Virtual fitting room (VFR) is a technology that helps shoppers to try a variety of clothes in a virtual manner. The person needs to use his or her body virtually rather than physically, to select the color, size, style, fitting, and other parameters related to the purchase. In other words, VFR is an imitation of trying apparel similar to a video game version of a changing room. VFR-enabled shopping is available for physical stores and e-commerce websites and apps. VFR offers an incredible perspective of knowing the exclusive choices of each customer and presenting them with correct options based on their buying patterns and sizes.
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The global virtual fitting room market was valued at US$2,501.8 Mn in 2017. It is anticipated to expand at a CAGR of 22.7% during the forecast period.
Physical store segment is expected to dominate the market throughout the forecast period. Growing implementation of virtual fitting room solutions in physical stores is the crucial factor which is boosting the growth of the virtual fitting room market globally. With current advancements in technology such as AR and VR, the expectation of end-users is increasing, in order to experience virtual surroundings in different applications. Retailers around the globe are implementing virtual fitting room solutions for different product categories such as apparel, jewelry & watches, eyewear, makeup etc. in order to broaden their customer base.
The global virtual fitting room market is primarily driven by rising implementation of advanced solutions to offer better shopping experiences to customers. Furthermore, growing need to increase conversion rates and minimize returns and exchange rates is also anticipated to drive the growth of the virtual fitting room market around the globe. In the retail industry, specifically in online shopping, the return rate of apparel is very high. Most of the clothing ordered online is returned due to wrong fitting. Virtual fitting room is intended to be computationally effective, enhancing the manner of shopping online for new apparel. In addition, growing IT spending in the retail industry is also a major factor expected to create new opportunities for the virtual fitting room market.
Increasing online shopping and growing usage of smartphones are the major factors which are likely to create new opportunities for the growth of the virtual fitting room market during the forecast period. This is primarily due to the rising trend of online shopping among consumers, specifically among the millennial. Furthermore, attractive offers and shortage of time are the other factors boosting online shopping across the world.
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The adoption rate of virtual fitting room solutions as well as VFR enabled mobile applications in developed regions such as Europe and North America is estimated to increase substantially in the next few years. North America accounts for the largest share (in terms of revenue), in the global virtual fitting room market. Major factors supporting this growth are the high penetration of advanced technologies as well as fairly high penetration of Internet-based services in the region. Online shopping in North America is the most preferred way of shopping because shoppers do not want to spend more time on selecting clothes from a retail store. However, physical store retailers are also implementing virtual fitting rooms to gain market traction in the region. Asia Pacific is anticipated to witness lucrative growth in the virtual fitting room market during the forecast period. Willingness to use digital retailing options in the future is highest in the Asia Pacific region. Therefore, rapid digitalization of retail industry in the region is contributing to the growth of the VFR market.
The global virtual fitting room market includes different players such as Zugara, Inc., Visualook, Virtusize AB, True Fit Corporation, Total Immersion, Sizebay, Secret Sauce Partners Inc., REACTIVE REALITY GMBH, Metail, Imaginate Technologies, Inc., Fitnect Interactive, Fitle, Fit Analytics, ELSE Corp srl, Dressformer, Coitor IT Tech, and 3D-A-PORTER LTD.
