Virtual reality and augmented reality in the retail market is projected to grow from $314.758 million in 2020 to $17864.86 million in 2028. It is projected to grow at a CAGR of 24.8% over 2021-2028.

The potential of AI-powered chatbots and virtual assistants has significantly improved customer support in recent years. On the other hand, virtual reality (VR) in customer service is proving to be a game-changer for retailers in terms of consumer engagement and happiness. Chatbots struggle with remote troubleshooting. This is the tricky part of customer management. However, when both parties can perceive what the other is seeing and feeling, even basic and difficult problems can be solved in less time. There’s no better way to show how much a business respects its customers than by implementing great customer service initiatives, and virtual reality is the most advanced type of technology supporting the retail industry. Virtual reality provides a fully immersive experience with powerful sensory effects and strong emotional connections with users. Businesses are leveraging these connections to engage with customers in new and relevant ways. Customers are more likely to make repeat purchases and become lifetime brand loyalty when they are emotionally connected with your brand. Customers can have immersive buying experiences that make them feel physically and emotionally connected to your brand. Virtual reality also provides consumers with a very realistic level of experience. To present items in new ways, marketers can create a variety of exciting, thrilling, scary and emotional VR ads. For example, The North Face provided an immersive virtual reality experience of Nepalese landscapes to help customers connect with their brand identity. As a result, the growing use of virtual reality solutions across retail brands is driving virtual and augmented reality in the retail market forward.

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Company Profile
• Epson America, Inc.
• Marxent
• Google LLC
• Infosys Co., Ltd.
• Intel Corporation
• Microsoft Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Retail VR
• Samsung Electronics Co., Ltd.

Players operating in virtual and augmented reality in the retail market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their position in the market. Some developments from key players include:
• In March 2021, Epson, a global leader in imaging and projection technology, announced the next generation of its award-winning Moverio Augmented Reality (AR) smart glasses, the Moverio BT-40 and BT-40S. AR viewing experience for maximum comfort.
• In May 2021, Marxent announced the expansion of its 3D retail data analytics division and the addition of a new data analytics leadership position. John Bastone, formerly at SAS, will lead the company’s expanded behavioral analytics work as Head of Product Management.

Global Virtual Reality and Augmented Reality in Retail Market is Segmented as follows:
By Type
• AR
• VR

By Application
• Online Retail
• Offline Retail

Regions
• North America
o USA
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o UK
o Russia
o Rest of Europe
• Asia Pacific (APAC)
o China
o India
o Korea
o Japan
o Australia
o Rest of APAC
• Middle East & Africa ( MEA)
o South Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA
• South America (SAM)
o Brazil
o Argentina
o Rest of SAM

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