Market Share
Immersive Technology in Retail Industry Market Share Analysis
AR-enabled online shopping is a key retail trend. AR allows buyers try on clothes, accessories, and makeup before purchasing. The desire to integrate analog and online purchasing, create engaging tailored experiences, and develop customer trust when making a purchase drives this trend. Another significant trend is the emergence of VR for virtual stores and showrooms. Using VR technology, retailers create compelling virtual environments where clients can browse through shelves and interact with products as if they were in a physical store. Shopping at a virtual store represents an exciting way to shop – with extensive selections at fingertips without leaving home until purchases are made. The aim behind this trend is to offer customers hassle-free shopping experience and enable wider consumer reach beyond geographic borders. Also, there is an increasing demand for immersive technologies for product visualization and customization. VR and AR are used to create interactive product visualizations where customers can see a product from various angles as it is rendered in 3D detail. Furthermore, consumers can modify elements of items such as changing their colors or materials or adding/removing features thereby creating unique versions of the product. Brands have also come up with virtual reality videos which take people into different worlds showing off brand values and mission statements. This has been done in order to distinguish brands from their competitors, provide emotional connections with consumers and increase loyalty towards brands. Moreover, retailers have started collaborating with tech providers to explore opportunities that could enhance the immersive technology in retail sector. For instance, several retailers have partnered with developers of VR/AR solutions as well as tech startups resulting into fusion between immersive technologies and retail operations/strategies at large scale within various platforms such as shopping malls etc., thus helping retailers leverage on provider skills for effective adoption/use of these technologies within retail environment. Also, data analytics & consumer insights have become central focus areas while considering Immersive Technology in Retail market nowadays. VR/AR generates considerable amounts of data regarding customer behavior patterns, preferences etc. Retailers use data analytics to gain insights about what customers like best, how stores should be set up better for increased sales production, and which products need to be promoted more. This shift is driven by the rationale of making smart business decisions as well as personalizing customer experience to improve overall retail performance.
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