By 2030, the metaverse will reach over $627 billion in revenue, having grown at an astounding compound annual growth rate (CAGR) of 34 percent between 2022 and 2030, a new report from ResearchAndMarkets.com concludes. Despite that, the technology is expected to only make slow inroads in retail.
“The metaverse is still in its early stages of development, and its future trajectory in retail is uncertain,” the report states. “This, alongside a limited audience reach as the tech has not achieved mainstream adoption, suggests there may be more risks associated with the retail sector exploring the tech than benefits.”
Among the obstacles: “The tech operates on various platforms, each with its own user base, rules and capabilities. This makes it difficult for retailers to establish a consistent and cohesive presence across all metaverse platforms. As a result, the metaverse will not help retailers increase their reach.”
Still, the report says once those challenges are overcome, the metaverse will grow in importance for the retail industry. According to news reports, retailers recently dipping their toe into the technology include H&M, Macy’s and PacSun.
Click here for more about the report.