Virtual Reality and Augmented Reality in Retail Market Worth US$ 17864.86 Million, Globally, by 2028 at 24.8% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "Virtual Reality and Augmented Reality in Retail Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (AR and VR) and Application (Online Retail and Offline Retail) The virtual reality and augmented reality in retail market is expected to grow from US$ 3147.58 million in 2020 to US$ 17864.86 million by 2028; it is estimated to grow at a CAGR of 24.8% during 2021-2028.

The Sample Pages Showcases Content Structure and Nature of Information Included in This Research Study Which Presents A Qualitative and Quantitative Analysis: https://www.theinsightpartners.com/sample/TIPRE00006606/?utm_source=OpenPR&utm_medium=10365

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. 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 Virtual Reality and Augmented Reality in Retail market forward.

Have A 15-Minute-Long Discussion with The Lead Research Analyst and Author of The Report in A Time Slot Decided by You. You Will Be Briefed About the Contents of The Report and Queries Regarding the Scope of The Document Will Be Addressed as Well: https://www.theinsightpartners.com/speak-to-analyst/TIPRE00006606/?utm_source=OpenPR&utm_medium=10365

Virtual Reality and Augmented Reality in Retail Market Insights

Rising Investments by Retailers on AR and VR Technologies Fuels Growth of Virtual Reality and Augmented Reality in Retail Market
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.

Thus, the rise in investment by global retail businesses in AR and VR technologies in expected to fuel the growth of the AR and VR in retail market over the forecast period.

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. Global Virtual Reality and Augmented Reality in Retail Segments:

The Global Virtual Reality and Augmented Reality in Retail Market has been Segmented as Mentioned Below:
By Type
• AR
• VR

By Application
• Online Retail
• Offline Retail

Virtual Reality and Augmented Reality in Retail Market-CompanyProfiles
• Epson America, Inc.
• Marxent
• Google LLC
• Infosys Ltd
• Intel Corporation
• Microsoft Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Retail VR
• Samsung Electronics Co., Ltd.

Immediate Delivery of Our Off-The-Shelf Reports and Latest Research Studies, Through Flexible and Convenient Payment Methods: https://www.theinsightpartners.com/buy/TIPRE00006606/?utm_source=OpenPR&utm_medium=10365

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: 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.