Here’s How The Video Game Industry Could Help Balloon This Already Astonishing Figure
Global retail eCommerce sales, now driven by mobile device users, are on the rise. As noted in a recent Shopify report, using research compiled from Statista and eMarketer, the 2022 global retail eCommerce market has surpassed $5.7 trillion and could eclipse $6.5 trillion by the end of this year.
With more and more consumers now shopping online, as opposed to brick-and-mortar stores, the growth in eCommerce has been nothing less than astonishing. Just two years ago, roughly 17.8% of retail sales came via online purchases. This year, that number is expected to reach 20.8%, and is projected to hit 23% by 2025; meaning nearly one in every four retail purchases will be made online.
However, a new technology which could soon be available to the video game industry, may help balloon this already massive number even higher, as in-game eCommerce for real-world products looks to become a new driving force for retail sales growth.
In a moment, we’ll get to how in-game eCommerce tech could help drive sales revenues even higher, but first…
In 2020, while nearly every brick-and-mortar business struggled, eMarketer points out that every international market covered by the research firm saw double-digit growth in retail eCommerce sales. Of course, this makes complete sense as 2020 lockdowns prevented much of the global economy from operating status quo, and shoppers were forced into the digital realm.
However, even as the pandemic has waned, the growth in retail eCommerce sales continues to be quite strong.
The UK eCommerce market, for example, is forecast to grow by 42.9% over the next years, while China, the largest eCommerce market globally, continues to expand. As of 2022, China accounts for nearly half of all global retail eCommerce sales at 46.3%, or $2.8 trillion.
The United States was responsible for nearly $1 trillion of the market total last year, with Japan and South Korea comprising 3% and 2.5% of the global market, respectively.
For 2023, the global retail eCommerce market is expected to expand by over $800 billion. Keep in mind, SkyQuest Technology Consulting has estimated the totality of global eCommerce (all online purchases including retail, b2b, b2c and other), will reach $58.74 trillion by 2028. So, the market is massive.
However, should a new in-game eCommerce technology be implemented, the retail sales figures cited by Shopify have the potential to expand even further.
How?
If you play almost any video game, you’ve undoubtedly seen the opportunity to purchase digital items. These items, like skins or uplevels are, however, almost always exclusively for use within the game you’re playing, and are digital in nature.
But…
Imagine this game could also give you the opportunity to purchase real things. Things like the sneakers your avatar is wearing, the shirt your friend’s avatar is wearing… or any fashion item, food item, or professional service for that matter.
You click “buy” and a new pair of trainers shows up at your door…
You don’t have to leave your favorite game to order dinner, or call a plumber…
And all kinds of retail and service businesses could advertise their products, direct to consumer, inside of the game.
With in-game eCommerce, the retail sales possibilities are nearly endless. And by many accounts, especially with the increased usage of VR and AR, this shopping method, once available, may not simply be a flash-in-the-pan fad.
It could be the future.
So, what could a marriage of traditional eCommerce and gaming mean for retail sales?
Well, there are an estimated 3.09 billion active video gamers worldwide, a number that has grown by over 1 billion in just the last 7 years alone. Should each of these gamers have the opportunity to purchase real-world items and services within video games, well…
It’s not hard to imagine what could happen.
Discover a company with a patented in-game eCommerce platform, HERE
Or, read the entire Shopify report, HERE