Virtual reality and augmented reality in retail market are literally all over you with many manufacturers and brands pitted for splendid growth. VR and AR steal the show with the technology coming into stores in a first of its kind experience.
Thus, AR and VR have many merits over traditional markets in real time. Their spell on retail markets has been significant from making online shopping a breeze. Hence, expanding investments in AR and VR by retailers propels growth of virtual reality and augmented reality in retail markets.
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For instance, augmented reality (AR) made shopping an enlivening experience with customers given the premium feel of hopping into any BMW car, using their phone. He could also sport a VR goggle and have an enlightened experience driving the car, as he chooses to flaunt any one.
With AR, he also was in for a unique experience while looking for that ideal wrist-watch that he could snap on and look every inch of the suave metrosexual he desired to be.
Apple went the extra mile by projecting yourself in their stores and virtually have a surreal glimpse of their phone with AR quick look and visualizing how it would look in your palm.
Fashion retailer Asos has simulated models on their website by dressing them using AR, you get privy to how garments will look on the models so that you get an inkling to any one you can strut on and in any design.
The list is endless with many brands and retailers using AR and VR to step into the world of glitz and glamor to buy a product.
Even before the pandemic hit, retail was in for an overhaul, particularly the online shopping experience. For example, there’s a well-known logical question, why people don’t typically buy furniture online.
It’s because it’s tricky to judge the size of a couch, end table, or dresser without seeing it in person. But now, retailers are using AR to help customers digitally project furniture into their homes, so customers can precisely judge for themselves whether an item is the right size and style for their space.
Similar events are possible for things such as jewelry, clothes, shoes or anything else a shopper would desire. AR has reached unprecedented heights that estimate its value to reach US$ 600 Billion by 2023. The AR in retail is replete with 73% of smartphone users delighted with the experience.
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AR has a repertoire of solutions to enhance a company’ brand perception to wider audiences. Mobile apps with best-in-class AR features give retail marketing a fillip. AR offers a choice of language in AR based shopping apps and the integration of AR in the retail sector is being observed as a mandatory trend. AR has come to be the choice of many and puts back the zing in shopping.
Segmentation
By Component
The market is subdivided into hardware, software and services
By Device type
The market is segmented into head mounted display, smart AR mirror and handheld device.
By Application
The market is classified into advertising and marketing, try on solutions, planning and designing and information systems
By retail type
The market is segmented into jewelry, beauty and cosmetics, apparel fitting, furniture and lighting, grocery, shopping, footwear and others.
Jewelry is considered as the desirable market with online shopping and ecommerce trending high in the backdrop of many apps selling ornaments online coming to the fore. Although, the footwear brand is expected to do roaring business with try it out solutions making a clean sweep in market by retail type.
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By Region
Asia Pacific is expected to sweep the market stakes in VR and AR in retail market due to the rising customer demands within the region.
Key Developments
In Jun 2022, Amazon taps into AR market with launch of ‘Virtual Try-On for Shoes’.
By Type
Segmentation
AR
VR
By Application
Online retail
Offline retail
By Region
North America
Europe
Asia Pacific
MEA
South America
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