USD 5.1 billion
Metaverse in E-commerce Market Size, Share, Growth Analysis, By Technology(Mixed reality, virtual reality), By Application(Virtual events, virtual stores) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2183 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Metaverse in E-commerce Market Insights
Metaverse In E-Commerce Market size was valued at around USD 5.1 billion in 2019 and is expected to reach a value of USD 279.3 billion by 2031, at a CAGR of 55% over the forecast period (2024-2031).
The metaverse is a term used to describe a hypothetical shared virtual space where people can interact with a computer-generated environment and with each other in real time. In the context of e-commerce, the metaverse can be seen as a new type of online shopping experience that combines elements of social media, gaming, and virtual reality. In the metaverse, users can create personalized avatars to represent themselves and move through virtual environments. They can also interact with other users, engage in social activities, and participate in various forms of entertainment. In e-commerce, the metaverse presents an opportunity for businesses to create immersive shopping experiences that go beyond the traditional online storefront. For example, retailers can create virtual stores within the metaverse where users can browse products, try on virtual clothing, and make purchases using virtual currency. Additionally, the metaverse can enable businesses to connect with customers in more engaging and interactive ways, through virtual events, product demos, and other experiential marketing strategies. While the metaverse is still largely a concept at this point, many companies are already exploring its potential for e-commerce and other applications. It remains to be seen how the metaverse will evolve in the coming years and how it will shape the future of online commerce.
The metaverse in e-commerce is a rapidly evolving market that is still in its early stages, but it is expected to grow significantly in the coming years. The key drivers for the metaverse in the e-commerce market include the increasing demand for immersive and interactive shopping experiences, the growing popularity of virtual reality and augmented reality technologies and the rise of social commerce. The key challenges facing the metaverse in the e-commerce market include the high costs of developing and implementing metaverse technologies, concerns over data privacy and security, and the need to create compelling and engaging experiences that can compete with traditional e-commerce channels. Overall, the metaverse in the e-commerce market is a rapidly growing and evolving space with significant potential for innovation and disruption in the e-commerce industry. As technology advances and consumer preferences continue to shift, the market is likely to become increasingly competitive, but also increasingly exciting and rewarding for businesses and consumers alike.
US Metaverse in 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
Virtual reality
Fastest Growth
Virtual reality
Growth Rate
55% CAGR
Global Metaverse In E-Commerce Market ($ Bn)
Country Share for North America Region (%)
Global Metaverse In E-Commerce Market By Technology ($ Bn)
Global Metaverse In E-Commerce Market By Technology (%)
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Metaverse in E-commerce Market Segmental Analysis
Global metaverse in e-commerce market is segmented on the basis of technology, application and region. By technology, the market is segmented into mixed reality, virtual reality, and augmented reality. By application, market is segmented into virtual events, virtual stores, and virtual product demonstrations. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Metaverse In E-Commerce Market Analysis by Technology
As of 2021, the virtual reality (VR) segment is the largest in the segmental analysis by the technology of the global metaverse in the e-commerce market. This is due to the wide adoption of VR technology in e-commerce and its ability to provide consumers with highly immersive and engaging experiences.
The mixed reality (MR) segment is expected to be the fastest-growing segment in the coming years. This is due to the potential of MR technology to provide even more seamless and interactive experiences by combining elements of both virtual and augmented reality. MR technology is still in the early stages of development but is expected to see significant growth as it becomes more widely adopted and integrated into e-commerce platforms.
The augmented reality (AR) segment is also expected to see significant growth, as businesses look to create more interactive and engaging shopping experiences for consumers. AR technology is already widely used in e-commerce for product visualization and is expected to see further adoption as businesses look to create more innovative and immersive shopping experiences for customers.
Metaverse In E-Commerce Market Analysis by Application
Virtual stores are online retail stores that offer consumers the ability to browse and purchase products in a virtual environment. The use of virtual stores in the metaverse in the e-commerce market is expected to grow significantly as businesses look to create immersive shopping experiences for customers. Virtual stores can provide businesses with new ways to showcase their products and offer customers a unique shopping experience. As of 2021, the virtual stores segment is the largest in the segmental analysis by application of the global metaverse in the e-commerce market. This is due to the growing popularity of online shopping and the increasing demand for more engaging and interactive shopping experiences.
Virtual events are online events that take place in a virtual environment, such as conferences, product launches, and fashion shows. The use of virtual events in the metaverse in the e-commerce market is expected to see significant growth as businesses look for new ways to engage with customers and provide interactive and immersive experiences. Virtual events can enable businesses to reach a wider audience and reduce costs associated with traditional physical events. The virtual events segment is expected to be the fastest-growing segment in the coming years. This is due to the shift towards virtual events in response to the COVID-19 pandemic and the increasing adoption of virtual events as a cost-effective and convenient alternative to physical events. Virtual events can also provide businesses with a wider reach and the ability to create more engaging and immersive experiences for attendees.
The virtual product demonstrations segment is also expected to see significant growth as businesses look to provide customers with more information about products in a more interactive and engaging way. Virtual product demonstrations can help customers make more informed purchase decisions by providing a better understanding of product features and benefits.
Global Metaverse In E-Commerce Market By Technology, 2023 (%)
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Metaverse in E-commerce Market Regional Insights
North America dominated the global metaverse in the e-commerce market, due to its advanced technology infrastructure and large e-commerce market. North America is home to some of the largest e-commerce markets in the world, including the United States and Canada. The region has a high level of internet penetration and a large population of online shoppers, which could drive demand for innovative e-commerce experiences such as the metaverse. North America has some of the most advanced technology infrastructure in the world, including high-speed internet and advanced mobile networks. This could make it easier to develop and launch metaverse platforms that deliver high-quality user experiences. North America has a strong focus on innovation and entrepreneurship, with many of the world's leading technology companies based in the region. This could drive investment and innovation in the development of metaverse platforms and applications. North America is home to a large and thriving gaming and entertainment industry, which could drive innovation in the development of metaverse platforms that combine gaming and e-commerce. The regulatory environment in North America is generally favorable to innovation and entrepreneurship, which could make it easier to launch new metaverse platforms and applications. However, there may be some regulatory challenges related to data protection and privacy that needs to be addressed as the market evolves.
The Asia-Pacific region is an important market for the global metaverse in the e-commerce market, with a large and growing e-commerce market and a strong focus on technology and innovation. The Asia-Pacific is the fastest-growing e-commerce market in the world, including China and India. The region has a large and growing population of internet users and a strong demand for online shopping, which could drive demand for innovative e-commerce experiences such as the metaverse. The Asia-Pacific region has a strong focus on technology and innovation, with a growing interest in virtual and augmented reality technologies. This could make the region an important market for the development and adoption of the metaverse. The Asia-Pacific region is a mobile-first market, with a high level of mobile internet penetration and a large number of mobile users. This could make it easier to develop and launch mobile-based metaverse platforms and applications that are accessible to a wide range of consumers. The Asia-Pacific region is diverse in terms of culture and language, which could create challenges for metaverse platforms that aim to serve a large and diverse user base. However, it could also create opportunities for metaverse platforms that are tailored to specific cultural and linguistic groups. The regulatory environment in the Asia-Pacific region can be complex and vary by country, which could create challenges for metaverse platforms that aim to operate in multiple countries. Some countries in the region may also have strict regulations related to data protection and privacy, which could impact the development and adoption of the metaverse.
Global Metaverse In E-Commerce Market By Region, 2024-2031
- Largest
- Fastest
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Metaverse in E-commerce Market Dynamics
Metaverse In E-Commerce Market Drivers
Growing adoption of virtual and augmented reality technologies
- The increasing adoption of virtual and augmented reality technologies is making it easier to create immersive virtual environments that can be used for e-commerce. This is driving demand for the development of metaverse platforms that can provide a seamless and immersive shopping experience for consumers.
Increasing demand for online shopping
- The COVID-19 pandemic has accelerated the shift towards online shopping, as consumers look for safe and convenient ways to shop. The metaverse has the potential to provide a more engaging and immersive online shopping experience, which could drive further growth in e-commerce.
Rise of social commerce
- Social media platforms have become an important channel for e-commerce, with many consumers discovering and purchasing products through social media. The metaverse has the potential to take social commerce to the next level by creating immersive social shopping experiences that allow consumers to interact with products and brands in new and exciting ways.
Potential for new revenue streams
- The metaverse has the potential to create new revenue streams for e-commerce companies through the sale of virtual products and experiences. This could include everything from virtual fashion items to virtual travel experiences and could provide a new source of revenue for e-commerce companies.
Potential for new business models
- The metaverse has the potential to create new business models for e-commerce companies, such as virtual showrooms and product demonstrations. This could provide new opportunities for brands to engage with consumers and showcase their products in new and innovative ways.
Metaverse In E-Commerce Market Restraints
Technology limitations
- Despite significant advancements in virtual and augmented reality technology, there are still limitations to the technology that could limit the growth of the metaverse. These limitations could include issues with bandwidth, processing power, and user experience.
High development costs
- Developing a metaverse platform requires significant investment in technology, content creation, and marketing. This could limit the number of companies that are able to develop and launch metaverse platforms, which could limit competition and innovation in the market.
Lack of standardization
- The metaverse is still an emerging concept, and there are currently no established standards or best practices for developing and launching metaverse platforms. This could lead to fragmentation in the market and limit interoperability between different metaverse platforms.
Concerns around privacy and security
- The metaverse involves the collection and processing of large amounts of personal data, which could raise concerns around privacy and security. Consumers may be hesitant to engage with metaverse platforms if they have concerns about how their data is being used and protected.
Regulatory and legal challenges
- The metaverse is an emerging concept, and there may be regulatory and legal challenges that need to be addressed as the market evolves. This could include issues around data protection, intellectual property, and competition law.
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Metaverse in E-commerce Market Competitive Landscape
The global metaverse in the e-commerce market is still emerging, and it's difficult to identify clear market leaders or dominant players at this stage. However, there are a number of companies that are exploring the potential of the metaverse and developing related technologies that could have significant implications for the e-commerce industry. These are just a few examples of companies that are active in the metaverse space and the e-commerce market. It's likely that we will see more companies exploring this opportunity in the years to come, and it's still too early to predict which companies will emerge as dominant players in this emerging market.
Metaverse In E-Commerce Market Top Player’s Company Profiles
- Unity Technologies (US)
- Epic Games (US)
- Amazon (US)
- Google (US)
- Microsoft (US)
- Snap Inc. (US)
- Apple (US)
- NVIDIA (US)
- Magic Leap (US)
- HTC (Taiwan)
- Samsung (South Korea)
- Sony (Japan)
- Shopify (Canada)
- Niantic (US)
- Matterport (US)
- Adobe (US)
- Autodesk (US)
Metaverse In E-Commerce Market Recent Developments
- In October 2021, Facebook announced that it would be rebranding as Meta to reflect its focus on building the metaverse. As part of this shift, the company is investing heavily in virtual and augmented reality technology to create immersive experiences for users. This move is expected to have significant implications for the e-commerce market as Facebook has a massive user base and could potentially become a major player in the metaverse space.
- In November 2021, Chinese tech giant Tencent invested $1.65 billion in the gaming platform Roblox, which has been described as a metaverse for children. Roblox allows users to create and play games within a virtual world, and it has become increasingly popular among younger generations. Tencent's investment could help to further develop Roblox's metaverse capabilities and expand its e-commerce potential.
- In August 2021, Adidas launched a virtual sneaker that was only available to purchase within the metaverse game Highrise. This was the first time that a major brand had launched a product exclusively in a virtual world, and it generated a lot of buzz in the e-commerce and gaming industries. The sneaker sold out within minutes, demonstrating the potential of the metaverse as a new sales channel for e-commerce businesses.
- In December 2021, the e-commerce platform Shopify announced a partnership with Roblox to enable merchants to sell virtual products and experiences within the game. This partnership could open up new revenue streams for Shopify's merchants and further integrate the metaverse with the e-commerce market.
Metaverse in E-commerce Key Market Trends
- Increased demand for virtual shopping experiences: With the ongoing COVID-19 pandemic, more consumers are turning to online shopping, and the metaverse offers a unique way for retailers to create immersive, interactive shopping experiences that can be accessed from anywhere in the world.
- The emergence of NFTs: Non-fungible tokens (NFTs) are digital assets that can be bought and sold in the metaverse, creating new revenue streams for e-commerce businesses. NFTs can represent anything from digital art to virtual real estate, and their ownership can be recorded on a blockchain, providing a new level of security and authenticity.
- Expansion of virtual events: In addition to virtual shopping experiences, the metaverse is also being used for virtual events such as concerts, conferences, and trade shows. These events can offer a more engaging and interactive experience for attendees and can be accessed from anywhere in the world.
- Integration of augmented reality: Augmented reality (AR) technology is being integrated into the metaverse, allowing users to interact with digital objects in the real world. For example, a user could try on virtual clothing or see how a piece of furniture would look in their home before making a purchase.
- Collaboration between e-commerce and gaming industries: The metaverse is blurring the lines between e-commerce and gaming, with retailers partnering with gaming companies to create immersive shopping experiences that feel more like a video game than a traditional e-commerce website. This collaboration is expected to continue to grow as the metaverse becomes more mainstream.
Metaverse in 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 metaverse in e-commerce market analysis, the global metaverse in the e-commerce market is a rapidly growing market, driven by the increasing adoption of immersive and interactive technologies in e-commerce. The market is expected to see significant growth in the coming years as businesses look for new and innovative ways to engage with customers and provide more immersive and interactive experiences. In terms of technology, the virtual reality segment is currently the largest, due to its wide adoption and ability to provide highly immersive experiences. However, the mixed reality segment is expected to be the fastest-growing segment in the coming years, as it provides even more seamless and interactive experiences by combining elements of both virtual and augmented reality. In terms of applications, virtual stores are currently the largest segment, due to the growing popularity of online shopping. However, the virtual events segment is expected to be the fastest-growing segment in the coming years, as businesses look for new ways to engage with customers and provide immersive and interactive experiences. Overall, the global metaverse in the e-commerce market is a rapidly growing market with significant potential for growth. As businesses look for new and innovative ways to engage with customers and provide immersive and interactive experiences, the market is expected to continue to see strong growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.1 billion |
| Market size value in 2031 | USD 279.3 billion |
| Growth Rate | 55% |
| 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 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 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 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 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 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 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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