Metaverse is a collective virtual universe that is facilitated by the use of virtual reality (VR) and augmented reality (AR). It is physically persistent and provides enhanced immersive experiences. Metaverse has an independent virtual economy, enabled by digital currencies and non fungible tokens (NFTs). This virtual economy is growing rapidly especially during the peak of Covid-19 pandemic. In 2021, the global metaverse market was estimated at around $38.85 billion US dollars.
Gartner expects 25% of people will spend at least one hour a day in the Metaverse by 2026.
“We estimate the total addressable market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.” CityBank
“...It's nothing short of a people-powered democratic retail revolution. And it's incredibly effective. Why? Because it seamlessly blends social experiences and e-commerce transactions through a single path to purchase, all enabled by a single platform.” Accenture
“The social commerce opportunity will nearly triple by 2025. Globally, sales made through social commerce in 2021 are expected to reach $492 billion. Growing at a CAGR of 26%, the social commerce opportunity will reach $1.2 trillion by 2025”
AR Powered Shopping
“According to Apple, consumers are 11 times more likely to buy furniture if they have had the opportunity to see how it looks in their home environment using AR. Apple further notes that Wayfair reported that consumers are 3.4 times more likely to buy, and Build.com cites 20% fewer returns when consumers can experience products more holistically with AR.” Forrester
“We know that serving AR experiences in different ways is key for customers as they become more engaged with different platforms and the digital world overall,” says Christine Whitehawk, IKEA U.S.’s marketing communications manager. “AR is a terrific way to give consumers an almost ‘real’ impression of what furniture will look like in their home—and considering how much time people spend in their home—they want to ensure it is just right.” TIME