Virtual Reality in Retail Market to Reach USD 5455 Million by 2028 at a CAGR of 13.82% | Valuates Reports
BANGALORE, India, May 2, 2022 /PRNewswire/ -- The Global Virtual Reality in Retail Market is Segmented by Type (Hardware, Software, Services), by Application (Food and Beverage, Home Products, Clothing, Consumer Electronics): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Virtual Reality in Retail market size is projected to reach USD 5455 Million by 2028, from USD 2007 Million in 2021, at a CAGR of 13.82% during 2022-2028.
Major factors driving the growth of VR in the retail market are:
Virtual reality removes time and space constraints, allowing retailers to reach a larger audience. Shoppers in more remote areas can also access their favorite brands and products through virtual stores. This factor is expected to fuel the growth of VR in the retail market.
Moreover, Virtual Reality allows for large-scale retail training at a fraction of the cost. This in turn is expected to drive the growth of VR in the retail market.
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TRENDS INFLUENCING THE GROWTH OF VIRTUAL REALITY IN RETAIL MARKET:
The need for a personalized shopping experience is expected to drive the growth of VR in the retail market. They can get a 360-degree view of an item instead of holding it and tailor it to their exact wants and needs. In a physical store, this experience could never be duplicated. Customers are happier and three times more likely to buy because they can personalize their products (and spend about 10 percent more). Virtual reality shopping is like a free trial for hair colors, makeup, clothes, and more! Customers are less likely to return items if you personalize and deliver a virtual reality shopping experience to them wherever they are. This keeps retailers competitive and helps them make more money. This factor is expected to fuel the growth of VR adoption in retail stores, as well as the VR market in general.
Customer engagement is at the heart of marketing. Virtual reality enables retailers to create 3D content. These ads get more attention than a standard banner, which could lead to more sales. When companies combine virtual reality and social media in retail, they can strike gold. Customers are more willing to share their experiences as a result of this. Additionally, virtual reality headsets collect data from users to aid in social media targeted marketing. This factor is expected to further drive the growth of VR in the retail market.
Working in retail entails a lot of new hire training. While the employee is learning the ropes, this process can lead to costly mistakes. Virtual reality can be used to simulate real-world scenarios, speeding up the onboarding process. From packaging to using new software at the counter, VR training does it faster and on a larger scale. In retail learning, virtual reality is as real as a coach explaining the material. Nonetheless, it reduces the cost of trainers traveling across the country or around the world to conduct large-scale training at stores. This is further expected to fuel VR in retail market growth.
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VIRTUAL REALITY IN RETAIL MARKET SHARE ANALYSIS
Based on application, consumer electronics is expected to be the most lucrative. This is due to the increased adoption of consumer electronics for gaming and entertainment among the population.
Based on region, North America is expected to be the most lucrative segment.
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Key Companies:
- Zappar
- Trax
- inVRsion
- Symphony RetailAI
- Whisbi
- Jaunt.
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