Virtual Reality in Retail Market to Reach USD 5455 Million by 2028 at a CAGR of 13.82%

BANGALORE, India, May 2, 2022 /PRNewswire/ — The Global Virtual reality in the retail market is segmented by Type (Hardware, Software, Services), by Application (Food & Beverages, Home Products, Apparel, Consumer Electronics): Opportunity Analysis and Industry Forecast, 2022-2028.

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The Global Virtual Reality in Retail Market Size is Expected to Reach $5455 million by 2028, 2007 million dollars in 2021, at a CAGR of 13.82% over the period 2022-2028.

The key factors driving the growth of Virtual Reality in the retail market are:

Virtual reality removes time and space constraints, allowing retailers to reach a wider audience. Shoppers in more remote areas can also access their favorite brands and products through virtual stores. This factor is expected to fuel the growth of virtual reality in the retail market.

Additionally, virtual reality enables large-scale business training at a fraction of the cost. This in turn is expected to drive the growth of virtual reality in the retail market.

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TRENDS INFLUENCING THE GROWTH OF VIRTUAL REALITY IN THE RETAIL MARKET:

The need for a personalized shopping experience is expected to drive the growth of virtual reality in the retail market. They can get a 360 degree view of an item instead of holding it and tailor it to their exact wants and needs. In a physical store, this experience could never be replicated. Customers are happier and three times more likely to buy because they can customize their products (and spend around 10% more). Virtual reality shopping is like a free trial for hair colors, makeup, clothes and more! Customers are less likely to return items if you personalize and provide them with a VR shopping experience wherever they are. This keeps retailers competitive and helps them make more money. This factor is expected to fuel the growth in VR adoption in retail stores, as well as the VR market in general.

Customer engagement is at the heart of marketing. Virtual reality allows retailers to create 3D content. These ads attract more attention than a standard banner, which could lead to more sales. When companies combine virtual reality and social media in retail, they can strike gold. Customers are more willing to share their experiences as a result of this. Additionally, VR headsets collect data from users to facilitate targeted social media marketing. This factor is expected to further stimulate the growth of RV in the retail market.

Working in retail involves a lot of training for new employees. While the employee is learning the ropes, this process can lead to costly mistakes. Virtual reality can be used to simulate real-world scenarios, speeding up the onboarding process. From packaging to using new software at the counter, VR training does it faster and on a larger scale. In retail learning, virtual reality is as real as a coach explaining the material. Still, it reduces the cost of trainers traveling across the country or around the world to deliver large-scale training in stores. This is further expected to fuel VR in retail market growth.

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VIRTUAL REALITY IN RETAIL MARKET SHARE ANALYSIS

Based on the application, consumer electronics is expected to be the most lucrative. This is due to the increased adoption of consumer electronics for gaming and entertainment by the people.

Based on the region, North America should be the most lucrative segment.

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Key companies:

  • Zapar

  • Trax

  • inVRsion

  • Symphony RetailAI

  • Whisbi

  • Stroll.

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SIMILAR REPORTS:

– The Global Metaverse Market the size should reach $28 billion by 2028, $510 Million in 2022, at a CAGR of 95% over the period 2022-2028. A metaverse is a term used to describe the Internet as a virtual 3D living space.

– The augmented and virtual reality market size was estimated at $14.84 billion in 2020 and is expected to reach $454.73 billion by 2030, registering a compound annual growth rate (CAGR) of 40.7%.

– The Global AR in the retail market the size should reach $6736.2 million by 2028, $1853.7 million in 2021, at a compound annual growth rate (CAGR) of 20.0% over the period 2022-2028.

– The Global Virtual Reality (VR) Market the size should reach $26,860 million by 2027, $7719.6 million in 2020, at a CAGR of 19.0% over the period 2021-2027.

– The Global virtual fitting room market the size was estimated at $2,973.1 million in 2021 and is expected to reach 8501.1 million USD in 2028, the market is expected to grow at a compound annual growth rate of 16% from 2022 to 2028.

– The Global Virtual locker room market the size should reach $11040 million by 2028, $4068.3 million in 2021, at a CAGR of 15.1% over the period 2022-2028.

– The Global Virtual classroom market the size should reach $16020 million by 2027, $8,602.8 million in 2020, at a CAGR of 9.2% over the period 2021-2027.

– The Global Virtual Event Platform Market the size should reach $1847.9 million by 2027, $1006.6 million in 2020, at a compound annual growth rate (CAGR) of 9.1% over the forecast period 2021-2027.

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