Virtual Reality in Retail Market Scenario:

Virtual Reality in Retail Market Share is expected to reach USD 19 billion and surging at a CAGR of 25% by 2030.

 

Virtual reality (VR) is increasingly being used in the retail industry to provide customers with an enhanced shopping experience. Among the benefits are the ability to try out products virtually before making a purchase, the ability to preview products in a 3D setting, and the ability to create a more immersive environment for customers.

Some examples of companies that have incorporated VR into their retail strategy include Nike, IKEA, Warby, L'Oreal, and Luxury Watch retailer WatchBox 1. IKEA's "Place" app, for example, allows customers to visualize how furniture and other items might look in their homes before making a purchase. Luxury watch retailer WatchBox enables customers to view and inspect watches using VR.

Virtual reality can also be combined with augmented reality (AR), which overlays digital images onto the physical environment 1, to create a fully immersive experience for customers. Overall, the use of VR in retail is seen as a way to make the shopping experience more engaging and interactive for customers, ultimately leading to increased customer satisfaction and loyalty.

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Major Key Players:

The renowned players of the global market for virtual reality in-store market are Magic Leap (U.S.), Google (U.S.), Oculus V.R. (U.S.), HTC Corporation (Taiwan), Unity Technologies (U.S.), WorldViz (U.S.), Marxent Labs LLC (U.S.), Firsthand Technology Inc. (U.S.), Wevr (U.S.), Microsoft (U.S.), and a few others.

Market Segmentation:

The worldwide virtual reality in the retail market can be distinguished on the basis of software, hardware, type, and geography.

  • On the basis of software, the worldwide virtual reality in the retail market can be distinguished into smartphones, tablets, consoles, and others.
  • On the basis of hardware, the worldwide virtual reality in the retail market can be distinguished into gloves, devices, headsets, glasses, and others.
  • On the basis of type, the global virtual reality in the retail market can be distinguished into window on world, immersive system, telepresence, mixed reality, and others.
  • On the basis of region, the worldwide virtual reality in the retail market can be distinguished into Asia Pacific, North America, Europe and Rest of the World.

 Regional Analysis

The global virtual reality in the retail market is projected to grow significantly during the review period. Regions such as Asia Pacific, North America, Europe and Rest of the World (RoW) have been analyzed. According to the analysis, the worldwide market is anticipated to be reigned by North America.

 The most crucial factor leading to regional expansion is the presence of renowned retail manufacturers in the region. On the other hand, the APAC region is projected to be the fastest-growing region during the assessment period. The region is encountering expansion in e-commerce which is anticipated to play a crucial role in strengthening the market. Besides, the development of infrastructure is multiplying at a fast rate. The emerging nations like India and China are projected to be a conducive environment for strengthening the market.

 Industry News:

June 2020

U.S.- Nielsen Global Connect has launched three new V.R. and gaming tools for the retail sector. Nielsen SmartStore will be used for in-store testing and can assess various shelf layouts and locations, packaging options, promotion displays, and whole store designs. Besides, it can also evaluate shoppers’ eye, head, and foot movements to allow companies to test without the requirement to be physically present. Nielsen SmartShopper will be available from July, which will allow product images, in-store marketing artwork using interactive gaming technology.

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