Virtual Fitting Room Markets, 2024 by Component

Image credit: Modular4KC.com

  • “The virtual fitting market size to grow from USD 2.9 billion in 2019 to USD 7.6 billion by 2024, at a CAGR of 20.9% during 2019-2024
  • The major growth factor for the market is the increase in the adoption of advanced technologies such as AR and VR.
  • Another factor that is contributing to the market is the growing eCommerce trend and shift of consumer toward online shopping.
  • According to the Census Bureau of the Department of Commerce, the retail eCommerce sales for the fourth quarter of 2018 was USD 132.8 billion.”

https://www.globenewswire.com/news-release/2019/04/22/1807204/0/en/Virtual-Fitting-Room-Markets-2024-by-Component-Hardware-Software-and-Services-End-User-Physical-Store-Virtual-Store-Use-Cases-Apparel-Eye-Wear-Jewelry-Watches-Beauty-Cosmetics.html

Adobe’s Tatiana Mejia: “Create your own chance at bat.”

“Adobe Sensei, our AI and ML technology, is purpose-built for digital experiences and focuses on three intelligence domains: creative, content and experience. Today, it is powering dozens of features across all of Adobe’s products, but I am most excited about what is coming next. For example, we are working to infuse AI into new mediums like augmented reality (AR).”

https://www.google.com/amp/s/thriveglobal.com/stories/adobes-tatiana-mejia-create-your-own-chance-at-bat/amp/

AR Shopping Apps to Help You Avoid Buyer’s Remorse

“We’ve all become accustomed to online shopping, but it has its limits. Every full shopping cart comes with it the risk of a letdown when your order arrives. The color, the size, the look, any number of things could be off and require the most dreaded of tasks: returning through the mail.

Enter augmented reality. With the help of developer tools like Apple’s ARKit to Google’s ARCore, apps are becoming more immersive. It’s slightly surreal to see pieces of furniture popping in and out of your living room or different shades of lipstick showing up on your lips. Check out some of our favorite AR-enhanced apps below.”

https://in.pcmag.com/software/109016/ar-shopping-apps-to-help-you-avoid-buyers-remorse

AI as Stylist, Assistant, Life Coach: ai eCommerce

  • “Who do you turn to when you can’t decide what to wear? Your best friend, maybe. Instagram, probably. Fashion magazines, maybe. But soon, perhaps, it will be none of the above. Instead, you will try on an outfit, turn to a wall-mounted, five megapixel camera with front lighting and dual-antennae WiFi connectivity, and ask: “Alexa, how do I look?” and within a few seconds the 1.6 watt speaker will deliver the data-driven, empirically-founded assessment.
  • The metric of a style algorithm that is based on likes, whether fed to you as feedback on your selfies or as a subscription box of suggested seasonal choice of clothes, will steer you towards a polished, palatable, mainstream look. “If the algorithm is based on mass approval, it is not going to propose you wear a weird top with one sleeve,” says Alistair O’Neill, professor of fashion at Central St Martins.
  • Stitch Fix: This is a online personal styling service, primarily available to clients in the United States, which sends its 2.7 million active American clients ‘suggestion boxes’ of clothes chosen by cross-referencing a client’s stated preferences with the recent purchases of others of similar age and demographic.
  • They could be programmed to surprise. Brad Klingenberg, vice-president of Stitch Fix, states that the aim is to “delight” clients, rather than just please them, suggesting an element of the unexpected.
  • But maybe the truth also is, we are more like the robots than we’d like to think. “The majority of people have already developed an algorithm for style, even if they don’t think of it like that,” says Simon Lock, founder and CEO of Ordre, which offers fashion buyers a digital, streamlined alternative to physical showrooms. “For instance, I wear black and white, a slim fit silhouette, always Thom Browne brogues. Essentially, the eye captures a look and the brain informs the wearer whether you like it or not based on history and personal taste. Artificial intelligence is perfectly suited to perform this role for us.”
  • “Online shopping, as we know it, is a lousy experience, because you are essentially looking at an inventory. One day in the future you will be sitting on your sofa next to a virtual Diana Vreeland, or Alexa Chung, who will be talking you through the selection of virtual clothes,” she says.
  • Retailers are already experimenting with incorporating data from your calendar — about a future trip, and what the weather forecast is for that location, for instance — into what gets served up as cookies. Artificial intelligence could sprinkle fairy dust on the online shopping experience, so that instead of scrolling through a hundred skirts, you are matched with one you fall in love with. “The entire industry is focused right now on what the consumer-facing aspect of AI in retail will be. It has to be something meaningful.”
  • “I think it’s inevitable that pretty soon we will each be represented in the digital sphere by an avatar,” Hackford says. ‘It will compare available prices on everything you want to buy. It will sit in the hold queue on the phone to buy a train ticket. It will do all the things that technology does better than you can and allow you more time for being human.”

https://gulfnews.com/world/americas/style-assistant-to-help-you-decide-what-to-wear-1.60625182

Amazon and aieCommerce to impact 7M jobs and 25% of malls (Dr. Tu-Lam Pham)

Overview:

  • How to compete with Amazon
  • Win through direct to consumer model: Casper Mattress, Warby Parker glasses

Keys:

1) Good Value

2) Easy Returns

3) Utilize data – “Data is the new oil”

4) Simple Marketing – Mobile First, Social, Content; “Don’t buy media, create media”

5) Adopt New Tech Early

– Messaging apps are the new internet

– Augmented reality

Fast-forward to interesting points:

7 min – Friction and UX

10 min – Retail jobs eliminated 7M

30 min – Example – Friction in pizza business

https://youtu.be/Kxr0nplICHE