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Metaverse in Retail & E-commerce Market size was valued at USD 8.3 billion in 2019 and is poised to grow from USD 11.26 billion in 2023 to USD 128.99 billion by 2031, growing at a CAGR of 35.64% in the forecast period (2024-2031).

The metaverse in the retail and e-commerce market is a highly competitive and rapidly evolving landscape. There are a number of established players and startups that are entering the market with innovative solutions that are changing the way consumers shop and interact with brands. Overall, the metaverse in the retail and e-commerce market is still in its early stages, and there are many opportunities for new players to enter and establish themselves as leaders in the space. The key to success in this market will be a combination of technological innovation, strategic partnerships, and a deep understanding of the unique needs and behaviors of metaverse users. 'Facebook Inc.', 'Roblox Corporation', 'Epic Games, Inc.', 'Tencent Holdings Limited', 'Microsoft Corporation', 'Unity Technologies Inc.', 'Snap Inc.', ', Inc.', 'Alibaba Group Holding Limited', 'NetEase, Inc.', 'Verizon Communications Inc.', 'Google LLC', 'Niantic, Inc.', 'Decentraland', 'Sensorium Corporation', 'RYOT Studio', 'Somnium Space', 'Cryptovoxels', 'The Sandbox', 'SuperWorld'

The growing use of AR technology gives customers the ability to be absolutely certain of a product's quality before making a purchase. Convenience-wise, this helps customers, but it also helps businesses by lowering returns and growing their clientele. Customers are increasingly favoring virtual shopping experiences. Therefore, all varieties of e-commerce enterprises ought to use the style. One of the most well-known companies in the e-commerce industry, Inc., is already integrating VR and AR into its purchasing experience. Since buyers can conduct near-reality trials before making a purchase, sellers provide customers with a safe haven. This enables sellers to also make high-value sales. The e-commerce industry will benefit in a way that is unmatched by anything else from the addition of metaverse to an already innovative field. In more realistically designed virtual stores built by merchants, customers will be able to make purchases in real time. They will therefore enjoy the greatest convenience. In addition, the metaverse stores will sell items like cookery, gadgets, clothing, and camping gear. During the expected period, these variables will support market expansion.

Increased use of virtual and augmented reality: As technology continues to evolve, retailers and e-commerce companies are incorporating virtual and augmented reality experiences into their offerings to enhance the online shopping experience and provide customers with a more immersive and interactive experience.

North America is a significant market for metaverse in retail and e-commerce, owing to the presence of prominent businesses such as Amazon, Walmart, and Microsoft. Retailers are aiming to take advantage of the opportunities provided by metaverse technology to boost their services and reach new customers in the region's big and established e-commerce market. With a lot of opportunities for businesses to reach new clients and boost engagement, the metaverse in retail and e-commerce is a fast expanding market. The market is expected to grow in the upcoming years as a result of rising interest in augmented reality, virtual reality, and other technologies that are being incorporated into in-store and online shopping experiences.

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Global Metaverse in Retail & E-commerce market

Product ID: SQMIG45M2007