The Virtual Reality and Augmented Reality in Retail Market Growth impelled by rising investments by retailers on AR and VR technologies, high adoption across retail brands for implementing virtual fitting technology; North America dominated the market in 2020 with a share of 42.4%.
New York, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Virtual Reality and Augmented Reality in Retail Market: Key Insights
According to our new research study on “Virtual Reality and Augmented Reality in Retail Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the Virtual Reality and Augmented Reality in Retail Market is projected to reach US$ 17864.86 million by 2028 from US$ 3790.94 million in 2021; it is expected to grow at a CAGR of 24.8% during the forecast period of 2021 to 2028.
Virtual Reality and Augmented Reality in Retail Market: Competitive Landscape and Key Developments
Epson America, Inc.; Google LLC; Intel Corporation; Infosys Limited; Marxent; Microsoft Corporation; PTC; Qualcomm Technologies Inc.; Retail VR; and Samsung are among the key market players in the global trade surveillance system market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In 2021, Marxent, the 3D Commerce company known for AR, VR, and 3D Room Planner apps that take shoppers from inspiration to transaction, had announced it has been recognized as a Sample Vendor in the Gartner Hype Cycle report: Hype Cycle for Retail Technologies 2020, in the Mixed Reality category.
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The retail and e-commerce industries can benefit from AR/VR-based solutions in a variety of ways, including providing customers with a more engaging shopping experience, driving sales conversations, increasing brand awareness and loyalty, and saving time and money for both companies and their customers. These innovations bring together the greatest aspects of both online and offline buying. Trying on items is one of the most engaging ways to use AR in retail. For example, Gucci has launched a mobile app that allows users to virtually try on any pair of sneakers that are now available for purchase at their stores. The more the brick-and-mortar businesses grow, more difficult it becomes to locate the items customers require without spending several hours there. When a customer enters the store with a prepared shopping list, the AR-enabled app creates the best route to cover all the items, thereby enabling individuals to spend less time at the store. The rising investment by retailers on technologies to offer a better customer experience across both online and offline stores is fueling the growth of the market. However, security and privacy issues associated with AR and VR are restricting the growth of the market.
The North America held the largest share in the virtual reality and augmented reality in retail market followed by Europe and APAC. Rise in investment by major retailers across the region over the years to integrate VR and AR capabilities across their retail stores or online applications is also expected to contribute to the growth of the market. For example, Levi's is supplementing its augmented reality retail strategy with digital tools such as Squad, an online co-watching video software that allows friends to shop together. Virtual storefronts are also being used by retailers to redefine the digital shopping experience using AR technologies. Kohl's and Snapchat teamed up to launch Kohl's AR Virtual Closet in May 2020. Consumers can now stroll inside an augmented reality dressing room; mix and match things; and make a purchase without ever leaving the Snapchat app. Some of the other retail brands that are investing in AR and VR technologies are Ulta Beauty and Kendra Scott, among others. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons. However, the retail industry has been adopting technologies such as virtual reality and augmented reality much before the pandemic.
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According to IBM's 2020 US Retail Index report, the pandemic has expedited the shift to digital purchasing by about five years. Virtual "try-before-you-buy" experiences ranging from previewing furniture and house products of brands such as IKEA and Home Depot to digitally trying on luxury fashion brands such as Louis Vuitton and Gucci. Similarly, GLAMlab's Ulta's virtual try-on beauty tool, which was established four years ago, has seen an increase in utilization during the pandemic. In addition, when jewelry manufacturer Kendra Scott's stores were temporarily closed, the company implemented an augmented reality application that let buyers to visually try on numerous earring styles from the comfort of their own homes. Thus, rise in adoption of AR by customers and increase in investment in the technology by retailers during the pandemic have positively impacted the growth of the market across the region.
Virtual shopping is becoming increasingly popular among retailers such as American Apparel, Uniqlo, Lacoste, Kohls, and Sephora. Customers can now test products before purchasing them in the comfort of their own homes. One of the most effective methods to incorporate these technologies into the fashion industry is through virtual try-on. Another excellent method is to provide users with optional features such as navigation in an AR application or a virtual tour of a store. Similarly, with VR, one of the most spectacular features is when a consumer puts on a head-mounted (easy-to-use) device and selects a model based on his or her body dimensions, then sees virtual try-on products on the models in an interactive fashion. This is not limited to clothing. For example, IKEA, a furniture retailer, uses augmented reality to allow buyers to view how furniture and other products would look in their own homes. The possibilities do not end with the consumer's cell phone at home. Smart mirrors and RFID tags in stores provide new opportunities for product recommendations to shoppers.
In addition, retail beauty and makeup companies are using AR and VR to allow customers to experience makeup and beauty items without having to put them on their skin. With more people becoming aware of augmented reality and virtual reality technology, this industry has begun to embrace it and use it to deliver better service to its clients. For instance, L’Oréal Paris has created digital features such as the Nail Genius and Makeup Genius apps to improve the consumer experience. Customers can use their smartphone cameras to take images of themselves and then apply virtual L’Oréal items to the image, such as lipsticks and nail paints. Customers can even tilt their heads to see how the things look from different angles, owing to the app's augmented reality capabilities. Users can virtually test L'Oréal products using the app technology before making a purchasing choice. Thus, the high adoption of this technology by retail fashion brands to offer virtual fitting is influencing the growth of the market.
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Virtual Reality and Augmented Reality in Retail Market: Type Overview
Based on the type, the virtual reality and augmented reality in retail market is segmented into AR and VR. By providing an appealing ‘try-before-you-buy' digital experience, augmented reality can help online businesses drastically minimize returns. Customers can see products in real time from the comfort of their own homes owing to innovative AR solutions. Full 3D representations allow customers to see how products will look in their area before making a purchase, minimizing the temptation to order numerous items to try out before deciding on one and returning the others, which is becoming increasingly prevalent. Thus, both the customer and the seller are increasingly using augmented reality shopping apps to lessen the trouble and cost of returning an item.
For instance, The VADO Interactive Visual (VIV) app is a full-featured augmented reality catalogue that allows users to make emotionally driven purchases. Customers may use the app to try out different fixtures and fittings in their bathrooms (including setting texturing and even changing the lighting to mirror their own home environment) to help them make the best purchasing selections. Some of the other retailers who have made huge investments in AR technologies include Ikea, Max Factor, Bobbi Brown, and Kellogg’s, among others.
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