Virtual reality and augmented reality in the retail market are expected to grow from US $ 3,790.94 million in 2021 to US $ 17,864.86 million by 2028; it is estimated to increase at a CAGR of 24.8% between 2021 and 2028.
Customers are more likely to make repeat purchases and become lifelong brand loyalists when they are emotionally connected to a brand. Customers can have an immersive shopping experience that makes them feel like they’re physically and emotionally engaged with a brand. In addition, virtual reality offers consumers a very realistic level of experience. To display articles in new ways, marketers can create a variety of exciting, exhilarating, scary, and even emotional VR ads. For example, The North Face offered an immersive virtual reality experience of the Nepalese landscape to help customers connect with the brand’s identity. As a result, the increasing use of virtual reality solutions in retail brands is propelling the market forward.
Customer support services have improved dramatically in recent years due to the potential of AI-powered chatbots and virtual assistants. 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, which is a difficult part of customer service to get right. However, when both parties can perceive what the other sees and feels, even basic and difficult issues can be resolved in less time. There’s no better way for businesses to demonstrate how much they respect their customers than by implementing great customer service initiatives, and VR is the most advanced type of technology that helps the customer. retail industry to do so. Virtual reality creates a fully immersive experience with a powerful sensory effect and a strong emotional connection with users. Businesses are using this connection to engage with customers in new and relevant ways.
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Impact of the COVID-19 pandemic on virtual reality and augmented reality in North America in the retail market
With the spread of the COVID-19 pandemic in the United States, all industries have been severely affected. Therefore, any impact on the industry has a direct impact on the economic growth of the region. The unusual spike in the number of COVID-19 cases in the United States, along with the accompanying lockdown to combat the spread of the virus across the country in the first two quarters of 2020, has prompted many companies to prepare for the worst. In 2020, technological investments saw a decline, for the reasons mentioned above. However, the retail industry adopted technologies such as virtual reality and augmented reality long before the pandemic.
Mixed reality technologies such as augmented reality and virtual reality hold a lot of promise for businesses to offer customers new ways to interact with their brands, whether it’s taking them to another world or enriching the one in which they are currently. Due to developments in mobile technology, augmented reality has grown in popularity in recent years, allowing customers to view and test things before they buy them. Various retail chains are thus investing in technologies.
– In 2020, Burberry launched its new augmented reality feature allowing customers to view 3D renderings of its items in the real world via Google search.
– Apple, Inc. improved its augmented reality Quick Look app in 2020, allowing shoppers to purchase things in the app with just one click.
– In 2019, Lululemon invested in Mirror, a fitness technology company that uses smart mirrors to deliver workouts in their clients’ homes.
– In 2019, GOAT introduced its innovative Augmented Reality “Try-On” feature, which allows customers to digitally try on rare and exclusive shoes before making a purchase.
Players operating in the virtual reality and augmented reality market in the retail market are adopting strategies such as mergers, acquisitions and market initiatives to maintain their positions in the market. Some developments by key players are listed below:
– In March 2021, Epson, a global leader in imaging and projection technology, announced the Moverio BT-40 and BT-40S, a new generation of award-winning Moverio augmented reality (AR) smart glasses designed to deliver Augmented reality viewing experience with maximum comfort.
– In May 2021, Marxent announced the expansion of its 3D retail data analysis division and the addition of a new leadership position in data analysis. John Bastone, formerly of SAS, will lead the company’s extended behavioral analysis practice in his role as Chief Product Officer.
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