12 May 2021
Visiongain has published a new report on Augmented Shopping Market Report to 2031: Forecasts by component (Solution, Services), by Display Type (Head-Mounted, Smart AR Mirror), by application (Beauty & Cosmetics, Grocery Shopping, Home Goods & Furniture, Apparel Fittings, Others). PLUS Profiles of Leading Augmented Shopping Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Augmented shopping market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Augmented reality shopping is an advance retailing services to navigate inside the store, provide instant payment options, and real-time product awareness in the market. Moreover, AR shopping represents meaningful product attributes to the customers and provides standard shopping experience. Consumers can interactively dial & swipe for products & services in the market.
Factors such as increasing importance of AR in the retail industry and surge in adoption of smartphones for executing payments are driving the market growth. On the contrary, to enhance enterprise brand awareness and technological advancements are some of the major factors expected to create an immense opportunities to the market in the upcoming years.
COVID-19 Impact on Augmented Shopping Market
The unpredictable COVID-19 pandemic, has affected several industrial verticals. The augmented reality market has a significant growth in the midst of COVID-19 health crisis. As in order to maintain physical distancing and lower usage of cash, consumers have switched towards online purchases & payments. Therefore, this increased digitalized options are boosting the growth of augmented reality in the market. Several retailers have implemented AR technologies to maintain better shopping experiences during the pandemic situation.
Increasing importance of AR in the retail industry
Factors such as increased sales conversions, reduced returns of products, supporting customer purchasing decisions, provide a higher level of service, and build customer loyalty via augmented reality technologies are propelling the market growth. Therefore, with these major benefits & solutions for retailers via augmented reality is expected to maintain its dominance during the forecast period.
Surge in adoption of smartphones for executing payments
Consumers in their day-to-day lives are experiencing advance technologies for executing payments and are continuing to adopt online channels for shopping. Moreover, as coronavirus pandemic has accelerated the growth of adoption of smartphones & tablets, and other devices for conducting payments and therefore, increased adoption of digitalized payments are driving the market growth.
Enhance enterprise brand awareness
Retailers are enhancing their marketing strategies for branding their products & services by implemented augmented reality technology. This is becoming major opportunistic factor for the companies in the market to provide customized offerings & solutions for the growing retail sectors..
Technological advancements in the market is expected to boost the growth of augmented reality shopping experiences in the coming years. As both business & commercial end user are adopting technologies, key players providing augmented reality solutions have an immense opportunity to expand with the technological developments, which is becoming major factors expected to boost the market growth.
Some of the companies profiled in the report include Apple, Inc., Augment, Google, Holition Ltd., Imaginate Technologies, Marxent Labs LLC, Microsoft, PTC, Wikitude GmbH, and Zugara, Inc.
In June 2020, Fynd, which is a Reliance-backed ecommerce platform, has launched a virtual try-on solution, GlamAR. This new product launched will help brands create a visual product experience for their consumers. Moreover, consumers can discover & experiment with products in real-time by utilizing their smartphone cameras.
In February 2020, Burberry Group Plc, which manufacture, designs & distributes apparels and accessories has launched a new Augmented Reality (AR) shopping tool through Google Search technology. In addition, this new AR tool will allows consumers to experience Burberry products embedded with real-time environment around them and enhancing their research & shopping experience online.
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