Virtual Dressing Room Market, Competitors Strategy, Regional Analysis and Growth Forecast to 2027
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.
The global virtual dressing room market is likely to display 15.21% CAGR over the forecast period. 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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The COVID-19 outbreak has prevented the opening of trial rooms for trying new dresses barring customers from shopping. This is evident with many retail stores and outlets facing huge returns on purchased products. Efforts to fix the fitting room dilemma has led to integration of virtual dressing rooms on their mobile applications. It has increased customer traffic and encouraged online shopping from the safety of their homes.
Solutions to Gain Precedence in Global Market
Virtual dressing room solutions are likely to gain the largest share of the market owing to demand for tailored solutions catering to varying demographics. Large investments by fashion retail chains can bode well for the segment.
E-commerce to be Fast Growing Segment for Global Market
E-commerce is expected to gain speed owing to the convenience provided to customers through mobile applications and use of rapid delivery to meet customer expectations. Prominent and unknown brands are trying the online route to gain customers and stocking units in all sizes. Virtual try-ons can facilitate the demand from the segment.
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.
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.
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
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