Virtual Reality in Retail Market Scenario:
The data experts at Market Research Future Reports (MRFR) have thoroughly evaluated the global virtual reality in the retail market. As per the study, the enlarging e-commerce sector and promotion for an efficient brand promotion experience are projected to steer the global virtual reality in retail market 2020. Further, the robust globalization and digitalization with the developing markets are the most significant factor leading to driving the market. Besides, 3D and social media associated with the brands and consumers is enhancing market growth. Moreover, the integration of 5G with V.R. is projected to present various opportunities. Further, the retailers are capitalizing the software solution, which functions efficiently with hardware and is propelling the Virtual Reality in Retail Market. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders.
The VR in Retail Industry report covers the analysis of the impact of the COVID-19 pandemic on the global market. The pandemic has dynamically altered the economic landscape and drastically changed the trends and demands for products and services in the market.
Most of the individuals are living in isolation due to the spread of pandemic, coronavirus. The COVID-19 has turned the global economy upside down. However, while the observation of lockdown, technologies such as AR/VR/MR gained momentum. The COVID-19 has offered an opportunity of expansion since every individual is relying on A.R., and V.R. to socialize. Since people cannot come out to buy luxuries, brands and retailers such as L’Oréal, Suitsupply, and Kendra Scott have introduced V.R. tools to increase sales.
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Major Key Players:
The renowned players of the global market for virtual reality in-store market are –
- Magic Leap (U.S.)
- Google (U.S.)
- Oculus V.R. (U.S.)
- HTC Corporation (Taiwan)
- Unity Technologies (U.S.)
- WorldViz (U.S.)
- Marxent Labs LLC (U.S.)
- Firsthand Technology Inc. (U.S.)
- Wevr (U.S.)
- Microsoft (U.S.), and a few others.
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The worldwide virtual reality in the retail market can be distinguished on the basis of software, hardware, type, and geography.
- On the basis of software, the worldwide virtual reality in the retail market can be distinguished into smartphones, tablets, consoles, and others.
- On the basis of hardware, the worldwide virtual reality in the retail market can be distinguished into gloves, devices, headsets, glasses, and others.
- On the basis of type, the global virtual reality in the retail market can be distinguished into window on world, immersive system, telepresence, mixed reality, and others.
- On the basis of region, the worldwide virtual reality in the retail market can be distinguished into Asia Pacific, North America, Europe and Rest of the World.
The global virtual reality in the retail market is projected to grow significantly during the review period. Regions such as Asia Pacific, North America, Europe and Rest of the World (RoW) have been analyzed. According to the analysis, the worldwide market is anticipated to be reigned by North America.
The most crucial factor leading to regional expansion is the presence of renowned retail manufacturers in the region. On the other hand, the APAC region is projected to be the fastest-growing region during the assessment period. The region is encountering expansion in e-commerce which is anticipated to play a crucial role in strengthening the market. Besides, the development of infrastructure is multiplying at a fast rate. The emerging nations like India and China are projected to be a conducive environment for strengthening the market.
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U.S.- Nielsen Global Connect has launched three new V.R. and gaming tools for the retail sector. Nielsen SmartStore will be used for in-store testing and can assess various shelf layouts and locations, packaging options, promotion displays, and whole store designs. Besides, it can also evaluate shoppers’ eye, head, and foot movements to allow companies to test without the requirement to be physically present. Nielsen SmartShopper will be available from July, which will allow product images, in-store marketing artwork using interactive gaming technology.
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