Retail trends: the value of e-commerce in the metaverse can reach $2.6T by 2030

McKinsey has recently published a new report exploring how consumers and businesses are using the metaverse today and what this might look like in the future. According to the report, the metaverse will be valued at $5 trillion by 2030. The potential impact of the metaverse varies by industry, with an estimated $2 to $2.6 trillion impact specifically on e-commerce. Let’s look at the main insights of the report.

Source: “Value creation in the metaverse. The real business of the virtual world” by McKinsey & Company

Consumers and brands are already engaging in the metaverse. The survey of more than 3,400 consumers and business leaders found significant excitement about the potential of the metaverse. Almost 60% of consumers are enthusiastic about transitioning everyday activities to the metaverse. Shopping in the metaverse is one of the top 5 activities consumers are excited about. The survey also revealed that 95% of executives expect the metaverse to have a positive impact on their industry within five to ten years, and 61% expect it to moderately change the way their industry operates.

The metaverse will have a significant impact on retail. Consumer and retail, media and telecommunications, and healthcare are the industries most likely to be impacted by the metaverse. The report anticipates that of all the potential drivers of the economic impact of the metaverse, e-commerce will be the largest. It predicts that e-commerce’s value in the metaverse will settle between $2 and $2.6 trillion by 2030. According to McKinsey, the metaverse could provide the apparel, fashion, and luxury sector with the opportunity to sell digital fashion and luxury goods as well as create immersive brand engagement supported by experiences within virtual worlds.

On top of that, the report points out that much of the frenzy about the fashion metaverse launches has centered around NFTs. However, McKinsey’s experts believe that the longer-term opportunity for fashion brands is engaging consumers with NFTs for more pragmatic purposes, such as loyalty tokens or digital twins. NFTs can be used to trigger loyalty benefits like early access to new NFT drops and physical products, essentially serving as a membership program. NFT digital twins, in turn, can host information about a physical or digital product’s history, authenticity, and ownership, which is especially beneficial to luxury retailers trying to battle counterfeiting.

Here at Cappasity, we also believe that the metaverse has the potential to drastically change the way people shop. This summer, we’ll launch a solution that will allow brands to create NFT-based loyalty programs and add extra value to their products. Cappasity NFTs contain a section for additional materials that can be added even after the brand’s customer gets the NFT. So, retailers will be able to use Cappasity NFTs as a new customer communication channel to reward brand fans with premium memberships, loyalty bonuses, priority access to new product launches, amongst other rewards.

What’s more, as a company providing innovative solutions for immersive shopping experiences, we’re currently working on the first-ever metaverse for e-commerce that will allow brands to open virtual showrooms and demonstrate their items in a completely new way — in the immersive format. In the metaverse, online shoppers will be also able to try on desired items to see how they would fit.

If you want to launch an NFT project, contact our team via support@cappasity.com. To get updates on the Cappasity metaverse for e-commerce, subscribe for our news: https://3dshot.io/meta

Stay tuned and follow us on Instagram, Twitter or Facebook for more news!