The metaverse is expected to rise in the eCommerce market from $39.25 billion in 2021 to $993.86 billion by 2030, a recent report by The Brainy Insights showed.
Considering how many major brands have ventured into the metaverse in 2023, it is no surprise that the eCommerce landscape could shift to the virtual world in the coming years. Multiple market research studies have also shown optimistic results for the future of consumerism in the metaverse.
A survey conducted by media company Momentum Worldwide found that 80% of people feel more included in the metaverse than in real life. The survey also reports that consumers are now looking to the metaverse to fill three core aspects of life—inspiration, individuality and inclusion.
Meanwhile, a UK survey has seen consumers expecting to see “high street brands” present in the virtual world. However, consumers believe it will take around 15 years before the metaverse goes mainstream.
The highly-personalized approach that brands can create in the metaverse offers a unique experience that most brands would need help to afford or organize in the real world. Additionally, studies have shown that shopping in the metaverse often makes customers feel more comfortable and welcome.
Taobao, a Chinese eCommerce platform owned by Alibaba, recently launched its first metaverse live-streaming product. This comes after a year of dabbling in the metaverse and eCommerce-related projects, including the very successful launch of TaoLive City – a virtual space where users can communicate, draw prizes and go shopping using their avatars.
Although shopping in the metaverse is still unfamiliar territory for most, the exploration of big brands into the virtual space has consumers believing that this could soon be the new normal.
In fact, 46% of consumers are willing to shop in the metaverse, according to a study titled “Global Consumer Report: Current and Future Shopping Trends.” At the same time, Goodfirms conducted a survey that stated three-fifths of respondents believe that shopping in the metaverse will become the new norm.