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Retailers are searching for new ways to revitalize the customer experience by transforming their retail stores and services. Retailers leverage virtual mirror to build cutomer loyalty by incorporating promotions and marketing activities through the social media networks. Retailers could also use the virtual mirrors as a platform to provide shoppers with a expert fashion advice & recommendations. This would help the retailers to better improve customer experience and increase sales.
Virual mirror is a augmented reality based technology. Hence, advancements in augmented reality, artificial intelligence technology is likely to drive the research and development in virtual mirror technology in the coming years.
Most of retailers across industries have integrate AR technology to improve in store experience. Customers prefers enhanced shopping experience with integrated technology, also integration of technology like augmented reality (AR) and virtual reality (VR) among others led customers to improve and ease shopping experience.Thus, increasing demand to enhance user experience is likely to drive the market growth. High initial costs are likely to restrict the market growth.
The enforcements of lockdowns, social distancing and certain other measures to mitigate the spread of COVID-19 pandemic has led the consumers to ramp up social media use, and online shopping among others. This has resulted in spikes in the e-commerce sales. Though the online shopping has seen a upswing, the product returns have become a significant concern for the buyers. In this situation, virtual mirror can prove to be the right solution. Virtual try-on’s with accurate size and recommendations can help the customers to buy the right product.
Key Market Driver -
Increasing demand to enhance personaliized user experience to augment the market growth.
Key Market Restraint -
High virtual mirror solution expenditures to impede the market growth.
Market Players are emphasizing on providing virtual mirror solution’s for the fashion industry to mitigate the risk of novel Coronavirus on the online businesses. For instance, in June 2020 SenseMi has made available its products with its Viubox brand for the fashion retail industry. The Viubox solutions includes Viubox Online, ViuBox Syz, ViuBox Mirror. The solutions facilitates virtual dressing experience, and recommendations for accurate size.
The major companies in the global virtual mirror market report Cisco Systems Inc., My Size, Inc., Virtusize Co., Ltd., ViuBox, Virtooal Ltd. , Dressformer, Astrafit, DigitalDM, Fitnect Interactive, Metail Limited, Zugara, Inc., 3D-A-Porter, Styku, Inc., and others.
The market has been divided into five regions namely North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is expcted to account for highest market share. According to Spiceworks, in 2018, 4% of North America businesses were expected to increase IT spendings in 2020. . Other factors such as, significant investments in advanced technologies, growing startup-ecosystem are expected to fuel the market growth across the region.
Asia Pacific is estimated to hold potential market opportunities in the coming years. China is the fastest-growing e-commerce market globally. China’s leading e-commerce websites such as Alibaba, Baidu Inc. can provide a potential platform for virtual mirror deployments. Developing economies such as India, is likely to hold lucrative market opportunities in the coming years. Growing digitization across industries, cloud adoption among others are likely to drive the market growth during th forecast period.
Europe is forecast to hold a significant market share during the forecast period. Fashion industry is likely to be a potential customer of virtual mirror deployments across the region. Middle East and Africa is anticipated to exhibit a moderate growth rate. Digital transformation across the retail industry is likely to suppot the market growth in the region. Latin America is expected to show a steady growth rate. Owing to the economic downturn because of COVID-19 pandemic retailers in Latin America are likely to limit their techonolgy spendings.
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