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

90% of retailers expect to have AI within five years

“A new report from VoucherCodes.co.uk and WBR Insights has revealed that over 90% of retailers expect to have Artificial Intelligence (AI) or virtual assistant technology operating in-store and online within the next five years.

In a report interviewing 200 senior executives at major UK and French retailers, VoucherCodes.co.uk has revealed that retailers are investing in AI, Virtual Reality (VR) and geofence technology to drive footfall in-store and drive continued sales growth online.

Other top priorities included:

• 37% of retailers confirmed that they had invested in Virtual Reality technology over the last 12 months

• 38% have already introduced virtual assistants and 53% are planning on doing so

• 44% of retailers surveyed offer AI powered chatbots to help shoppers; 54% are planning to in the next five years”

https://365retail.co.uk/can-ai-save-the-high-street-retailers-invest-in-innovation-to-drive-footfall-in-store-and-online/