Augmented Shopping Market Trends, Analysis, Outlook and Future ScopeA Chapter by Markets InsightsThe global augmented shopping market size is expected to reach USD 28.68 billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 47.1% from 2020 to 2027The
global Augmented Shopping Market size
is expected to reach USD 28.68 billion by 2027, registering a Compound Annual
Growth Rate (CAGR) of 47.1% from 2020 to 2027, according to the new study
conducted by Grand View Research, Inc. The introduction of augmented
reality and the application of 3D technologies is revolutionizing the way
consumer shops across online and in-store retail environments. The use of
interactive technology is gradually replacing the product catalogs, where
earlier consumers select their products from the catalogs. Currently, with the
help of AR and 3D technology, consumers could choose, interact, and achieve
dimensions of the product types ranging from the pairing of apparel to
furniture and automotive while buying. Thus, the adaptation of augmented
reality technology is revolutionizing the way of personalized consumer shopping
experience. The
augmented shopping experience is gaining popularity with the rise in adoption
of smartphones and endpoint devices. Currently, more than billions of
smartphones can deliver augmented experiences virtually and in-store. According
to a survey of retail executives, it was observed that more than 46% of the
retail executives are planning to implement immersive technologies to improve
customer experiences and provide higher customer satisfaction. Furthermore,
recent advancement in AR technologies is expanding the capabilities of the
shopping experience. For instance, in April 2019, NexTech AR Solutions Inc., an
augmented reality technology solution provider, introduced sentiment analysis
capabilities within its “Try-it-On” solution developed for the e-commerce
industry. The updated solution uses computer vision technology to analyze
shopper’s reactions by reading their facial expressions as they try on
different products and further helps them provide recommendations based on
sentiments. Much
like the retail and e-commerce vendors, automotive dealers, and auto OEMs have
begun experimenting with AR technologies to boost sales. With the
implementation of technology, automotive dealers could bridge the gap of
displaying their full range of products and configurations in one platform.
Using technology, consumers can interact with models by clicking on the banner
ad and understanding vehicle parts and features better. For instance, in
February 2019, Toyota (GB) PLC introduced an augmented reality app developed in
partnership with Brandwidth, a U.K. based digital technology service provider.
The application allows its customers to explore the insides of its model. Thus,
the integration of technology helps in augmenting sales and improves the
consumer shopping experience. Request
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