Augmented Reality & Virtual Reality Market for Retail Industry

The retail industry saw a huge change when e-commerce gained mass adoption. Retailers could now offer products to new markets at the additional costs of packaging and shipping. However, with AR, the retailers are able to make more stores available without additional staffing or spacing costs. People who couldn’t travel to the physical store had access to a virtual version of the store, where they could view all the products they have previously purchased or looked at.

What is Augmented Reality & Virtual Reality?

Augmented Reality is an “enhanced” version of reality created using technology to add images, information or both into the environment. Virtual Reality is a form of simulated environment created with computer technology. Although similar in concepts, Augmented Reality has been in use for some time, especially in the sports industry.

What are the applications of Augmented & Virtual Reality in the Retail Industry?

Augmented Commerce is currently being used by various retailers to sell their products such as IKEA (Furniture), Converse (Shoes), Sephora (Cosmetics) etc.

Augmented Commerce could be used by organizations to allow consumers to have a look at the digital twin of a product, and even try on some of the products such as in fashion, for example: users can view and try on clothing, jewelry, shoes and cosmetics based on the measurements and other parameters.

Market Research & Market Trends:

• Facebook integrating augmented reality ads into its application and users may view fashion goods such as eye glasses and shoes, and try them on virtually. More companies might begin advertising their products using social networks as it has a wide reach and does not require additional staffing or renting costs.
• Google invests in JD.com, a Chinese ecommerce giant with AR technology. More major tech companies will attempt to enter the market through acquisitions of AR startups as it may seem more feasible than developing through R&D.
• EBay was one of the first movers in the market, when the industry began developing applications for this technology. The companies with virtual stores will have wider reach as compare to those that don’t, and may even reduce the need of stores.
• Topshop Kinect Dressing Rooms and similar applications may make dressing rooms obsolete in the near future. Although not all people are comfortable with online apparel shopping, we can see some shops may reduce their dressing rooms to avail more shelf space.

Who are the key players in the Augmented & Virtual Reality in Retail Market?

The key players in the Augmented & Virtual Reality Retail Market are Ikea, Facebook, Sephora, BMW, Harley Davidson, Sotheby, etc.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.

Key Takeaways from this Report

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
• Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
• Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
• Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
• Get a quick outlook on the market entropy - M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
• Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.

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