Augmented Reality (AR) Shopping Market: Transforming the Retail Experience

Posted April 12, 2024 by Prashantvi

Augmented Reality (AR) Shopping Market by Device Type (HMD, Smart Mirror, Handheld Device), Application (Try-on Solution, Planning & Designing, Information System) Offering and Region - Global Forecast to 2028

The augmented reality (AR) shopping market is expected to reach USD 11.6 billion by 2028 from USD 3.4 billion in 2023, at a CAGR of 28.0% from 2023 to 2028. Increasing adoption of online shopping and e-commerce platforms, growing demand for personalized shopping experience, and increasing smartphone penetration are some of the major factors contributing to the growth of AR shopping market.

Enhancing Customer Engagement:

One of the key drivers behind the growth of the AR Shopping Market is its ability to enhance customer engagement. By leveraging AR technology, retailers can offer interactive shopping experiences that captivate and delight consumers. For example, AR-powered virtual try-on solutions enable shoppers to visualize how clothing, accessories, and cosmetics will look on themselves in real-time, eliminating the need for physical fitting rooms and enhancing the online shopping experience.

Empowering Informed Purchasing Decisions:

AR also empowers consumers to make more informed purchasing decisions by providing them with immersive product demonstrations and detailed information about products. With AR-enabled product visualization tools, shoppers can explore 3D models of products from every angle, view specifications, and even see how they would fit into their homes or environments before making a purchase. This level of interactivity and transparency helps build trust and confidence in the buying process.

Personalizing the Shopping Experience:

Personalization is another key trend driving the adoption of AR in retail. AR-powered recommendation engines analyze customer preferences, browsing history, and contextual data to deliver personalized product recommendations and offers in real-time. By tailoring the shopping experience to individual preferences and needs, retailers can increase customer satisfaction, loyalty, and conversion rates.

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Bridging the Online and Offline Worlds:

AR is also bridging the gap between online and offline shopping experiences, enabling retailers to create seamless omnichannel experiences for their customers. AR-powered mobile apps allow shoppers to access AR content both in-store and online, blurring the boundaries between physical and digital retail environments. For example, customers can use AR to scan product labels in-store to access additional information, reviews, and promotions, or to make purchases directly from their mobile devices.

Driving Sales and Revenue:

Ultimately, the goal of AR in shopping is to drive sales and revenue for retailers. Research has shown that AR can significantly increase conversion rates, average order values, and customer satisfaction levels. By providing engaging, interactive, and personalized shopping experiences, retailers can capture the attention of consumers, inspire confidence in their products, and ultimately drive more sales.

The report profiles key players such as PTC (US), Alphabet Inc., (US), Microsoft (US), Apple (US), Meta (US), Seiko Epson Corporation (Japan), Wikitude GmbH (Austria), Magic Leap, Inc. (US), 3D Cloud by Marxent (US), Vuzix (US), Blippar (UK). These players have adopted various organic and inorganic growth strategies such as product launches, partnerships, collaborations, acquisitions, and joint ventures.

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Issued By marketsandmarkets
Country United States
Categories Electronics
Tags augmented reality ar shopping market
Last Updated April 12, 2024