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Augmented Reality and Virtual Reality Market Poised to Impact the Retail Industry

Augmented reality (AR) and virtual reality (VR), two emerging technologies, are changing the way we interact with retail.

HYDERABAD, TELANGANA, INDIA, September 12, 2018 / -- For ages, when people wanted to buy something, whether it is electronics, food and beverage, cutlery, stationery, furniture, clothing, or accessories, they had to go to the designated store and browse through different options for purchase. The retail market has been a staple for some time, and it doesn’t appear, there will be an alternative. Augmented reality (AR) and virtual reality (VR), two emerging technologies, are changing the way we interact with retail. AR can display virtual information on any product a person scans while being physically present in the store. Virtual reality, on the other hand, can transport a person to a digital version of the store, where he/she can view what the store would potentially look like and test the products. These technologies eliminate the need for certain components, such as dressing rooms in clothing stores and car models in a car store.

AR and VR in retail face a few roadblocks such as costs, experiences, and so on. The cost of implementing AR and VR may not affect large scale retailers. However, small-scale retailers may be averse to it due to the additional costs for internet connection and constant updating of the application when new products are added. Moreover, the user experience while shopping may not be customized for different smartphones as they vary in size, technology, and components.

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A consumer usually shops for many things when he/she goes to a mall. If the consumer goes from place to place and uses a mobile application for virtual information, then the amount of data gathered daily will be enormous and lead to digital fatigue. The number of retailers choosing to integrate AR and VR in their operations is expanding, and thus, the number of people afflicted by digital fatigue is also expected to increase. A key point in making the sales would be to make the digital experience short, easy, and minimalistic.

The driving forces behind the use of AR and VR technology in retail is the reduction of infrastructure, and the increased digital connectivity between people. Also, mobile applications may support different languages and further eliminate language barriers. Moreover, people can view most of the products and related information on their smartphones, which eliminates the need for excess supplies as well as paper pamphlets that contain information.

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AR and VR in retail could grow further if other technologies such as Big data, Cloud, and Internet of Things are used in tandem. Big data and AR/VR can help analyze consumers’ preferences using their browsing histories. Cloud can be used to store the data required for the applications. It is expected that the AR and VR in retail market will grow as companies from different industries ranging from Topshop (apparel) and Converse (footwear) to BMW (car) and IKEA (home décor) invest in these technologies.

Augmented Reality and Virtual Reality in retail market report is segmented as indicated below:
1. AR & VR In The Retail Market – By Device Type
1.1. Augmented Reality Devices
1.1.1. Head-Mounted Displays
1.1.2. Head-Up Display (HUD)
1.1.3. Handheld Device
1.2. Virtual Reality Devices
1.2.1. Head-Mounted Display (HMD)
1.2.2. Gesture Control Device Data Gloves Others
1.3. Projector & Display Wall

2. AR & VR In The Retail Market – By Application
2.1. Introduction
2.2. Dining
2.3. Groceries
2.4. Home-furnishing
2.5. Fashion
2.5.1. Apparel
2.5.2. Eyewear
2.5.3. Footwear
2.5.4. Jewelry
2.5.5. Cosmetics
2.6. Electronics
2.7. Others

3. AR & VR In the Retail Market – By Market Entropy
4. AR & VR In the Retail Market – By Geography

Companies Cited/Interviewed/Referenced
Michael Kors
Converse (Owned by Nike)
Company 10+

Related Reports:

A. Augmented Reality and Virtual reality for Gaming Industry

B. Augmented Reality and Virtual Reality for healthcare industry

What can you expect from the report?
The Augmented & Virtual Reality in Retail Industry Report is Prepared with the Main Agenda to Cover the following 20 points:

1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis ( By Revenue & Volume )
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis

Frequently Asked Questions:

Q. Does IndustryARC publish country, or application based reports in Augmented & Virtual Reality in Retail Industry?
Response: Yes, we do have separate reports and database as mentioned below:

1. North America Augmented & Virtual Reality in Retail Industry (2018-2023)
2. South America Augmented & Virtual Reality in Retail Industry (2018-2023)
3. Europe Augmented & Virtual Reality in Retail Industry (2018-2023)
4. Asia Pacific Augmented & Virtual Reality in Retail Industry (2018-2023)
5. Middle East and Africa Augmented & Virtual Reality in Retail Industry (2018-2023)
6. Handheld Device Market in Augmented & Virtual Reality in Retail Industry (2018-2023)
7. Groceries Market in Augmented & Virtual Reality in Retail Industry (2018-2023)

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization

1. Increase the level of data in application or end user industry.
2. Increase the number of countries in geography or product chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

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