The utilization of Virtual Reality (VR) and Augmented Reality (AR) in virtual fitting room solutions to express realistic experiences is predicted to drive the global virtual fitting room market forward significantly. In addition, the market is projected to be driven by the increasing popularity of the e-commerce industry, as well as increased concern amongst online fashion merchants about providing goods that fit properly. The market is anticipated to benefit from the need to respond to consumers’ personalized requirements so as to thrive in an extremely competitive industry.
In the fashion retail business, a virtual fitting room, an online reproduction of an in-store changing room, was launched in the form of 2D overlays and had a sluggish start. Nevertheless, with the advent of 3D technologies that make use of a mannequin to make an estimation of the size of the user, the industry has seen a strong demand. A virtual 3D fitting room refers to a collaborative platform between the fashion company and the consumer that aims to reduce the number of times a customer needs to return or exchange a product and increase consumer confidence due to fitting and sizing difficulties. Over the forecast period, from 2018 to 2026, the widespread availability of smart technologies like high-definition lenses, smart mirrors, and high-quality integrated smartphone cameras is projected to propel the development of the global virtual fitting room market in the near future.
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Imaginate Technologies, Inc., True Fit Corporation, Secret Sauce Partners Inc., Coitor IT Tech, Else Corp Srl, and MemoMi Labs Inc. are a few of the prominent players operating successfully in the global Virtual Fitting Room market.
According to a new industry research published by Transparency Market, the global virtual fitting room market is anticipated to grow at 22.7 % CAGR over the forecast period, from 2018 to 2026. The market is anticipated to reach a valuation of around US$ 14,869.1 through 2026.
Being the Epicenter of Fashion Industry, Europe is Likely to Take Lead in this Market
Due to the presence of numerous famous fashion brands in Europe, the market in the region is likely to account for a large chunk of the market and is anticipated to retain its lead throughout the forecast period, from 2018 to 2026. The region has played a key role in the introduction of several new designs, styles, and trends, which are subsequently adopted by other fashion lovers throughout the world. The existence of a large retail base encourages the establishment of many businesses in this region. Furthermore, as shops progressively embrace new digital technologies to enhance footfall and engagement, the regional market is likely to observe immense development opportunities.
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Increasing Demand for Customer Retention to Survive in the Highly Competitive Retail Space to drive Market Growth
The increasing use of innovative technologies to provide better shopping experiences, as well as the growing demand to reduce rate of return and better conversion rates, are likely to drive the global Virtual Fitting Room market in the years to come. The retail business is undergoing a transformation as a result of a dramatic change toward sophisticated shopping, a rapidly changing market environment, and the continuously shifting attitudes of well informed consumers. As a result, merchants are putting a lot of effort into giving their consumers better shopping experiences in order to expand their client base and increase sales. The return rate of clothes is quite high in the retail business, particularly in online purchasing. The majority of online-ordered apparel is returned owing to poor fit. VFR is meant to be computationally effective, thereby making online clothes buying more reliable. Besides, modern consumers are more skeptical, easily distracted and fickle minded than ever before, thereby making it difficult for many merchants to meet their retention targets. Retailers can provide comfort to customers, increase retention of customers, and expedite the fitting room process by implementing virtual fitting room solutions. This, in turn, is likely to trigger growth of the global virtual fitting room market.
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