Market Overview
The Global Virtual Dressing Room Market is expected to cross USD 6.81 Billion by 2025 at a CAGR of 15.21%. Virtual dressing rooms are able to superimpose clothes on users and induce a purchase intent in customers. The technology has made use of augmented reality to help customers in their shopping experience and save time on decisions. The global Virtual Dressing Room Market report by Market Research Future (MRFR) has been conceptualized for clothing stores and malls looking to increase their sales over the forecast period (2020-2027). The COVID-19 pandemic has been included to predict growth and revenue trajectories.
This is attributed to preference of shopping online and new customer experience journeys for retaining customers. Large number of online apparel stores and increased purchasing power of customers can influence the market growth. Benefit over traditional dressing rooms and use of augmented reality to purchase clothes to attract new generation of customers can propel the market size.
Innovations such as mobile body measuring, AR, and try-on technology can disrupt the market positively. This is exemplified by rapid purchases of technological breakthroughs by large companies to expand their footprint in cosmetics and apparel. The technology can store customer preferences and customer measurements to display clothing and accessories of their liking.
But lack of awareness of the product in developing countries can hamper market growth.
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COVID-19 Analysis
The onslaught of the COVID-19 pandemic had slowed down the apparel sector mainly, but many brands are now resorting to virtual based selling methods, and this is estimated to benefit the virtual dressing room market trends in the approaching period. The use of virtual dressing rooms is estimated to gain impetus further due to the protection it provides to the merchandise that is displayed in the shops, thus, promoting the virtual dressing room market share.
Segmentation
By Component: The global virtual dressing room maker is divided into solutions and services by component. Of the two, solutions have the larger market size. Solutions are important within the market since every retailer has a specific requirement for virtual dressing rooms along with different investment potential. Their customer base, the preference of their customer base, the amount of capital retailers are ready to invest along with a host of other factors must be considered before a unique virtual dressing room solution can be created for the retailers. Services is the smaller market within this segment but is as critical as solution. Services oversee the maintenance and customization of the offered virtual dressing room solutions. In today’s dynamic commercial landscape, shifting customer preferences, the introduction of new products, and the opening of new markets results in a need to customize existing solutions. This is where services come in.
By End User: The E-commerce virtual dressing room market is the fastest growing within this segment due to its affordable pricing, unique solutions, and extreme utility. Cloth retailers of all sizes can now avail of the benefits of the huge e-commerce market and customer base. The advances in logistics ensure that the retailers can market their products to virtually any corner of the globe. The only drawback to the sale of clothing online was the lack of a mechanism to try the clothes on. This impediment is easily removed by virtual dressing rooms, a fact that retailers across the globe are quick to take note of. The physical store virtual dressing room market must increasingly compete with its e-commerce counterpart. Physical stores offer virtual dressing rooms with many factors that are unavailable to e-retailers. This is due to the customization available in the virtual dressing room machines which can range from simple screen outputs to huge screens that monitor the movements of the customer and offer changes in dress size, shape, and color at the behest of the customers.
Regional Analysis
North America to be Lucrative for Global Virtual Dressing Room Market
North America is deemed to be revenue-worthy for the virtual dressing room market owing to presence of recognizable fashion stores and influence of social media to create peer pressure for looking good. Effective use of data to attain repeat customers and drive loyalty membership programs can bode well for the market.
Competitive Analysis
The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the development of the market in future. The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years. The disharmony in the forces of demand and supply is estimated to create a slow growth background in the market. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to shape the market in the impending period. The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario.
Fitle, Elpro Technologies, ELSE Corp srl, Fitnect Interactive, 3D-A-PORTER LTD., 3DLOOK Inc., Coitor IT Tech, REACTIVE REALITY GMBH, SIZEBAY, Dressformer, Fit Analytics, SenseMi, triMirror, Zugara, Inc., and True Fit Corporation are reputed players in the global market. Mergers, acquisitions, and continuous development of technology are major growth strategies of players.
Industry News
Walmart has acquired Zeekit, a startup in Israel, in an attempt to attract customers towards its site and virtually try on clothes to drive purchases.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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