The global virtual fitting room market size is expected to reach USD 15.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.2% from 2021 to 2028. The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.
The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.
Furthermore, companies are coming up with upgrades that can provide tactile, fabric, or texture sense for consumers purchasing via e-commerce websites to reduce return rates and build brand loyalty. The customer data collected through an interactive mirror is used to understand customer preferences and improvise strategies aimed at boosting sales. This is a breakthrough in the retail industry to leverage purchase data for designing future business strategies.
The COVID-19 pandemic has compelled governments worldwide to enforce regulations for temporarily closing brick and mortar stores, which indirectly boosted sales on e-commerce websites. With retail sales observing a dip in the past few months, buyers have now swiftly shifted to e-commerce websites. This creates significant opportunities for virtual fitting room solution providers to capture a more extensive customer base.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/virtual-fitting-room-market
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