AR in Retail Market to Witness Exponential Growth by 2028 End

AR in Retail

Several forward thinking e-Commerce retailers and shop owners are incorporating AR in retail to enhance the customer experience. Both, in-store and online retailers acknowledge the fact that, by integrating AR in retail, they can increase their sales. Quite literally, in the case of e-Commercial businesses, AR in retail puts the shopping experience directly in the user’s hands.

Though developers are still upgrading AR in retail, in the case of store-owning businesses, customers visiting the store sit in front of a mirror that uses augmented reality to scan an image of them. After the scanning is completed, customers are able to view themselves wearing the product virtually in the mirror. Such upgrades have already been introduced to AR in retail market.

AR in Retail Market: Drivers & Challenges

AR in retail improves a customer’s overall shopping experience, and enhances the way in which retailers engage with their prospects. This factor is expected to drive the global AR in retail market. AR in retail enables the creation of immersive product and services catalogs with preview features. AR in retail also enable retailers in the e-Commerce sector to mitigate the disadvantages of not owning a showroom using augmented reality-based product catalogs and applications. AR in retail provides a customization feature for the UX content as per the user’s requirements. Another benefit of AR in retail market is that prospective customers in the field of apparel, and cosmetics and accessories can try out the products virtually.

By integrating AR in retail, designers and contractors can allow their clients to preview and visualize a vast selection of designs before finalizing their selections. Due to this feature offered by AR in retail, the product return rate is also reduced, and customer loyalty and satisfaction is enhanced. This factor will play a major role in driving the global AR in retail market. AR in retail makes in-store navigation much more informative and easy, and enables customers to find and filter out their choices quickly. Augmented reality can be used to develop presentations for products that appeal to the prospect’s emotions, and offer a sensational and interactive user experience. AR in retail enables smart marketing, using which, product pictures and billboards can create an immersive story when viewed via augmented reality-powered apps.

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Though developers offer their AR in retail solutions integrated with optimal customizations, augmented reality is not an established channel to fulfill the purpose of consumer engagement. Expensive development expenditure and lack of awareness among small-time businesses are some factors that are expected to hinder the growth of the overall global AR in retail market.

AR in Retail Market: Segmentation

The global AR in retail market can be segmented on the basis of retail type, component, application, business size, and region.

On the basis of retail type, the global AR in retail market can be segmented into the following:

Furniture
Apparel
Groceries
Footwear
Cosmetics
Jewelry
Others

On the basis of component, the global AR in retail market can be segmented into the following:

Hardware
Software

On the basis of application, the global AR in retail market can be segmented into the following:

Malls
Specialty Stores
Supermarkets
Department Stores
e-Commerce
Others

On the basis of business size, the global AR in retail market can be segmented into the following:

Large Retailers
Medium Retailers
Small Retailers

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AR in Retail Market: Regional Outlook

Among all the business regions, North America leads the global AR in retail market. North America is also expected to register the highest growth rate and dominate the global AR in retail market during the forecast period, due to the high presence of augmented reality and user experience content developers in the region. Increasing competition among apparel and cosmetic business owners motivates them to integrate AR in retail.

AR in Retail Market: Key Players

Some of the key players in the global AR in retail market include Augmented Pixels Inc, Blippar, Contus, Inde, Apphitect, Cortex, ValueCoders.com, Intellectsoft US, Xenium Digital, Virtualware, EON Reality Inc., Platta Pty Ltd, and Layar (part of the Blippar Group), among others.

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This release was published on openPR.