What Are the Evolving Opportunities for the Players in the Virtual Fitting Room Market?

Retail companies are increasingly adopting advanced technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) to improve their offerings and expand their customer base. The integration of AR and VR in the retail sector allows retailers and consumers to have an enhanced shopping experience. The replacement and return of products on account of poor fit has become a key challenge for the e-commerce sector, as they lead to huge financial losses. The AR and VR technologies are now helping e-commerce service providers and customers overcome this challenge to a great extent.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/virtual-fitting-room-market/report-sample

Additionally, the burgeoning number of smartphone users and rising online shopping activities will drive the virtual fitting room market at a high CAGR of 18.5% during the forecast period (2020–2030). Owing to this, the market is expected to reach $19,250.4 million by 2030 from $3,128.6 million in 2019. As the market is currently at its infant stage, numerous players are introducing new solutions to widen their customer base. With the growing number of solution offerings, their deployment is also surging, as retailers aspire to provide a personalized shopping experience.

Virtual fitting room solutions are adopted by the retailers of footwear, eyewear, apparel, watches, jewelry, and beauty and cosmetic products. E-commerce platforms are also deploying such solutions to decrease the product return rate, especially in their apparel section. The return rate for clothing is agonizingly high due to the unavailability of product trials and size issues. Therefore, apparel-centric virtual fitting room solutions enable customers to try outfits in lesser time in comparison to physical trials.

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=virtual-fitting-room-market

Further, the component segment of the virtual fitting room market is classified into hardware, software, and service. Among these, the software category held the largest market share in 2019, and it will continue its domination throughout the forecast period. This is due to the amplifying demand for software from retailers who are aiming to curtail the product return rate owing to size issues, reduce inventory cost, and conserve time that is wasted in managing returns. Additionally, software saves the time of customers by allowing them to try products on a virtual medium.

According to P&S Intelligence, North America was the largest user of virtual fitting room solutions in 2019 owing to a significant rise in the utilization of internet-based services and adoption of new-generation technologies, such as AR and VR. E-commerce activities have escalated in North America, as customers do not wish to waste time choosing products at physical retail stores. However, physical stores are also installing these solutions to attract more customers. Retailers are adopting AR and VR technologies to assist customers in visualizing the look of the products without trying them physically.

Contact Us:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About Us:
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.