Maryam Ahmadi
4/22/2024
Explosive Growth Predicted for Global Gaming Industry
According to projections from Statistica, the global gaming community is on track to swell to 3.3 billion individuals by the year 2027. This staggering figure suggests that nearly 39.8% of the anticipated 8.3 billion global population could be engaged in gaming within the next three years. With such an expansive user base, the financial landscape of gaming is set to experience substantial growth. Research conducted by Markets and Markets indicates that by 2027, the esports sector alone is expected to burgeon into a $3.86 billion industry, marking a remarkable ascent from its $1.38 billion valuation in 2022. This exponential growth underscores the increasing significance of gaming as a global cultural phenomenon and highlights its pivotal role in shaping the digital economy of the future. In light of these projections, it becomes increasingly imperative to prioritize strategies aimed at drawing in new users through gaming across diverse market sectors. Among these, the e-commerce market emerges as a particularly promising arena for leveraging gaming dynamics to enhance user engagement and drive business growth. By recognizing the potential synergies between gaming and e-commerce, businesses can capitalize on the immense popularity of gaming to cultivate deeper connections with consumers, foster brand loyalty, and ultimately propel their online sales to new heights. Thus, investing in initiatives that integrate gaming elements into e-commerce platforms presents a compelling opportunity for businesses to stay ahead in an ever-evolving digital landscape.
E-commerce Market: Business Behavior in Focus
By 2027, daily technology and media consumption is anticipated to increase by an additional 12 minutes globally. Concurrently, the global e-commerce market is poised to nearly hit $10 trillion, growing at a rate surpassing that of physical retail. In the U.S., a rising number of prominent e-commerce entities, including those beyond Amazon and Walmart, are venturing into marketplace launches to amplify customer value and harness retail media prospects.Companies employ various strategies to expand their marketplace presence:
- Facilitate or expedite retail media opportunities.
- Generate additional revenue streams via marketplace seller fees.
- Enhance product variety within current categories to boost customer engagement and expenditure.
- Diversify into related categories to create a comprehensive offering and attract new customers.
- Gauge customer interest in new products with minimal inventory risk and low overhead costs.
- Localize supply chains to enhance delivery speed for international retailers.
As previously discussed in our blogs, channels where super users are most active include music and podcasts, social media, and gaming. Therefore, the most lucrative approach for e-commerce enterprises is to engage new users through channels where they are most active. Among these, gaming emerges as an especially compelling and impactful avenue for attracting and retaining users.
Amazon and Walmart Diversify Revenue Streams with Gaming Ventures
In a bid to enhance its customers’ shopping experience, Walmart is now collaborating with game and app developers to integrate its shopping features directly into their creations. This innovative move allows for the sale of physical products within 3D experiences across more than 20 platforms.Tom Kang, Vice President and General Manager of Metaverse Commerce at Walmart’s Store No. 8, emphasized, “We have an opportunity to bridge the physical and digital worlds uniquely, providing customers with authentic experiences where they already spend their time.” By extending access to Walmart’s commerce APIs to the Unity development community, developers can enrich user engagement by facilitating in-game transactions for physical products seamlessly within the game, virtual world, or app.Through the Walmart Unity Software-Development Kit, creators can seamlessly integrate Walmart’s shopping features into their games, enabling players to purchase physical items without leaving the gaming environment. This strategy not only preserves the immersive gaming experience but also sustains player engagement. Moreover, creators stand to benefit from earning affiliate commissions when players make specific real-life purchases through Walmart.This strategic move by Walmart follows recent collaborations with TikTok and Roku for its inaugural shoppable series, “Add to Heart,” launched during the holiday season.
Conclusion
In conclusion, the merging of gaming and e-commerce landscapes signifies a profound shift in the digital realm, driven by the exponential growth projected for the global gaming industry. As the gaming community expands and e-sports gains prominence, businesses must adapt to leverage these trends for sustained growth.The integration of gaming into e-commerce presents immense opportunities for businesses to enhance user engagement and drive sales. Walmart’s collaboration with game developers to embed shopping features directly into gaming experiences exemplifies this approach. By seamlessly integrating commerce into gaming environments, businesses can create immersive experiences while capitalizing on revenue opportunities. Ultimately, embracing the intersection of gaming and e-commerce enables businesses to redefine customer interactions and stay ahead in the digital economy.
