Global consumers and businesses are beginning to explore ways in which the metaverse can deepen connectivity and complement e-commerce. The global metaverse market is predicted to grow from $39.25 billion in 2021 to $993.86 billion by 2030 at a compound annual growth rate (CAGR) of 43.20 percent during the forecast period 2022-2030, according to the report by market research company The Brainy Insights.
The ‘Global Consumer Report: Current and Future Shopping Trends’, a consumer survey conducted by open SaaS e-commerce platform BigCommerce in September 2022, also noted that almost half (46 percent) of consumers across countries are willing to shop on the metaverse, and of those, 51 percent are interested in buying both virtual and physical goods.
According to a survey report titled ‘Global Fashion Industry: Trends, Consumer Shifts, and Outlook’ released by US research firm GoodFirms in 2022, three-fifths of respondents believe shopping in the metaverse will become the norm in the future.
The metaverse appears more welcoming to people than the real, offline world. For consumers, this network of 3D virtual worlds seems to offer more space to fulfill their needs for inspiration, individuality, and inclusion. About 80 percent of people feel more included in the metaverse, as per a survey carried out by media company Momentum Worldwide, metaverse partners with the American Association of Advertising Agencies (4As). The survey with 4,500 participants from Canada, Japan, the Middle East/North Africa (MENA), Mexico, Spain, the UK, and the US, was conducted using both qualitative and quantitative research methods.
In addition, a McKinsey report titled ‘Value creation in the metaverse’ also released in 2022 states that within a decade, the metaverse has the potential to drive a very different world. By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse. More than 80 percent of commerce could be affected by something consumers do in the metaverse-from discovering brands to visiting a virtual store.
In the UK, a third of consumers plan to use the metaverse for online shopping and expect to see high-street brands present in the virtual world, stated a study of 2,000 UK adults by Vista in early 2022. Moreover, fifty-nine percent of Brits are familiar with the metaverse and anticipate it will take around 15 years before it goes mainstream, while seventy-three percent of respondents predict it will be most popular with Gen Z and millennials amongst all age groups, the study revealed.