According to the latest report by Reports and Data, the global Augmented Shopping Market was USD 7.6 Billion in 2022, and it is expected to show a revenue compound annual growth rate (CAGR) of 23% over the forecast period. Online shopping is becoming more popular among customers due to technical advancements and the widespread use of smartphones. Retailers are using Augmented Reality (AR) and Virtual Reality (VR) technologies to enhance the customer experience and bridge the gap between offline and online purchases.
The augmented shopping market's revenue growth is further fueled by consumers' desire for personalized shopping experiences. Retailers are using AR and VR technologies to offer customers a unique and customized shopping experience, particularly in the fashion and beauty industries, where customers can virtually try on clothes, cosmetics, and accessories, increasing their trust in their decision.
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Another driving factor of the augmented retail market's revenue development is the growing need for better customer involvement. Retailers are using AR and VR technology to deliver enjoyable and engaging shopping experiences that promote repeat business. These technologies enable retailers to provide customers with personalized product recommendations, customer feedback, and opinion sharing, which can improve their product ranges and provide a better shopping experience.
Furthermore, the need for more cost-effective and efficient retail operations is boosting revenue growth in the augmented shopping industry. Retailers are aggressively embracing AR and VR technologies to reduce the demand for physical store space and offer customers a smooth and hassle-free purchasing experience. These technologies can track consumer behavior, provide tailored suggestions, and enhance inventory management, which reduces costs and increases productivity.
Driving factors of Augmented Shopping Market
The increasing interest of customers in online shopping due to technological advancements and the widespread use of smartphones.
The use of Augmented Reality (AR) and Virtual Reality (VR) technology by retailers to bridge the gap between offline and online purchases and enhance the customer experience.
The growing demand for personalized shopping experiences among consumers, which can be met through the use of AR and VR technologies.
The need for better customer involvement, which can be achieved by providing enjoyable and engaging shopping experiences using AR and VR technologies.
The desire for more cost-effective and efficient retail operations, which can be achieved by using AR and VR technologies to reduce the demand for physical store space, improve inventory management, and track consumer behavior.
Some of the notable innovations in the Augmented Shopping Market
Virtual Try-On Technology: This technology allows customers to virtually try on clothing, makeup, and accessories before making a purchase. It provides a personalized and interactive shopping experience and has gained popularity in the fashion and beauty industries.
Interactive Product Displays: Retailers are using interactive displays that use AR and VR technology to showcase their products. These displays allow customers to explore and interact with the products, improving engagement and driving sales.
Smart Mirrors: Smart mirrors use AR technology to allow customers to try on clothes virtually and see how they look without having to physically change. It provides a convenient and hygienic shopping experience, particularly in the post-COVID world.
Virtual Shopping Assistants: Retailers are using AI-powered virtual shopping assistants that can provide personalized recommendations, answer customer queries, and guide them through the shopping process.
Location-Based AR: This technology uses a customer's location to offer personalized promotions and deals based on their preferences and buying behavior. It provides a unique and personalized shopping experience and has gained traction in the retail industry.
Major players in the market include
- Amazon.com, Inc.
- Google LLC
- Walmart Inc.
- Alibaba Group
- Apple Inc.
- Microsoft Corporation
- Target Corporation
- Home Depot
- Lowe’s
- Best Buy
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