recommendations and guiding users through their virtual shopping. The use of AI in the metaverse contributes to the overall efficiency of e-commerce interactions, streamlining processes and improving user satisfaction.
The trend toward social commerce also drives the metaverse in e-commerce. With the integration of social features in virtual environments users can share their shopping experiences and recommendations – and even make joint purchasing decisions in realtime.
Social interactions within the metaverse amplify the communal aspects of shopping transforming it into a shared and collaborative experience. This social dimension enhances user engagement, drives brand awareness, and cultivates a sense of community among online shoppers.
The drive for enhanced digital inclusion and accessibility drives the integration of the metaverse into the e-commerce market. The metaverse breaks down barriers and creates a more inclusive online shopping environment.
By offering diverse and customisable experiences within virtual spaces, businesses can cater to a broader audience including individuals with varying abilities or those facing geographical constraints. This emphasis on inclusivity aligns with the broader trend toward creating accessible and user-friendly digital experiences, ensuring that the benefits of the metaverse are accessible to a diverse global population.
Highlights from the Metaverse in E-commerce Report include:
* Based on platform, AR/VR headset segment led the market in 2023 with the largest revenue share of 41,8%. The affordability and increasing availability of AR/VR headsets drive the metaverse’s integration into e-commerce. As the cost of AR/VR hardware decreases and more manufacturers enter the market, these headsets become more accessible to a broader range of consumers.
* Based on technology, the virtual reality (VR) and augmented reality (AR) segment led the market in 2023 with the largest revenue share of 35,8%. The demand for personalised and interactive product exploration is driving this segment growth. These technologies enable businesses to offer users personalised virtual storefronts where they can explore products in detail and customise their virtual shopping.
* Based on application, Virtual events segment led the market in 2023 with the largest market share of 77,4%. Global reach and accessibility drive the virtual events segment growth. As virtual events within the metaverse can be attended from anywhere with an Internet connection, businesses can extend their reach to a global audience.
* North America led the market in 2023 with the largest share of 33,1% in global revenue. In North America, the adoption of the metaverse in e-commerce is fueled by the region’s tech-savvy consumer base and the continuous evolution of digital platforms. Companies are strategically investing in metaverse technologies to create virtual storefronts, enabling customers to explore products in a three-dimensional space and even try them virtually before making a purchase.