2021 Virtual Reality and Augmented Reality in Retail Market New Trends with 24.8% of CAGR by 2028 - Intel Corporation, Microsoft Corporation, PTC, Qualcomm, Technologies, Retail VR

The virtual reality and augmented reality in retail market is expected to grow from US$ 3790.94 million in 2021 to US$ 17864.86 million by 2028; it is estimated to grow at a CAGR of 24.8% during 2021–2028.

Customers are more likely to make repeat purchases and become lifelong brand loyalists when they are emotionally connected with a brand. Customers can have an immersive purchasing experience that makes them feel as if they are physically and emotionally engaged with a brand. Furthermore, virtual reality provides consumers with a highly realistic level of experience. To display items 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 Nepal landscape to help customers connect with the brand's identity. As a result, the growing use of virtual reality solutions across retail brands is propelling the market forward.

Customer support departments have improved considerably in recent years because of 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 component of customer care to get correctly. However, when both sides can perceive what the other is seeing and feeling, even basic and difficult issues can be resolved in less time. There is no better way for businesses to demonstrate how much they respect their customers than by implementing great customer service initiatives, and virtual reality is the most advanced type of technology that is assisting the retail industry in doing so. Virtual reality creates a totally immersive experience with a powerful sensory effect and a strong emotional connection with users. Businesses are making use of this connection to engage with customers in new and relevant ways.

Get Sample PDF Copy at https://www.theinsightpartners.com/sample/TIPRE00006606?utm_source=OpenPR&utm_medium=10051

Impact of COVID-19 Pandemic on North America Virtual Reality and Augmented Reality in Retail Market

With the COVID-19 pandemic spreading across the US, all industries have been severely impacted. As a result, any impact on industry has a direct impact on the region's economic growth. The unusual spike in number of COVID-19 cases in the US, as well as the accompanying lockdown to battle the virus's spread across the country in the first two quarters of 2020, has prompted many businesses to prepare for the worst. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons. However, the retail industry has been adopting technologies such as virtual reality and augmented reality much before the pandemic.

Mixed reality technologies such as AR and VR, provide a lot of promise for businesses to give customers new ways to interact with their brands, whether it is through taking them to another world or enriching the one they are in right now. Due to developments in mobile technology, augmented reality has grown in popularity in recent years, allowing customers to visualize and test things before purchasing them. Various retail brands are thereby investing in the technologies.

- In 2020, Burberry launched their new augmented reality feature enabling customers to view 3D renders of its items in the real world via Google Search.
- Apple, Inc. improved its augmented reality Quick Look app in 2020, allowing shoppers to buy things in-app with a single tap.
- In 2019, Lululemon invested in Mirror, a fitness tech firm that uses smart mirrors to deliver exercise sessions in their clients' homes.
- In 2019, GOAT introduced its innovative augmented reality "Try-On" function, which allows customers to digitally try on rare and exclusive shoes before making a purchase.

Strategic Insights:

The players operating in the virtual reality and augmented reality in retail market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

- In March 2021, Epson, a global leader in imaging and projection technology, had announced the Moverio BT-40 and BT-40S, a new generation of award-winning Moverio augmented reality (AR) smart glasses designed to deliver a high-quality AR viewing experience with maximum comfort.
- In May 2021, Marxent had announced an expansion of their 3D retail data analytics division and the addition of a new data analytics leadership position. John Bastone, formerly of SAS, will lead the company’s expanded behavioral analytics practice in his role as Head of Product Management.

Buy Complete Rreport at https://www.theinsightpartners.com/buy/TIPRE00006606?utm_source=OpenPR&utm_medium=10051

The Insight Partners
533, 5th Floor,
Amanora Chambers, East Block, Amanora Township,
Kharadi Road, Hadapsar, Pune-411028
Email: sales@theinsightpartners.com
Phone : +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials

This release was published on openPR.